The ability to respond and automate at this hyper-level is a game changer and made a real difference in people’s lives. We are closing in on saving around 85,000 jobs and $770 mil in loans secured.
Thomas Zernick President, SBA Lending Division, First Home Bank

The Problem

The US government has completed three rounds of legislation in response to the COVID-19 pandemic and resulting economic crisis. The third round, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a $2 trillion package that includes significant expansions in small business lending, unemployment insurance, tax relief to individuals and employers.

To date, two rounds of funding totaling $659 billion have been made available as part of the Paycheck Protection Program (PPP) in support of the Small Business Administration (SBA) COVID-19 relief efforts. Under the CARES Act, many PPP loan recipients are eligible for loan forgiveness, enabling them to keep their workforce employed during and after the crisis.

The legislation has now been extended to give small businesses more time to use emergency loans under the program by extending the eight-week period in which they must use the money to qualify for loan forgiveness to 24 weeks, increasing the time recipients have to repay the loan and lets companies that get loan forgiveness defer payroll taxes.

The daily demand for loans is more than the SBA processes in an entire year. Meanwhile, loan applicants are frustrated with the amount of time it takes to process the loan applications end-to-end, including filing and receiving timely status updates. To keep up with demand, loan officers are working around the clock to manually review, verify, approve, and enter data into the SBA E-Tran application portal for approval — a laborious, time-consuming, and error prone process that negatively impacts response times and overall customer experience.

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The Solution: SBA PPP Loan Application and Forgiveness Processing in Minutes

Blue Prism, in partnership with Lateetud, ABBYY, and Bizagi automates the entire end-to-end loan application and forgiveness submission process, resulting in:


View the Solution Brief

SBA PPP Loan Application Workflow

SBA PPP Loan Forgiveness in a Box

Case Study | Bank Leverages Blue Prism Digital Workforce to Save Jobs

Challenge

Once funding for the PPP became available, business owners rushed to apply for a loan. But, they quickly became frustrated with how long it took banks to process their requests—and the entire $349 billion would be claimed in weeks so a quick response was necessary.

Solution

The bank leveraged a Blue Prism Digital Workforce to automate the entire loan application and submission process.

  • Small business owners submit their loan applications to the bank via Docusign
  • Blue Prism Digital Workers retrieve the relevant documentation, including pdfs, and send them to ABBYY for data extraction
  • Digital Workers verify the application using a combination of AI and business-rules
  • Once verified and approved, the Digital Workers submit the application to the SBA via E-Tran

Value Realized

  • Loan processing complete in two minutes
  • Digital Workers operate 30 times faster than the manual process
  • Thousands of jobs saved due to employers quickly receiving PPP funds

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