The passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in the U.S. has prompted thousands to seek relief from financial uncertainties driven by the global pandemic. 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 based on specified uses for payroll and mortgage/lease and utility payments, enabling them to keep their workforce employed during and after the crisis.
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.
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:
- Expedited Processing - Validate, calculate, record, submit, track requests in minutes, not days
- Solution available immediately with XML access into E-Tran, which adheres to the latest SBA policy
- Set up in days - on-prem or in your existing cloud platform of choice (Azure, AWS, Google)
- Content Intelligence - Converts unstructured documents into structured, usable content for further processing
- Increased efficiency - Execute fast & accurately with a digital workforce complementing existing employees
- Accelerated due diligence & fraud detection – reduce the risk of fraud with a consistent digital framework for meeting guidelines
- Complete Audit trail – reduce liability with comprehensive accounting of all steps involved from digital workers, to calculations, approvals and case management.
- Full Case Management - Orchestrating unpredictable circumstances to achieve optimal outcomes and efficiencies
- Real-time reporting provides insight into current processing time, staff utilization, as well as case status and load
- Enterprise security & scalability. Full audit trail, 100% compliance & accuracy
- Web and mobile customer front-end. Collaborate with customers, lending staff efficiently, via intelligent chatbot
SBA PPP Loan Application Workflow
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