In recent days, many articles have been published about how banks are challenged with processing loan applications that are submitted in response to the government’s Paycheck Protection Program (PPP), which, according to the Small Business Administration (SBA), “authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.”
Many banks are simply not equipped with technology or resources to handle the sheer number of applications, which is even causing some institutions to temporarily suspend accepting loan applications until they can get through the present volume. In some cases, some banks have stopped issuing small business loans that are not part of COVID-19 rescue programs.
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Small businesses are, unfortunately, paying the ultimate price by not receiving the much need financial assistance. In a domino effect, their frustration then impacts banks’ reputations. It’s a bad situation with no one party to blame.
For those banks faced with similar challenges, we can help you quickly implement an automated solution, complete with RPA and AI-powered intelligent document processing capabilities, to accept and manage Paycheck Protection Program loan applications from small businesses. The loan automation solution can read loan application forms, input the data into a loan origination system, and flow the data into the SBA’s E-Tran system. This will help you reduce loan processing time and costs significantly.
We can also supplement your loan processing group with data entry and quality assurance resources to get you over the hump.
If you are interested in learning more about how we can help support you during these challenging times, please reach out to Scott.Albahary@perficient.com, Perficient’s Financial Services Chief Strategist.