Several leading banks and credit unions in the United States have chosen the Loan Origination Software for SBA Paycheck Protection Program to process loans quickly and seamlessly. The software can be deployed within hours for each financial institution.
The Paycheck Protection Program (PPP), a $349 billion loan program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is intended to provide economic relief to small businesses across the United States that have been adversely impacted by COVID-19.
The key benefits of the Loan Origination Software for SBA Paycheck Protection Program include:
- Application intake from online portal and pdf forms
- Automated eligibility checks
- Batch import for manually processed loan applications
- API-based integration with E-Tran
- E-sign integration
- Queue-based workflow with tracking and exception handling
- Cloud-based deployment
Future enhancements to the software will help financial institutions process loan forgiveness requests, from necessary document collection to verification, and update to E-Tran.