- Streamlines submission process for borrower and lender
- Performs due diligence on applications
- Calculates loan eligibility
- Simplifies back office administration
To read more about this solution and connect with our team, click here.
Above all else, the spread of COVID-19 is a global public health crisis affecting hundreds of thousands of people. It is also having a significant impact on the world economy.
On March 27, 2020, the U.S. Congress responded to the economic fallout with the Coronavirus Aid, Relief and Economic Security Act (CARES) – a $2 trillion economic relief package. CARES introduced the Paycheck Protection Program (PPP) to help small businesses, independent contractors and self-employed individuals pay for qualified expenses like payroll for employees, mortgage interest, rent and utilities.
As expected, banks received a deluge of stimulus loan applications under the PPP, and the $350 billion in funding was quickly exhausted. The U.S. government has recently allocated more money for PPP to help small businesses through these difficult times. But financial institutions will still face the challenge of handling an onslaught of applications while maintaining a quality customer experience for potential borrowers.
Digital transformation partners like Publicis Sapient are working on ways to alleviate the problems facing financial services and their customers. That’s why we created an application that simplifies the entire PPP application process.