Challenge

The SBA initiated the $349 billion Payroll Protection Program on April 3rd with limited guidance to banks on how to process the applications. Backlogs are occurring as huge volumes of applications are being submitted and banks are manually underwriting and submitting the loans to the SBA for funding.

Solution

Bots are being developed to streamline the loan origination process in the following critical areas:

  • Ingesting data from borrower applications
  • Extracting information from borrowers’ payroll documentation
  • Automating upload of loan data into the SBA E-Tran origination system

Accelerate

disbursement of critical
funds to small businesses

Create

additional capacity for
lenders to process surge
in SBA loan volume

Streamline

manual data entry into
bank and SBA loan
origination systems

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