News on PPP Lender Applications: SBA lenders have been working nonstop to help small businesses affected by COVID-19 access capital under the CARES Act signed into law last week for businesses via the Economic Injury Disaster Loan (EIDL) and the Payroll Protection Program (PPP). Guidelines were released late and confusion ensued between the various programs for small businesses and how best to apply. SBA lenders have also had difficulty accessing and submitting applications to the SBA E-tran system and are facing a huge influx of applications.
In response, Decipher’s team quickly came up with a plan and put it into action and have been working around the clock to provide a complete automated solution. Decipher has developed an all-digital PPP lender application and complete automated process ready for SBA lenders to take on current and new customer applications quickly and easily taking into account the PPP requirements. We are proud of the way our team has pulled together and has been working nonstop to partner with lenders and contribute to helping small businesses gain access to capital in these trying times.
Decipher’s PPP Lender Application automates the entire process. Our team has been able to automate the application process so much that businesses can apply in seconds and lenders get better information from the start, including a fast way to verify payroll and validate business owner identity.
Our SBA PPP Automated Solution includes:
All-digital application so businesses can apply securely
Underwriting linked to credit bureaus for fraud reduction
Instant access to payroll data to confirm loan amount
Extraction of financial data to simplify applying and approving
Direct access to 940/941 tax transcripts
Packaged for quick upload to E-tran
Eligibility verification based on PPP requirements
Rapid deployment: Up and running same-day
Automated notification messages to businesses
Instant team alerts for improved coordination
Priced to help; No long-term commitments
Option to outsource underwriting overflow
Get up and running with a Digital PPP Lender Application and Automated Approval Process in the same day to take on current and new customers more efficiently and with less stress on your team. Together we can help small businesses.
April 9th Update: SBA is now working with Amazon Web Services (AWS) to Improve Access to E-Tran. SBA set up a gateway that expedites new lender ability to process loan guarantee requests by providing direct access to E-Tran. The new gateway is: connect.sba.gov.