Processing Paycheck Protection Program (“PPP”) Loan Applications At Scale
As of today, we are making the Instabase Platform available free of charge for processing the Paycheck Protection Program (“PPP”) loan applications, for any institution in the US — profit or non-profit, for any volume — large or small, on any infrastructure — on-premise or on cloud (Azure, AWS, or GCP).
For the past few months the world has been dealing with a crisis unlike any we have seen before — in addition to imposing personal suffering, COVID-19 has shut down vast swaths of our economy and has forced us apart from each other.
Not surprisingly, small businesses have been hit the hardest and are now facing significant financial hardships. Many have already been forced to make tough decisions in order to drastically streamline operations, with big implications on their employees, including potential layoffs and furloughs. The Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated over $350B to help small businesses keep workers on the payroll with the Paycheck Protection Program (“PPP”). The PPP provides significant financial incentives for small businesses to hold on to current employees and to bring back employees who have been laid off or furloughed while waiting for the situation to return to normal.
There are a number of financial institutions trying to help by facilitating the loan process. We are in the fortunate position to have some of the largest financial institutions as customers — we have engaged with more than half of the top 10 financial institutions in the US. As such, we have witnessed first hand their struggle to process the overwhelming number of loan applications they are receiving on an hourly basis. The unfortunate side effect of this is that the small businesses that need this relief the most may not get it in time.
While we’re currently helping our customers process PPP loan applications, we realized we can do a lot more if we were to enable every organization participating in this program in a similar way. Banks and lenders across the country have been overwhelmed with applications, and are working rapidly to process application forms, tax returns, and identification documents to issue the relevant loans. Instabase can help lenders process these loan applications at scale in the most accurate way.
Understanding our civic responsibility, as of today, we are making the Instabase Platform available free of charge for processing the Paycheck Protection Program (“PPP”) loan applications, for any institution in the US — profit or non-profit, for any volume — large or small, on any infrastructure — on-premise or on cloud (Azure, AWS, or GCP).
The video below illustrates how this will work: