CARES Act Paycheck Protection Program (PPP) Application Processing Solution
With the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law, some $350 billion are set to flow to small businesses that are affected by the current pandemic. Kofax customers (banks, credit unions, and fintech companies) can benefit from ImageTech's pre-built loan processing solution that ingests PPP (Paycheck Protection Program) loan applications, automates the data extraction, and enters validated data into SBA E-Tran.
- Pre-built Kofax Robotic Process Automation (RPA) with optional KTA Process Orchestration & Case Management
- Robot Process Automates PPP Loan Application Ingestion from Email/Folder/Portal/Other
- Kofax RPA with embedded Cognitive Document Automation (CDA) Extracts Loan Application Information
- Kofax TotalAgility provides back-office loan processing automation with omni-channel customer interaction (via email, mobile, Web portal, etc.) and built-in SLAs
- Kofax RPA provides seamless data export to external loan processing platforms including SBA’s E-Tran Loan Processing Web Portal.
- Kofax Analytics provides full visibility into the status of loans processing
- Solution can be extended to leverage Kofax SignDoc for seamless electronic signatures (or existing third-party e-signature solutions)
- Can be implemented as standalone robot solution or expanded to leverage the Kofax Intelligent Automation Platform
This pre-built intelligent automation solution significantly reduces the stress placed upon loan processing departments due to higher volumes of government backed loan applications as well as depletions to workforce capacity as a result of the COVID pandemic:
- Pre-built robot and process automation solution facilitates fast and easy deployment
- Configured to extract specific PPP Application fields from the SBA's standard template
- Extensible and flexible, and can be extended or customized for each individual lender
- Detailed Analytics provide full visibility into robot activities, performance, issues, etc
CARES Act PPP Application Form Sample Provided to Banks by the Small Business Administration.
For additional resources, process maps, documentation, and live demonstrations of the PPP Loan Application Processing solution and related modules, please contact email@example.com. ImageTech is a top Kofax Partner with extensive RPA/KTA design & implementation experience.
CARES Act PPP Loan application input options:
• Email attachments to incoming messages
• Upload through the web user interface
• Fax Import Connector for Kofax
• Other Methods of Ingestion for Kofax systems
CARES Act PPP Loan application output options:
• Automated robot data-entry into SBA E-Tran system
• Handoff to existing Bank processes for case processing/management
• Advanced routing using Kofax Intelligent Automation platform
• Detailed Analytics around robot activities and loan processing
What is the CARES Act?
The Coronavirus Aid, Relief, and Economic Security—or CARES—Act is a roughly $2 Trillion stimulus package that was signed into law on March 27, 2020. A portion of the bill provisions some $349B for the Small Business Association. This money will be distributed by banks, credit unions, and some nonbank lenders in the form of federally-backed loans that will be guaranteed by up to 100 percent as long as the money is used appropriately under the new legislation.
What is the Paycheck Protection Program?
The Paycheck Protection Program (PPP) is a modified and expanded SBA 7(a) loan program for businesses that are currently struggling due to uncertainty in the markets caused by the coronavirus (COViD-19) pandemic. It provides funds to pay up to 8 weeks of payroll costs including benefits.