Organizations that delayed or dragged their feet in digitizing how they do business are feeling the heat. On every front, companies are clamoring to implement digital processes now that in-person appointments, approvals, and applications are no longer the norm. The growing pace at which organizations need to distribute funds to employees, customers, and loan borrowers has accelerated the need for digitized workflows. The worldwide COVID-19 pandemic punctuates payment processing efficiency gaps in nearly every organization. At a skyrocketing rate, newly minted remote workforces submit paperwork for equipment needed to furnish fully functional home offices. Universities scramble to distribute reimbursements for unused housing. Financial institutions hustle to distribute much-needed relief for small businesses. Even the nation’s most powerful money handler is seeking new, modernized workflows to systematize the distribution of funds. Analysts estimate the IRS can only process, print, and distribute 5 million paper checks per week. At that rate, nearly 100 million checks could take 20 weeks to distribute. Financial institutions accustomed to monolithic software limitations are among one of the hardest hit by the need to fast track digital workflows. Banks and lenders are racing to upgrade their systems to help small businesses land COVID-19 Paycheck Protection Program loans authorized under the new CARES Act. This $350 billion program provides emergency Small Business Association loans to qualifying businesses to cover payroll and other operating costs—and businesses need that relief now. For situations like this, “digital transformation” is no longer the “maybe next quarter” luxury it once was. Is your bank ready to offer SBA Paycheck Protection Program loans, or are outdated processes hindering your chance to serve your community?
How to implement an efficient SBA PPP Loan Application Process—Quickly
Companies struggling with the financial drain of the coronavirus quarantine don’t have time to wait for their bank to undergo a prolonged systems upgrade. Without a solid stream of customers, they’re facing challenging prospects like massive layoffs and rent defaults. While it used to take to implement a new digital workflow, drag-and-drop platforms like get you up and running in just .
