Small Business Loan Forgiveness

Speed and adaptability have become critical as servicing functions are being pushed to their limits. While most banks have a solution to accept Paycheck Protection Program (PPP) applications, they still need to process the upcoming loan forgiveness requests. Our Microjourney Kickstart service is your path to a rapid delivery. Pega Crisis Small Business Lending (Loan Forgiveness) helps banks:

• Autogenerate cases with client notification at eight weeks
• Support clients with an easy, online process for providing required data and documentation
• Calculate and validate forgiveness amounts with intelligent forms based on PPP criteria, eliminating manual processes and simplifying reviews
• Review and validate data and documents for Small Business Administration submission, with full audit trail

Transcript:
[Narrator] As the COVID-19 crisis continues to unfold, your small business customers who were able to secure paycheck protection program loans under the US Cares Act need you again to handle their applications for loan forgiveness. As a Pega customer, you can leverage Pega's unified low-code platform to quickly deploy micro journeys, like your own application to capture loan forgiveness requests and orchestrate the work from end to end. Once the government mandated eight-week time period has elapsed, Pega can automatically notify your SMB clients that it's time to apply for loan forgiveness. Your customer can then return to your website and go through an easy to follow process to provide the data required for loan forgiveness. Intelligent forms calculate and validate the eligible loan forgiveness amounts based on the regulatory criteria, eliminating manual processes and simplifying reviews. Supporting documentation for payroll costs, mortgage interest, rent utilities payment can be conveniently uploaded online for verification. With Pega, you can manage the lending team's workload, identify the impact of COVID related items and pivot when necessary. Submissions can be automatically prioritized and routed to the appropriate people. Your staff can review the application, validate the documentation submitted and easily flag any missing details. You can even define your own SLAs with automated escalations to ensure timely responses. And communication with customers is automated, including requests for additional details, follow up notices about the status of the request and the ultimate approval of their loan forgiveness. Pega can be used to assemble data and documents for SBA submission. Once the SBA approves the final forgiveness amount, this information is used to automatically update the loan balance and convert the remainder to a new loan. Take advantage of Pega's low-code platform to accelerate building your own application to streamline the processing of loan forgiveness requests and government guarantees. Plus, reduce the workload on your already strained resources.

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