Paycheck Protection Program Loan Forgiveness Platform
As lenders face record demands surrounding forgiveness requests under the CARES Act, EY has developed an intuitive and educational platform using Microsoft Azure and Power Apps Platform that supports both banks and borrowers as they navigate through the lending journey.
What EY can do for you
The EY Paycheck Protection Program Loan Forgiveness Platform, an intuitive and educational platform using Microsoft Azure and Power Apps Platform supports both banks and borrowers as they navigate through the lending journey. For banks, this means confidence in delivering the end-to-end loan forgiveness process in an efficient manner. For borrowers, this entails an elevated digital user experience allowing for monitoring of their loan forgiveness status and self-service submission of documentation during the coverage period in order to efficiently manage their portfolio of loans.
Lenders and their borrowers will benefit from this scalable and adaptable platform. For banks/lenders, it satisfies the loan requirement of tracking expenditures, facilitates the collection of borrower information as part of the relief calculation, eliminating additional customer requests and automates amendment of relief amount, including reduction of forgiveness adjustments based on itemized expenditures
Your customers will benefit from real-time calculation of eligible loan and relief amount, easy-to-track permissible disbursements, transparency on adjustments and reduction of forgiveness amounts.
Features of the platform include:
- Customized service: a personalized web portal with single sign-on capabilities, transparency on adjustments and expenditures
- 24/7 support: access to chatbots, knowledge and community forums, and direct inquiry submissions to subject matter experts
- Adaptable: adjusts to meet evolving regulatory updates and clarifications to the U.S. Small Business Administration (SBA) provisions
- Scalable: supports large volumes of borrowers and data
- Workflow efficiency: controls the end-to-end review process of all forgiveness requests (especially important with a geographically disbursed workforce), reduces redundant information collection
- Compliance: manages disbursements and maintains compliance through the loan life cycle
- Controlled environment: integrated, real-time relief calculation, full audit trail, storage and easy-to-track data and documents
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