There has never been greater urgency to automate than now. PPP is relaunching as early as Monday, January 11th with significant technology differences from the SBA for this round of funding. With these technology changes, one thing has become clear:
Lenders planning on manual processing have major challenges to solve. What worked last round won’t this time. And they’ll have less than a week to prepare.
The first big change is a new SBA platform, using both a different portal AND a different PPP loan API than E-Tran/E-Lend. Lenders planning on manual entry will need to gain access to and train on this new system, adding complexity and potential time delays. In addition, lenders that are still relying on manual data entry into the SBA’s portal will face the same mountain of work as the first round, with the added challenge of still processing forgiveness from the first round at the same time. Both FIs and businesses that desperately need funds are going to face delays as a result.
The SBA will also be capping the number of users from each lender that will be able to access the portal, similar to how they have limited access to 10 users for forgiveness. This means lenders can no longer provision an all-staff army with access to enter applications - not to mention that most lenders have their teams back in branches now, as opposed to working remotely and fully-focused on PPP like they were back in April. We all remember how quickly funds were depleted in the initial round. It's expected to be the same this time, with perhaps four weeks before they’re exhausted. With limited logins, new systems/processes, and fewer dedicated staff to deal with anticipated volumes, lenders relying on manual entry will be hard-pressed to service all customers requiring a PPP loan.
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At Numerated, we’ve made it our business to solve these challenges. As the #1 platform for PPP, Numerated already has a market-leading API integration into both of the SBA’s platforms. It accommodates thousands of users/hundreds of thousands of transactions and has proven success, stability, and scalability. Numerated has been preparing for this next round and enhancing its platform for months. Click here to learn more about Numerated’s solutions for PPP and get your questions answered on our weekly Q&A sessions.