According to the National Federation of Independent Business, 92% of small businesses have been negatively impacted by the outbreak of the coronavirus. In effort to combat those affected by COVID-19, the U.S. Small Business Administration has developed an SBA loan that provides a direct incentive for small businesses to keep their workforce on the payroll during the crisis.
In response to community banks' and credit unions' need to support the small businesses that drive local economies, we've developed a four-step online Paycheck Protection Program (PPP) SBA loan application.
Easily set up on a client’s website in three to five business days, the solution collects all required information and documents needed for the SBA stimulus loan, ultimately easing the burden on financial institutions’ staff and enabling business owners to apply completely online.
“With all the uncertainty surrounding the pandemic followed by the recent launch of the SBA paycheck protection program, our clients need a quick, simple, secure way to serve the small businesses in their communities,” said John Waupsh, Chief Innovation Officer of Kasasa. “It’s never been more important to help local businesses care for their employees. These are critical days, and the window to apply for a PPP SBA loan only lasts through the end of June.”
Using Kasasa's loan application interface, one financial institution was able to process applications quickly, facilitating 15,000 jobs saved.
The speed and efficacy with which banks and credit unions must meet the evolving needs of their communities can be overwhelming, but we’re doing our best to make it easy for local financial institutions to create and reinforce a strong digital retail presence while we remain separated by social distancing.
The new digital application works with Kasasa FIRSTBranch® websites and for those who have their own hosting abilities.
Kasasa’s support team is standing by to help its clients add this application to their sites. Contact your Client Success Manager for pricing, and we’ll get you set up.
If you are not currently an SBA lender, you can still apply to participate in the stimulus program.