Apr 9, 2020 | Press Release

Helping Our Clients – COCC Makes Available a Digital Paycheck Protection Program (PPP) SBA Loan Application

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became United States law. As a part of this stimulus bill, on Friday, April 3, the federal government went live with the Paycheck Protection Program (PPP) designed to release $350 billion to the small business community. As a software technology provider who services community financial institutions, COCC clients immediately began accepting and processing applications from small businesses within their communities. Demand has been extremely high and the process, labor intensive. Speed to market is critical in supporting the community as well as our economy. To help expedite this critical banking need, COCC has developed a secure, digital loan application solution to help automate the PPP loan application process, which is available for all clients free of charge.

Our Digital PPP SBA Loan App enables Paycheck Protection Program loan applicants to apply through a secure online banking desktop or mobile browser in a quick and easy manner.  When an applicant starts the process through the online channel, personal and/or business information will automatically populate into the application. The App will then guide the applicant through the remaining Small Business Administration (SBA) required criteria. The applicant will also have the ability to communicate and upload all relevant supporting documentation in a secure manner.

The Digital PPP SBA Loan App provides our clients with an automated process to authenticate the PPP SBA loan applicant in addition to populating the SBA required fields to expedite the application process. Also included is an integrated workflow, through our proprietary loan origination solution, that guides clients through underwriting, document collection, closing, funding, and an automated upload into our core banking solution. From point of application through issuance of loan funds, this solution assists in the expedited movement of money to small businesses that will allow our clients to effectively and efficiently service their communities.

For follow up or questions, please contact Keith Arsenault at keith.arsenault@cocc.com.

 

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