New digital application for SBA stimulus loan helps community financial institutions by easing burdens on staff, fully accessible online
In the wake of the COVID-19 crisis, Kasasa, an award-winning financial technology and marketing provider, has developed a four-step online Paycheck Protection Program (PPP) SBA loan application for community banks and credit unions to aid small businesses facing repercussions of the pandemic.
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“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”
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. The program is available through June 30, 2020.
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Kasasa created its rapid-launch SBA loan application in response to community banks’ and credit unions’ need to support the small businesses that drive local economies. 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.”
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