MicroBilt Creates Solution for SMB Lenders to Automate & Verify PPP Application Data
MicroBilt launched an automated solution that allows the lending market to acquire and validate payroll while utilizing their current applications to verify bank account statements and business organization data required for the Paycheck Protection Program (PPP).
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A pioneer in risk assessment and mitigation, “MicroBilt wants to help get money faster to those who need loans through the Small Business Administration (SBA) and is providing the resources to lenders for qualified borrowers under the new Paycheck Protection Program that went into effect April 3, 2020“, said Walt Wojciechowski (CEO).
The program, initiated by the U.S. Treasury will provide $350 billion in fully forgivable loans to small business owners to enable them to maintain payroll during the ongoing COVID-19 pandemic, shoring up a key financial stressor on companies. The loans are fully forgivable if they are used to cover payroll costs and other allowable expenses, providing very important relief for small businesses. While vague guidelines exist, the actual facilitation of these loans is complicated and mostly manual at best.
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MicroBilt will provide lenders across the country key information including:
- Payroll Validation (940, 941,944,1099-MISC) & payroll reports directly from payroll companies
- Bank account statements directly from financial institutions
- Business organization data verification
- Application data verification & more
The solution is available now and lenders can access directly from the MicroBilt website or integrate the platform into their application. In addition, the company is providing live in-person call center support to ensure easy access and streamlined communication throughout the process. MicroBilt is dedicated to providing a safe and secure method for managing these key application documents.
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