The Covid-19 pandemic has impacted everyone alike, but the small businesses received a significant blow. Many of these businesses went out of business, leaving them with insufficient cash to pay their employees' salaries.
In these challenging times, PPP loans have proven to be a lifesaver for small firms and entrepreneurs who are having trouble paying their staff.
Indeed, the paycheck protection plan is America's loan program to save small businesses from the losses caused by COVID-19. It is a 100% federally guaranteed loan to employers who maintained their payroll during the pandemic.
As a Lender, you need comprehensive business information and payroll details to comply with the SBA regulations and make sure borrowers meet all requirements.
Since there are thousands of employers applying for PPP loans, manually processing them is not feasible.
Doing it the old way takes a lot of time which is the most valuable asset for businesses.
You will save a lot of time and resources on PPP application processing by automating the process using Clustdoc. It's a hands-off and straightforward approach to handling loan applications.
With Clustdoc, you can collect and move forward PPP loan applications as quickly as possible. Your processing system will be thorough, structured, and well-integrated, helping you process loan applications faster with accuracy.
During Covid, collecting paper forms is not safe for both you and the borrower. And collecting forms over email is not an efficient process.
With Clustdoc, the borrowers can easily complete the SBA PPP Borrower application from the interface. And share the filled form and financial statements online in their own time.
Clustdoc's advanced file request features make sharing financial statements and required files a seamless task without any third-party application.
Applicants can also easily submit legal documents like employee payroll records, bank statements and expense statements, employee benefits reports, and more to apply for the PPP loan.
When the applicants submit their documents, the Clustdoc platform saves them in a cloud storage folder. You can instantly locate the files when you need them. You'll never again misplace an application record among the stacks of documents in your filing cabinet.
You don’t have to share manual forms to collect borrowers’ information. They can now fill forms online interactively with speed and accuracy.
Using the form builder tool, Clustdoc makes it simple to collect information such as employee data, salary paid records, and so on.
The online form builder feature on Clustdoc is the easiest way to create interactive forms to collect information from the borrowers.
To save your time and effort, we designed a PPP checklist template.
Do you want to provide quick relief to your borrowers to get them through these tough times? Provide business owners impacted by Covid-19 the support they require with advanced and efficient PPP processing applications from Clustdoc.
To make things even easier, we created a ready-to-use template that you can tailor to your specific needs.
With Clustdoc, you can simplify the application review process to provide assistance to small companies and employees who are facing financial difficulties.