Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is enabling banks and credit unions to accept applications from small businesses seeking relief under the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP).
Part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the $2 trillion economic stimulus package recently passed by the U.S. Congress, the PPP is focused on providing businesses with fewer than 500 employees with funding to enable them to continue to pay employees through the current crisis period. Businesses including sole proprietors, independent contractors and self-employed persons can apply for these loans through an approved financial institution, and financial institutions are preparing for a high volume of applications.
In order to meet demand and streamline the collection of data, Fiserv is equipping approved financial institutions to accept PPP applications through their websites and online banking portals or the Clover platform, which allows businesses to accept point-of sale payments and manage operational and financial activities.
One-click application access will enable small businesses to quickly and easily apply for funding through these familiar banking and merchant processing channels, while integrated workflow automation will allow financial institutions to route to the SBA E-Tran system for approvals while managing documentation and boarding the loans.
“Helping small businesses quickly and seamlessly apply for much needed PPP loans is a top priority for our financial institution clients, and many are anticipating a high volume of applications,” said Todd Horvath, group president of Account Processing at Fiserv. “We’re equipping our clients with the technology they need to support their customers and communities.”
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.