Solutions

Self Service for Paycheck Protection Program

Automate your SBA PPP application process to reduce cycle time by 60%

Banks and financial institutions are seeing an increase in demand for their offerings and a surge in customer call volume during this time of change in the economic landscape. Small businesses constitute a major driving force in the U.S. economy, with about 30.2 million small businesses employing close to 59 million people, comprising 99.9% of all United States businesses1. There is an urgent need to get small businesses the desired assistance to keep their payrolls running. As of April 7, 2020, the Small Business Administration (SBA) has recorded over 220,000 loans totaling approximately $66 billion2.

To help banks address the demand, Virtusa has built a multi-part framework that combines business process and technology across payment assistance, deferred loan assistance, fee suppression, SBA PPP processing and foreclosure/repossession. This enables banks to divert calls away from their customer service centers and manage customer engagement and product servicing in the most efficient way.

Virtusa Self Service for Paycheck Protection Program
can be deployed within 2 days.

This is how Virtusa can help

Virtusa Self Service for Paycheck Protection Program

    • Apply social distancing measures: Trained Virtusa resources with fully equipped work from home facilities – High-speed internet and phone connectivity
    • Manage surge in call volumes: Rapidly reduce call center volumes by diverting traffic to selfservice portals
    • Service the increase in loan demand: Business operations team to effectively manage the SBA
    • PPP program through application processing, onboarding and servicing
    • Reduce off-shore dependency: U.S based operation teams

 

 

*1 https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf
*2 https://www.cnn.com/2020/04/07/politics/senate-vote-small-business-loan-boost/index.html

Contact us today

Launch and deploy within 2 days

    Yes, I want Virtusa to keep me up-to-date with recent industry developments including insights, upcoming events, and innovative solution capabilities according to the privacy policy
  • This field is for validation purposes and should be left unchanged.

Contact Us

    Yes, I want Virtusa to keep me up-to-date with recent industry developments including insights, upcoming events, and innovative solution capabilities according to the privacy policy
  • This field is for validation purposes and should be left unchanged.