EY US develops innovative Paycheck Protection Program (PPP) Loan Forgiveness Platform using Microsoft cloud
- Industry leader Ernst & Young LLP (EY US) has developed a Paycheck Protection Program (PPP) Loan Forgiveness Platform to address the complex challenges banks face and bring certainty to their small business clients
- Integration of EY industry experience and knowledge with Microsoft technologies delivers an open and flexible solution to address the complexity of loan forgiveness while optimizing deployment, quickening speed to market, reducing fraud and addressing evolving regulatory guidance
- The development and delivery of the Platform enables swift support for the CARES Act goal of restarting economic engines and gives stronger confidence to both banks and small businesses
NEW YORK, April 21, 2020 /PRNewswire/ -- EY US (EY) has developed a Paycheck Protection Program (PPP) Loan Forgiveness Platform built on Microsoft technology, so that banks at this critical juncture in the US economic recovery can efficiently meet the increasing demands across the end-to-end lending process required by the unique provisions outlined under the CARES Act.
As lenders face record demands surrounding forgiveness requests under the CARES Act, EY has developed an intuitive and educational platform using Microsoft Azure and Power Platform supporting both banks and borrowers as they navigate through the lending journey. For banks, this means confidence in delivering the end-to-end loan forgiveness process in an efficient manner. For borrowers, this entails an elevated digital user experience allowing for monitoring of their loan forgiveness status and self-service submission of documentation during the coverage period in order to efficiently manage their portfolio of loans.
EY's creation of the Platform for both lenders and borrowers combines its small business banking experience, tax and payroll knowledge, data insights, and capabilities across its Digital, Technology, Data & Analytics, Tax, and Risk practices with Microsoft technologies. This platform leverages Microsoft Power Apps to integrate business critical processes in line with the CARES Act and enhances speed to market and lowers delivery costs. By understanding the demand on lenders and the processing capabilities needed, EY can change and reconfigure features more efficiently as CARES Act guidance evolves.
Peter Davis, EY Americas Financial Services Advisory Leader, says: "We have been working diligently with our clients since the SBA PPP was established. EY's ability to bring our deep understanding of small business lending and tax and payroll requirements to develop a solution that seamlessly reflects SBA loan forgiveness guidance is an extraordinary opportunity to support the execution of this important program. EY's new platform can provide unparalleled and effective use of technology, enabling lenders to deliver a loan forgiveness experience that meets the high standards their small business customers have come to expect."
EY Americas Financial Services Tax Leader, Shawn Smith further elaborates: "In these uncertain times, it is critical that both borrowers and lenders have clarity and certainty around obtaining access to funds and qualifying those funds for forgiveness. By teaming our market leading small business lending and tax capabilities with Microsoft technologies, we are able to bring the tax and payroll knowledge through a digitally improved customer experience."
Bill Borden, Corporate Vice President, Worldwide Financial Services at Microsoft, says: "We're pleased to support EY as it helps combat the challenges of the COVID-19 crisis within the financial services industry. This new platform is designed to assist both US banks and small businesses – making the loan process within the CARES Act's Paycheck Protection Program simpler, faster and less daunting for everyone involved."
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This news release has been issued by Ernst & Young LLP, a client-serving member firm of Ernst & Young Global Limited operating in the US.