How fintechs can help PPP borrowers and lenders with applications - Business Insider

as publicly traded companies took loans and many small businesses were unable to secure funds.

The fact the Fed wasn't initially clear about buying back loans from lenders made banks hesitant to underwrite for customers they didn't have a preexisting relationship, he added.Marwan Forzley, CEO and founder of Veem, told Business Insider, borrowers didn't know where to start when it came to what documents to include or where to apply.backed by Goldman Sachs and Silicon Valley Bank

Plaid serves as the data pipeline between consumers' bank accounts and fintechs like Venmo. And it's beenSmall businesses can collect their payroll data in several ways, from printing out records or sending in PDFs, John Pitts, head of policy at Plaid, told Business Insider. But efficiency is key, and time spent manually tracking down data could mean a business doesn't complete their application in time.

"It has to be automated. You've got to have an API link set up, you've got to be able to ping databases in sub-seconds or seconds," Phelan said.But getting the application in is only half the battle. Once received, there is still plenty of legwork the lender needs to do. "There's somewhat of a back-up demand from customers, especially at large banks who didn't get money in the first round. And I think for a lot of the large banks trying to accommodate anybody who is new to the bank, to me it looks impossible," Arora said. "And for a lot of smaller banks ... if they don't have the technology stack then they won't be able to do that.", has also been working to automate PPP loan applications.

Some say the focus should be on getting the loans distributed to those in need. Small businesses won't need submit documents to guarantee loan forgiveness until the end of June. That should be enough time to build out the necessary framework to collect and send the necessary documents."If you think the getting the money out was tough, imagine trying to forgive them all, and do it accurately and consistently," said PayNet's Phelan.

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