Subjects: PDT, HSP, BLK, SBS
MicroBilt Creates Solution for SMB Lenders to Automate & Verify PPP Application Data
KENNESAW, Ga., April 7, 2020 /PRNewswire/ -- MicroBilt launched an automated solution that allows the lending market to acquire and validate payroll while utilizing their current applications to verify bank account statements and business organization data required for the Paycheck Protection Program (PPP).
A pioneer in risk assessment and mitigation, "MicroBilt wants to help get money faster to those who need loans through the Small Business Administration (SBA) and is providing the resources to lenders for qualified borrowers under the new Paycheck Protection Program that went into effect April 3, 2020", said Walt Wojciechowski (CEO).
The program, initiated by the U.S. Treasury will provide $350 billion in fully forgivable loans to small business owners to enable them to maintain payroll during the ongoing COVID-19 pandemic, shoring up a key financial stressor on companies. The loans are fully forgivable if they are used to cover payroll costs and other allowable expenses, providing very important relief for small businesses. While vague guidelines exist, the actual facilitation of these loans is complicated and mostly manual at best.
MicroBilt will provide lenders across the country key information including:
- Payroll Validation (940, 941,944,1099-MISC) & payroll reports directly from payroll companies
- Bank account statements directly from financial institutions
- Business organization data verification
- Application data verification & more
The solution is available now and lenders can access directly from the MicroBilt website or integrate the platform into their application. In addition, the company is providing live in-person call center support to ensure easy access and streamlined communication throughout the process. MicroBilt is dedicated to providing a safe and secure method for managing these key application documents.
For more information on the Paycheck Protection Program: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
ABOUT MICROBILT - MicroBilt has been a pioneer in data and risk management services for nearly 40 years. Delivered through secure APIs and powerful web portals, the company provides a broad array of traditional and proprietary alternative credit data enabling companies and consumers to do business where they couldn't before. Backed by an exceptional service team, MicroBilt is committed to providing solutions that connect companies and customers. For more information visit www.microbilt.com or https://www.microbilt.com/product/small-business
MicroBilt is independently audited by Schellman & Company, an AICPA registered member. MicroBilt holds a current SSAE18 Type 2 SOC 1 certification, a PCI DSS 3.2 certification and is Experian EI3PA & FCRA compliant. Because these certifications are built on a foundation of information security, and not regulatory compliance, a much broader range of threats and vulnerabilities are addressed. Further, these certifications are an on-going process; actively maintained throughout the year. For more information on MicroBilt security, please visit https://www.microbilt.com/about-security
SOURCE MicroBilt
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