Ernst & Young developed a Paycheck Protection Program (PPP) loan forgiveness platform built on Microsoft Azure and Power Platform. The platform was designed so banks can meet the demands across the end-to-end lending process required by the provisions outlined under the CARES Act.
“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,” Peter Davis, Ernst & Young Americas financial services advisory leader, said. “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.”
For borrowers, the program allows for monitoring of loan forgiveness status and self-service submission of documentation during the coverage period in order to manage loan portfolios.
“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,” Shawn Smith, Ernst & Young Americas financial services tax leader, said. “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.”
Ernst & Young’s platform combines the company’s small business banking experience, tax and payroll knowledge, data insights, and capabilities across its digital, technology, data and analytics, tax, and risk practices. By understanding the demand on lenders and the processing capabilities needed, Ernst & Young can change and reconfigure features as CARES Act guidance evolves.
“We’re pleased to support EY as it helps combat the challenges of the COVID-19 crisis within the financial services industry,” Bill Borden, corporate vice president of worldwide financial services at Microsoft, said. “This new platform is designed to assist both U.S. banks and small businesses — making the loan process within the CARES Act’s Paycheck Protection Program simpler, faster and less daunting for everyone involved.”
Ernst & Young is a provider of assurance, tax, transaction and advisory services.