Process Automation for the SBA Paycheck Protection Program

An important component of the $2T Coronavirus Stimulus Program that was signed by the President this weekend (March 28) is the provision of a Paycheck Protection Program (PPP) with $350B designated to assist US small businesses in dealing with the devastating impact of COVID-19.


The Small Business Administration is backing the loans, but the process for applying for these loans and receiving funds will be different from other SBA programs. More lenders will be able to participate in the lending program; and the application and documentation process will be streamlined.


The key questions are:

  • Which documents need to be reviewed to determine borrower eligibility and loan amount?
  • What documentation will be required for loan forgiveness?


Lenders will find it valuable to quickly process – and have third-party integrity and a documented audit trail for – the following documents to support payroll:

  • IRS forms 941 & 944- Quarterly payroll tax (previous 4 quarters)
  • IRS form 1096 (12 month payroll)
  • IRS form 1040 schedule C (Sole proprietor net income 2019)
  • W2 & 1099, and additional tax forms for all supported employees
  • Company bank statements
  • Articles of Incorporation


This is where Ocrolus can help. Ocrolus is a turnkey solution for document-driven workflows in the digital age. Ocrolus helps lenders make smarter, faster underwriting decisions through the use of human-in-the-loop document analysis, machine learning, and other advanced technologies that streamline the review process and deliver actionable data with unparalleled accuracy and speed.


Ocrolus has the infrastructure in place to process the core lending documents immediately, and scale document volume to meet your needs.


    1. Temporarily raises the maximum loan amount to $10 million through June 30, 2020. The maximum value of a company’s loan will be equal to the lesser of $10 million or 2.5 times the average monthly payroll cost in 2019. This includes wages for employees as well as expenses for paid sick leave, health care, and other benefits. 
    2. Temporarily guarantees 100 percent of the loans, regardless of size.
    3. Temporarily confers eligibility to businesses–even sole proprietorships and independent contractors–with 500 or fewer employees.
    4. The maximum interest rate for these loans is now capped at 4 percent. Loan terms are still negotiated between borrowers and lenders and are a product of the prime rate, plus the LIBOR rate. However, rates may not exceed that limit.
    5. Waives the requirement that businesses show they can’t obtain credit elsewhere.
    6. Waives annual or guarantee fees for the loan and all prepayment penalties.
    7. Businesses won’t need to provide a personal guarantee or collateral.
    8. Expands the permitted use of funds to include payroll support, paid sick leave, mortgage payments, rent payments, and servicing existing debt.

Are you ready for Paycheck Protection Program applications?