How Banks Have Managed the Flood of SBA’s PPP Through Covid-19
The Small Business Association’s (SBA) newly introduced Payment Protection Program (PPP) may finally have dried up, as the $350 billion in allotted funds for small businesses has already been reached. While this certainly comes as disappointing news for the businesses that still intended to apply for the loan, it’s also a testament to the tremendous demand for federal funds during the coronavirus period.
More interestingly, it’s a testament to the power of digitization to expedite the receipt of such funds in such a short time. Banks that want to continue to benefit from quick dispatching of funds should take this as a positive sign that their investment in agile technology is worthwhile, facilitating more efficient transactions at record speeds.
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