Google's PPP Lending AI Solution

This AI-based solution is rolled out so timely that as I was learning about this, felt it would be useful to share with the broader LinkedIn professional community. The intent is to help financial services organizations disperse loans and other funds faster to people who need them. As an owner of a small business I can relate how much this funding is needed now.

The U.S. Small Business Administration (SBA)’s Paycheck Protection Program (PPP) aims to help numerous businesses facing unprecedented challenges keep their workers employed during the COVID-19 pandemic. But lenders, servicers and processors are struggling to handle current intake volumes of PPP loan requests. 

To help lenders accelerate and automate processing loan applications, Google Cloud developed the PPP Lending AI Solution to help integrate Google’s AI-based document ingestion tools as part of lenders’ existing underwriting components and lending systems. 

The PPP Lending AI Solution has three components, each of which can be used individually or in combination with each other:

• The Loan Processing Portal is a web-based application that lets lending agents and/or loan applicants create, submit, and view the status of their PPP loan application. 
• The Document AI PPP Parser API enables lenders to use AI to extract structured information from PPP loan documents submitted by applicants. This component is available at no cost through June 30, 2020. 
• Loan Analytics enables lenders to quickly onboard historical loan data, assist with the de-identification and anonymization of sensitive information, store information securely, and perform data analytics on this historical loan data. 

Leveraging artificial intelligence, its an end-to-end solution that speeds up the time-to-decision on loans and helps inform lenders’ liquidity analysis—from the initial application submission to the underwriting process and SBA validation. The solution is also equipped with Google’s security capabilities, enabling lenders to meet policy requirements and protect critical assets. 

Read solution details here. Use it and help SB community!

Disclaimer: This write-up is taken from today's Google Cloud post below however sharing it personally to emphasize the impact and need during these times. https://cloud.google.com/blog/topics/financial-services/business-continuity-planning-and-resilience-in-financial-services-during-covid-19-and-beyond