CARES Act Lending Through ODX
ODX can help lenders deliver capital to businesses quickly and securely with a flexible digital solution configured to the CARES Act requirements.
Lenders will have an opportunity to help business owners access unprecedented levels of funding.
As part of the CARES Act that was recently signed into law, the US government is allocating $350B to help businesses keep their workers employed during the economic downturn caused by COVID-19. This initiative, known as the Paycheck Protection Program (PPP), will be administered through loans fully guaranteed by the Small Business Administration (SBA).
The SBA is expanding its universe of eligible borrowers and increasing the amount of capital available to meet the recent surge in funding needs. Additionally, PPP borrowers may be eligible for loan forgiveness to the extent they are able to maintain payrolls through June 30, 2020.
Given the structure of the program and current economic conditions, it is likely the business lending market will see record levels of SBA loans extended over the next few months. Lenders will have an opportunity to help business owners access these funds during a time they need it most.
Make it easier for business owners to access CARES Act funds using ODX
ODX, with its existing digital origination platform and experience working in the online channel, is well-prepared to help lenders facilitate this critical transfer of capital to small businesses around the country
- Expertise: ODX has feet-on-the-ground in Washington providing real-time information on the CARES Act and SBA developments
- Speed: Launch a streamlined branded application in 6-10 days, configured to the CARES Act funding requirements
- Experience: Technology stack tested and proven over time with banks of varying sizes, from community banks to large-scale national players
Interested in learning more?
Connect with our sales team today to learn about ODX’s automated Paycheck Protection Program solutionRequest a Demo