Google announced the release of a Paycheck Protection Program (PPP) Lending AI. The artificial intelligence solution aims to assist lenders in approving the U.S. SBA’s Paycheck Protection Program.
The Paycheck Protection Program’s goal is to keep workers paid while the country deals with the coronavirus. Small businesses and non-profit agencies that have 500 or fewer employees that operated as of February 15th are eligible to apply for Paycheck Protection Program loans.
The PP Lending AI works in conjunction with current document input tools and can be used by banks and other loan granting agencies until June 30th. According to Google, the PPP Lending AI can identify patterns much faster than humans can while processing huge numbers of loan applications. The PP Lending AI’s biggest benefit is its ability to classify and extract information in essential paperwork prior to submitting them to the SBA. Google claims that lenders can implement the PPP Lending AI in a matter of days.
The PPP Lending AI has three components, a web-based loan processing portal, a document AI PPP parser, and loan analytics. In a blog post, Christin Brown, Google Cloud global financial service and solutions lead, noted that the Paycheck Protection Program Lending AI has Google’s security features, which will let lenders protect critical assets while meeting key policy requirements.
Brown stated, “Leveraging artificial intelligence, we’ve created 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.”
Google’s PPP Lending AI was engineered to meet the SBA and U.S. Treasury rules than ban robotic process automation and artificial intelligence systems from submitting loans. Robotic process automation was responsible for overloading the SBA’s electronic portal in April.
