Ernst & Young (EY) has developed a Paycheck Protection Program (PPP) loan forgiveness platform built on Microsoft technology, so that banks at this critical juncture in the U.S. economic recovery can efficiently meet the increasing demands across the end-to-end lending process required by the unique provisions outlined under the CARES Act.

“We have been working diligently with our clients since the SBA PPP was established.” said Peter Davis, EY Americas Financial Services advisory leader. “EY’s ability to bring our deep understanding of small business lending and tax and payroll requirements to develop a solution that seamlessly reflects SBA loan forgiveness guidance is an extraordinary opportunity to support the execution of this important program. EY’s new platform can provide unparalleled and effective use of technology, enabling lenders to deliver a loan forgiveness experience that meets the high standards their small business customers have come to expect.”

EY Americas Financial Services Tax Leader, Shawn Smith, further elaborates: “In these uncertain times, it is critical that both borrowers and lenders have clarity and certainty around obtaining access to funds and qualifying those funds for forgiveness. By teaming our market leading small business lending and tax capabilities with Microsoft technologies, we are able to bring the tax and payroll knowledge through a digitally improved customer experience.”

Bill Borden, corporate vice president, Worldwide Financial Services at Microsoft, says: “We’re pleased to support EY as it helps combat the challenges of the COVID-19 crisis within the financial services industry. This new platform is designed to assist both U.S. banks and small businesses – making the loan process within the CARES Act’s Paycheck Protection Program simpler, faster and less daunting for everyone involved.”