The Financial Data and Technology Association sent a letter to the U.S. Department of the Treasury and the U.S. Small Business Administration requesting that borrowers and lenders be able to use digital financial records to qualify for the Paycheck Protection Program established by Congress as part of the COVID-19 stimulus package.

FDATA and its members are dedicated to ensuring Americans have access to the financial tools they need to navigate their everyday lives and the COVID-19 crisis.

The use of digital records under the program will enable two essential functions:

1. Streamlined application and approval processes, leading to faster disbursement of Program aid to small businesses, and, by extension, their employees, while ensuring borrowers meet the underwriting requirements provided under the Coronavirus Aid, Relief, and Economic Security Act.

2. Simplified validation processes for expenses borrowers incur during the covered period that qualify for loan forgiveness under the law.

The full letter is here.