NEWS | For Immediate Release
NEW YORK, June 4, 2020 – Moody’s Analytics has added new capabilities to its small business loan application and lending portal to help banks process loan forgiveness applications under the CARES Act Paycheck Protection Program (PPP).
Designed to help financial institutions manage and streamline the loan forgiveness process, the portal is available for free to all lenders seeking to process loan forgiveness applications and documents. The secure online portal allows lenders to digitally gather the required information and documents, track the status of borrowers and their documents in real time, and receive alerts on each submission.
“Moody’s Analytics is providing banks with a secure way to invite and receive digital documents for loan forgiveness, for small business owners who have been hard hit by the pandemic,” said Matthew Long, EVP, Chief Operating Officer at Ephrata National Bank. “We’re thrilled to have access to a digital, automated solution that helps us serve our customers better during this challenging time.”
The portal offers a fast and simple experience for both the lender and the borrower, with digital document uploading, routing and automated tracking. It allows both lenders and their customers to complete the requirements of loan forgiveness. In addition, Moody’s Analytics has accelerated and streamlined the process, so our customers can quickly address the needs of their PPP borrowers.
“Banks faced an unprecedented challenge rolling out the PPP loan program to support their customers. We are proud to have supported our customers in those efforts,” said John Baer, Managing Director at Moody’s Analytics. “Now, with the new capabilities in our online portal, we’re ready to help lenders work more efficiently with small business owners seeking PPP loan forgiveness.”
Recently enhanced to capture the information required by the SBA under the PPP program, the portal also includes trusted credit scoring that helps lenders assess small business borrowers at origination and monitor their credit status throughout the life of the loan.
To learn more, visit our Free Online Portal for PPP Loans. It is one of a number of Moody’s Analytics solutions helping leaders across industries make better decisions in the COVID-19 environment.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter and LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody's Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,300 people worldwide and maintains a presence in 40 countries.