2020 has been strange and uncertain for everyone. Small cash-strapped businesses have especially been struggling to stay afloat, in the wake of COVID-19. So, in May 2020, when the Small Business Association (SBA) rolled out its Payroll Protection Program (PPP), the SignEasy team knew what we had to make PPP-related paperwork easier for SMB owners.
We wanted to provide resources and tools to educate and enable business owners to access and complete the required documentation online. Since a limited number of loans were being doled out on a first-come, first-serve basis, time was of the essence. So, the team worked tirelessly and, in just 48 hours, successfully rolled out a handy PPP solution.
Fast forward to August 2020, five million have applied for the PPP loan and an equivalent number is likely to apply for the PPP forgiveness. Of these, over 1,700 businesses have used our solution to submit or prep their applications.
To flag off our initiative, we launched a resource page that offers a comprehensive guide to PPP (as well as SBA’s EIDL) loans and forgiveness. This includes a bunch of one-click links to important resources and forms.
We also updated the SignEasy web tool so that business owners and their teams can sign up for a free SignEasy account and instantly get access to the PPP loan form or the forgiveness form. Thus, we eliminated the biggest barrier to online loan application – access (or lack thereof) to easy-to-use eSignature technology.
Once onboarded, with just a few clicks, users are empowered to fill-out forms with intuitive drag-and-drop features and digitally add their signature to complete the loan document. From there on, applicants may (through SignEasy) share the completed and signed forms with an accountant, bank, or SBA-approved lender.
Additionally, SignEasy has made it possible for users on iOS to quickly upload PPP forms to their account, fill them out, and then share them with other people for signatures. The completed forms can be downloaded and subsequently submitted via the SBA loan online tool or forgiveness portal.
So, what ordinarily takes hours (in terms of locating, printing, completing, scanning and sending the form) can now be completed in a matter of minutes with SignEasy’s PPP tools.
With SignEasy, small business users confined to their homes with no access to printers, scanners were able to easily submit their PPP applications – and fast. They also didn’t have to compromise on their health and safety by heading to a print shop to obtain a hard copy of the forms. To top it all off, we even slashed our prices to accommodate SMBs who weren’t able to pay in full, in the existing economic conditions.
“I was able to sign the PPP form and get back to my bank quickly. They not only received the document, but I was able to fill it so quickly and effectively that I was protected before any more payments were taken from my account. Ultimately, your app has been a lifesaver for me, and I cannot thank you enough.” – Vinny C, Sales Manager
“It was helpful and pretty easy to complete. I liked the drop-in feature, Thank you!” – Kyrone, Director
Apart from the PPP solutions, SignEasy really has been helping SMBs battle the major remote-work related productivity struggle over the last few months. See how this small business (a frozen drinks company) in the US expanded to 191 countries via e-commerce, while remotely managing their paperwork and even notary approvals with SignEasy.
Lenders have been allowed to use eSignature tools to approve PPP loans, and now PPP forgiveness forms too. Additionally, they could choose an online contract signing solution with secure APIs that enables lenders to directly send and sign loan contracts from within their favorite software – including Square, Kabbage, Quickbooks.
But, the real clincher is that eSignature tools can drastically reduce the number of errors in the form thanks to the prompts offered by SignEasy’s ‘document fields’ feature. This also does away with admin time spent on physically checking the completeness and accuracy of the PPP forms.
The SBA has been accepting online signatures since 2015. Online signing solutions are the obvious choice for PPP application paperwork, especially considering it a more hygienic and productive alternative to wet signatures.
And, according to the agency’s website, lenders are encouraged to use eSignatures to process loan applications.
Even for business loans outside of SBA’s ambit, you could consider eSignature solutions, as long as they comply with major eSignature legislation within your geography – eSIGN Act and UETA in the United States, eIDAS in the European Union, and GDPR data security regulations.
So, if you are yet to submit documents for PPP forgiveness, the next round of PPP loans or Economic Injury Disaster Loans(EIDL), don’t let the documentation intimidate you. With SignEasy’s PPP solution, you will be eased into the form-filling process step-by-step, making for a really smooth application experience.
Is your organization active in COVID-19 relief efforts, and looking to give eSignatures a try? If so, we want to help you. Just write-in to us at email@example.com to inquire and share your needs.