Veem Launches Automated, Self-Service SBA Payroll Protection Program Loan Application

Fintech leader helps thousands of small businesses access funding faster through online application

Veem, the global payment network for small-to-midsize businesses, announced the wide availability of its online application to the SBA Purchase Protection Program (PPP). The program gives remote access to PPP available to  millions of businesses affected by COVID-19.

“Never in history has a relief program of this magnitude been launched in such a short time,” said Marwan Forzley, CEO of Veem. “The demand for this vital assistance has created a huge bottleneck through traditional lenders, and most banks were not prepared to take applications at this scale. This created an opportunity for the financial technology industry to step up and help by cutting down application time, and providing customer assistance around the clock.”

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Veem’s technology, processes and human capital was rapidly adaptable to deliver loan application service at scale. In the first hour of making the service available, working with tech-savvy bank partners, Veem helped several hundred customers submit applications, which increased to more than a thousand customers over the holiday weekend.

“While our traditional bank was not providing any way to apply for the Paycheck Protection Program, Veem’s process was seamless and fast,” said Yves Lermusi, CEO of Checkster. “To us, this highlighted a clear distinction between a digital first fintech-company and an old, unadaptable institution.”

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Forzley added, “In this unprecedented crisis, it’s important for all of us to help however we can. We’re offering this service to simplify access to PPP through our 100% online network, to get money in people’s hands faster — not only for our existing customers, but to any small business that needs help.”

Veem is dedicating its customer service team of financial professionals to the task of supporting small business owners through the process of applying for the PPP l****, free of charge.