One of the main challenges with the emergency loan process is access to payroll data; small businesses across the country are eager to apply for government loans and as part of the loan process they must download payroll data and share it with the bank; this process can take days or weeks and is currently a manual process; Plaid is building a product to bring this time down to minutes; Plaid CEO Zach Perret told CNBC, “Speeding up loan processing could mean the difference between a business and its employees surviving intact, or going bankrupt and adding to the skyrocketing unemployment…We are working to enable the quick and secure sharing of payroll data so critical data can be verified instantly so funds are distributed as quickly as possible.” CNBC
