Knowledge Center

How WSFS Bank Leveraged Technology Investments and a Strategic Partnership to Help Customers Obtain PPP Loan Forgiveness

running-a-business | Read Time: 4 minutes

By Eric Springer | Published: September 2021

When the COVID-19 pandemic emerged and forced parts of the country into a lockdown, small businesses were among those hit the hardest, as their daily operations were disrupted or shut down altogether.

When the federal government stepped in and created the Paycheck Protection Program (PPP) to help businesses stay afloat, banks were tasked with finding solutions to help businesses get the PPP funds they needed.

At WSFS Bank, more than 200 Associates worked day and night to help process and secure more than 5,000 PPP loans worth nearly $1 billion. These businesses employ about 100,000 people in the region and include many minority and women-owned businesses.

The next step in the PPP journey for WSFS and our Customers was loan forgiveness.

Realizing the heavy lift loan forgiveness application processing would entail, WSFS enlisted BDO Digital to help create and manage a Microsoft-based application portal that connected directly with the SBA’s portal to streamline the loan forgiveness process for WSFS Bank Customers.

The collaboration was so successful for WSFS, BDO and our Customers that it was featured at Microsoft Inspire, Microsoft’s global annual conference for vendors and partners.

Watch WSFS Bank’s Candice Caruso, SVP, Director of Government Guaranteed Lending, and BDO’s Ric Opal, Principal and National GTM and Strategic Partnerships Leader, discuss how the WSFS and BDO partnership came to life using Microsoft platforms, leading to a successful rollout of loan forgiveness processing for our Customers!





About the Author – Eric Springer
Eric Springer is Assistant Vice President, Integrated Communications Manager at WSFS Bank. He brings more than 15 years’ experience in corporate communications and marketing for banking, professional services and nonprofit organizations.

 

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