Google rolls out new AI-powered product for banks processing PPP loans


Google on Friday announced the launch of the PPP Lending AI Solution, a new product designed to help financial institutions quickly process loan applications from small businesses seeking assistance during the COVID-19 pandemic. The new tool comprises three different components to help banks track loan applications, extract data from applications for quick processing, and analyze historical loan data. From cancelled conferences to disrupted supply chains, not a corner of the global economy is immune to the spread of COVID-19. The US Small Business Administration's Paycheck Protection Program (PPP) gives loans to small businesses so that they can keep workers on payroll through the pandemic. The number of applications coming in has overwhelmed the lending institutions approved to make PPP loans.

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