FIS is enabling its Real-Time Lending Platform to enable banks and credit unions to provide loans to merchants and small businesses under the U.S. Small Business Administration’s Payroll Protection Program as part of the The CARES Act.
The PPP authorizes $349 billion in federal loans to help small businesses and merchants impacted by the COVID-19 pandemic. The loans can be converted to grants if companies keep workers on their payrolls and use the funds to cover salaries and other critical expenses.
“As a critical infrastructure provider, FIS is committed to bringing the full force of our scale and resources to keep the global economy running and to assist small businesses, merchants and other clients during this enormously challenging period,” Gary Norcross, chairman, president and CEO of FIS, said in a press release. “I am extremely proud of the work our employees are doing to help our clients, and the industry, are doing to manage through this global crisis and come out stronger on the other side.”
The Real Time Lending Platform is a digital platform designed to help streamline the lending process for clients.
FIS is also waiving minimum monthly service charges for U.S. and U.K. merchants during the month of April and is offering free virtual terminal access for U.S. merchants and retailers enrolled in the Worldpay from FIS iQ online portal for remote processing.
Topics: Coronavirus / COVID-19