The second wave of the Coronavirus pandemic is quickly forming, as we anticipate the economic fallout of the global quarantine. As part of the US Government’s $2 trillion Coronavirus stimulus bill (CARES ACT), at least $350 billion in Paycheck Protection Program (PPP) loans are intended to support the 30 million small businesses at the heart of the US economy. Overwhelmed lenders are racing to fill the gaps that exist within the loan application process, and Clause is helping by adding intelligence directly into the loan document, giving immediate feedback to their borrowers.

Time Is Our Most Important Currency

The speed by which these loans are approved will determine the fate of these businesses. One critical factor in determining the pace of completion is the lenders’ access to secure, accurate data about their borrowers.  Clause’s Verify solution provides access to real-time, dynamic data, and also delivers logic via its Smart Clause® templates to determine the action required based on customer information.  The once static PPP Borrower Application Form is now active and deterministic.  A verification process that once took days and weeks, exposing lenders to fraud and security risks, can now occur immediately, while the borrower is engaged with the document.  The Smart Clause enabled agreement unlocks access to the right data at the right time, while also determining the appropriate action to be taken, e.g., Approved | Not Approved. Smart Clauses not only determine if data entered into a document is accurate, but can also use validation responses to initiate actions in other systems (e.g., Salesforce.com), improving the efficiency of the loan approval process.

Clause Verify for DocuSign

Last year, DocuSign and Clause completed the development of Clause Verify allowing DocuSign customers to leverage the solution from within their deployment of DocuSign eSignature, the market leading e-signature solution.  In the last two weeks, several banks have accelerated their plans for deploying Clause Verify within DocuSign, as they continue struggling in their efforts to deliver loans to the millions of badly stricken businesses relying on a speedy process.  

Smart Made Simple

To be sure, the current situation is filled with complexity only exacerbated by the multiple gaps in the processes required to fund these loans and get money in the hands of borrowers. The first step is to add automation directly into the loan approval document without forcing human intervention after the application has been submitted.  The banks currently looking to deploy Clause Verify with DocuSign are seeking to reduce turnaround times while limiting exposure to fraud, especially important for the assessment of those borrowers who do not already have an established relationship with the bank.  “Smart made simple,” were the words used by the Chief Digital Officer of one large regional bank working with Clause.

Prototype Available

The Clause team has released a video of the solution being considered by several banks. This crisis will drive all of us into a new way of engaging with our customers, partners and employees, where speed and trust continue as essential attributes but now with heightened importance.  Perhaps no process has ever been in need of such attributes as with the Paycheck Protection Program.  Clause is here to help.  Please contact us at support@clause.io.