Update: SBA awards Loan Forgiveness Workflow and Process contract in Support of the CARES Act

Updated: July 9, 2020

Solicitation: 73351020C0022

Contract: 73351020C0022

“Although multiple products/vendor solutions were reviewed, Goldschmitt-CRI, LLC was the only contractor found that can provide the cloud-based COTS solution that addresses the needs of the government, as well as market needs articulated by small businesses and the wide range lending community participants. Other solutions lacked seamless integration of the borrower forgiveness application, lender review processes and forgiveness review workflows for the government. The time and cost for other vendors to develop the required features would delay implementation beyond timeframes acceptable to the government.”

“Goldschmitt-CRI will provide specific deliverables, contract reporting, full responsibility for the contract, system testing and performance testing, production readiness release and final UAT testing, Go Live of Analytics, dashboarding and reporting, third party penetration test, ad hoc reports and subject matter collaboration to expedite the process and reduce risk while providing access to a solution that is readily available.

Goldschmitt-CRI is an 8(a), service-disabled veteran-owned small business and a HUBZone joint venture which Supports the SBA’s mission and its small business goals. This requirement is essential to implement the CARES Act and SBA regulations governing the PPP, including but not limited to, a detailed review of the loan data to ensure the borrower complies with the forgiveness requirements and a 90-day timeline for the SBA to process each loan forgiveness request after receipt. Failure to resolve a forgiveness request within the 90 days period puts the SBA at risk of violating the PPP legislation and not fulfilling its mission. Loan forgiveness could be requested as early as eight weeks after loan approval. The first loans were approved on April 4, 2020. This means that the 90-day timeframe has already began for some of the loan forgiveness requests. The SBA will suffer serious injury if it is unable to comply with the statutory and regulatory timeframes established for loan forgiveness.”

“The period of performance is twelve months from date of award and the estimated amount is $93,000,000.00.” Read more here.

Posted: June 29, 2020

Goldshmitt-CRI has been awarded a one-year, $93M contract by the US Small Business Administration to provide CARES Act Loan Forgiveness Workflow and Process Support Services. This contract was funded by the SBA Office of Capital Access and listed as a National Interest Action citing COVID-19 2020.

Goldschmitt-CRI LLC is a Washington, D.C. Metro-area based joint venture of Goldschmitt & Associates and Central Research Inc. (CRI) created through a Small Business Administration approved All Small Mentor-Protégé agreement.

Contract Duration: 12 months
Total Contract Value: $92,790,200.00
Number of Bidders: 1
RFP ID: 73351020Q0130
Award ID: 73351020C0022


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