Through financial hardships due to the pandemic, small businesses struggled to fund payroll, pay utilities and keep up with their rent. Our team recognized early on that helping customers navigate the Paycheck Protection Program was critical. In total, we’ve funded more than $1.75B through $24K+ loans, with over a quarter of those recipients being in communities of color. These efforts were recently recognized in a J.D. Power rating that ranked Capital One No. 1 for customer satisfaction with a Bank’s Payment Protection Program.
...authorizing up to $659 billion toward job retention...
According to the U.S. Department of the Treasury, the Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Capital One leadership decided that all small business customers would be eligible to apply for a paycheck protection program loan, including bank and credit card customers. As the design lead for the Small Business Card customer servicing platform experience, this is where I came in.
My responsibility was to own and design what millions of Capital One small business credit card customers could use to:
Daily discussions and decisions made by the legal team, in response to new interpretations and changes in the law, made it crucial to keep every change documented in a clear way.
The change log included the date, the authority that made the decision, and the impact it had on the content and/or design. This ensured that the final designs were backed up with clear context and history.
*the change-log is purposefully blurry, as suggested by the lawyers
WOW WOW WOW Congratulations and great work!
Heather Winkle (MVP), Head of Capital One Design
This is ABSOLUTELY FANTASTIC! Thank you so much for putting our customers at the heart of everything we do! SO Proud of you all!
Eli Cruz (VP), Head of Commercial and Small Business Design
Capital One, Citibank, and Bank of America obtained PPP satisfaction scores significantly above average, and they benefit from their customers viewing them more positively.