AI-based ,Simple & Hassle-free
The CARES Act has mandated that loans given under the Paycheck Protection (PPP) loan forgiveness program can be forgiven, if SMB borrowers meet the Small Business Administration (SBA) specific guidelines and provide supporting documents to their financial institutions. Almost all the 4.8 million SMB borrowers will request PPP loan forgiveness, but this entire process will be laborious, time-consuming and costly.
SBA’s PPP loan forgiveness process has placed tremendous demands on financial institutions, owing to the extremely short timeline and the need to get this right for their clients. Hence, we have designed a dual-pronged solution that ensures that borrowers’ PPP loans are forgiven quickly using an AI-based decision support software that helps in processing these loans with high accuracy, completeness and consistency.
Scry’s AI-enabled solution is both simple and hassle-free and consists of the following apps:
Hence, Scry’s solution results in borrowers spending minimal time in applying for forgiveness, and providing savings of around 75% in cost and time for financial institutions for processing these PPP loan applications.
This app can be installed within your IT infrastructure, helping your analysts to easily review PPP loan applications and supporting documents, and ensure their accuracy. App’s capabilities:
This app be included in the financial institution’s website, allowing SMB borrowers to either upload the completed PPP SBA Form 3508 or fill out the online questionnaire. App’s capabilities include: