PPP Loan Forgiveness App

AI-based ,Simple & Hassle-free

Extraordinary Solution For Unprecedented Times

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.

The massive expansion of PPP Loan Forgiveness process is likely to overwhelm financial institutions due to the following hurdles:
  • No established mechanisms currently exist for PPP loan borrowers to report the data required for forgiveness in a structured format
  • Different documents such as payroll reports, lease invoices and utility bills appear in varying formats etc.
  • One PPP loan application will take a financial institution 12-16 hours to extract relevant data from the application and the 5-100 documents, reconcile it, compute forgiveness amount and provide customer service
  • Hence, most financial institutions simply won’t have enough accountants, or loan servicers to work on these forgiveness documentation
Key Challenges
for Financial Institutions (FI)
Handling large volume of applications, customer requests, concerns, queries, etc.
Key Challenges
for Financial Institutions (FI)
Extracting data from 25 – 100 payroll , non payroll documents & loan forgiveness application
Handling exceptions , duplicate applications & missing data or documents
Assisting borrowers in computing , submitting Form 3508 or 3508EZ , its schedules & addendums
Reconciling allowable expenses (payroll & non payroll) provided by the borrower & SBA
Helping SBA with loan forgiveness audits for loans above $2M or others
Serving the non forgivable portion of loans
Tracking status of various initiated or uninitiated loan forgiveness applications

Comprehensive AI solution for managing your PPP process

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:

  1. PPP Loan Forgiveness Borrower App: this front-end user app reduces the burden on borrowers while submitting applications online as well as uploading related documents.
  2. PPP Loan Forgiveness Lender App: this backend app is an AI-based software that automates the digitization of documents, extracts structured information, and reconciles with 90%+ accuracy thereby helping the Financial Institution’s professionals tremendously.

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.

Key Features of PPP Loan Forgiveness – Lender App

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:

  • 45+ pre-trained proprietary AI-based algorithms to validate values and fix errors
  • Pre-built financial ontology and rules for mapping output to SBA-specific templates
  • End-to-end automation – omnichannel application and back office verification
  • Real-time reporting of requests, exceptions, and approvals
  • ML and NLP algorithms to reverse engineer formulas
  • ~90% accuracy that improves over time
  • One server digitizes more than 500 pages/hour & stores all input data that can be used later

Documents Processed

  • PPP loan forgiveness application (SBA form 3508 or 3508EZ) and addendums (3-7 pages including addendums)
  • SMB promissory note
  • Payroll journals (40 weekly or 20 fortnightly or 9 monthly journals, etc.)
  • Payroll federal (e.g., form 941) and state tax forms (4 or more)
  • Healthcare (medical, vision, dental) invoices and payments (~6 to 18 invoices to cover 24 weeks)
  • Retirement related invoices and payments (~6 invoices to cover 24 weeks)
  • Utility (electricity, gas, water, transportation, phone, and internet) invoices and payments (~12 to ~36 invoices to cover 24 weeks)
  • Rent/lease invoices and/or agreements (~6 invoices to cover 24 weeks)
  • Mortgage invoices and/or agreements (~6 invoices to cover 24 weeks)
  • Borrower’s bank statements (~6 statements to cover 24 weeks)

Key Features of PPP Loan Forgiveness – Borrower App

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:

  • Conformance with SBA form 3508 and automated validation for loan forgiveness requests
  • Built-in payroll and forgiveness calculator in line with the latest SBA guidelines
  • Borrower self-service portal for secure submission, document upload, and real-time status tracking depending on the loan forgiveness characteristics
  • Payroll federal and state tax forms (e.g., form 941)
  • Healthcare (medical, vision, dental) related invoices and payments
  • Allows users to upload documents in PDF machine-readable, scanned image, Excel or Word formats
  • Allows up to 50 concurrent users
  • Automated generation and submission of reports
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Clients Served

  • Credit Unions
  • Small business lending companies
  • Fintechs (and other state-regulated lenders)
  • Farm credit lenders
  • Savings and loans lenders
  • Certified development companies
  • CDFIs, MDIs, BIDCOs
  • Non-bank CDFI funds
  • Microlenders
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