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 loan forgiveness Program (PPP) can be forgiven, if SMB borrowers meet the SBA-specified conditions and provide supporting documents to their financial institutions. Almost all SMB borrowers are likely to request for PPP loan forgiveness, but this entire process is 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
Handling large volume of applications, customer requests, concerns, queries, etc.
Key Challenges
for Financial Institutions (FI)
Assisting borrowers in computing and submitting Application Form 3508 and PPP Schedule A
Requesting missing/incomplete data or documents from borrowers
Handling exceptions and duplicate applications
Servicing the non-forgivable portion of loans
Tracking allowable expenses (payroll & non payroll)
Loan forgiveness audits for loans above $2M, advance purchase loans, etc.
Tracking status of various initiated/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 and 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 93%+ 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
  • Up to 93% accuracy that improves over time
  • Digitizes more than 100 pages/hour & stores all input data that can be used later

Documents Processed

  • PPP loan forgiveness application (SBA form 3508) and addendums
  • Payroll documents and journals (weekly, biweekly, monthly, etc.)
  • SMB promissory note
  • Payroll federal and state tax forms (e.g., form 941)
  • Healthcare (medical, vision, dental) related invoices and payments
  • Retirement related invoices and payments
  • Utility (electricity, gas, water, transportation, phone, and internet) related invoices and payments
  • Rent and lease related invoices and lease agreements
  • Mortgage agreements, interest, invoices, & payments
  • Borrower’s bank statements

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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