Dr. Alok Aggarwal says, “Scry’s PPP loan forgiveness software can be deployed behind a lender’s IT firewall or provided as Software as a Service (SaaS) within 2-4 days and continuously maintained by Scry, thereby, making the entire process much easier and compliant for both borrowers and lenders.”
SAN JOSE, Calif. (PRWEB) July 15, 2020
Under the Paycheck Protection Program (PPP) of the United States CARES Act enacted in March 2020, financial institutions have disbursed around 4.8 million loans to small and medium businesses (SMBs). Also, as per the criteria set forth by the Small Business Administration (SBA), almost all SMB borrowers are entitled to PPP loan forgiveness, and most of them would be requesting such forgiveness soon.
To address the dire need of handling so many PPP loan forgiveness applications, Scry Analytics, a Silicon Valley-based company, has launched a unique AI-based software solution that can rapidly process such applications. This solution consists of the following components, which makes the process of PPP loan forgiveness both simple and hassle-free:
- A front-end software app and user interface that guides the borrower to upload or fill the SBA application 3508 or 3508EZ and helps in uploading supporting documents
- A back-end AI-based software that automatically digitizes all documents, extracts relevant information, and reconciles it with 90%+ accuracy
- Analysts from the lender or Scry Analytics who review the software’s output and complete the reconciliation process.
Dr. Alok Aggarwal, CEO & Chief Data Scientist of Scry Analytics, says, “Scry’s PPP loan forgiveness software can be deployed behind a lender’s IT firewall or provided as Software as a Service (SaaS) within 2-4 days and continuously maintained by Scry, thereby, making the entire process much easier and compliant for both borrowers and lenders.”
Without such a solution, the lenders would have the arduous task of manually processing PPP loan forgiveness applications. This process is far more complicated than originating the loan and it will manually take a lender’s analyst 6 to 12 hours to handle each loan forgiveness application because of the following reasons:
- Too many options regarding loan forgiveness, including complex calculations that are required by SBA
- Uploading and extracting relevant information from 25-100 supporting documents that provide justification for loan forgiveness
- Complex SBA guidelines that continue to change frequently
Scry’s software automates the entire loan forgiveness process including submission of the application and related documents, automated digitization, extraction and reconciliation of relevant information, and the final verification. Given below are some key features of this solution:
- Built-in payroll and forgiveness calculator that conforms to the latest SBA guidelines
- Self-service portal for borrowers for secure submission and real-time tracking
- Communication with borrowers including notifications regarding exceptions and approvals
- Automated generation and provision of reports for lenders
- “Maker-checker” capability where the maker is the automated software and the checker is the lender’s or Scry’s analyst, thereby reducing the time and cost by 75%.
For more details regarding Scry’s PPP loan forgiveness solution, click here.
Company Details – Scry Analytics
Scry Analytics (http://www.scryanalytics.ai) was founded in 2014 and builds innovative AI-based enterprise applications that enable clients to rethink and automate their data-driven and manually intensive business operations. Scry’s family of apps include Collatio (for ingesting, extracting, and reconciling unstructured and structured data), Anomalia (for detecting anomalies and potential fraud), and Risc (for predicting operating and marketing risks).