PPP - Paycheck Protection Program

Overview

Vuram's PPP solution provides faster processing of loan applications and end-to-end automation of loan forgiveness requests while ensuring compliance with the CARES Act.

For more details see: https://www.vuram.com/paycheck-protection-program/

Benefits:

Streamlined process across both the loan issuance and forgiveness request lifecycle that ensures certainty of information provided and increases chances of quick approvals.
Banks and financial institutions gain better visibility into their workload and optimize resource allocation to meet the demand.
Compatible on all devices; web and mobile-friendly.
No lengthy implementation or custom branding requirements for PPP loans.
Flexible and scalable: Adaptability to meet the evolving regulatory updates to the SBA guidelines and large volumes of applications.

Key Features & Functionality

Integrates with OCR based data extraction technology to scan the loan related information from handwritten loan application forms uploaded by borrowers.
DocuSign digital signature is integrated that enables the borrowers to digitally sign in their loan or forgiveness request.
Loan officers can directly submit the loan details to SBA and get their approval on email and proceed with the settlement process.
In-built calculators to help borrowers quickly understand their required loan amount and a detailed worksheet for forgiveness.
Calculate remittance and generate form 1502 and email to borrowers to collect payments from them.
Integrated environment: Manage form intake, requests, reviews, calculations, approvals, audit trails, and more on one platform.
Seamless tracking: Real-time status tracking of loan forgiveness requests.
Data validation: Cut down on redundant information collection by controlling the full review process of all forgiveness requests.
Easy application submissions: Online loan forgiveness application submissions or through intake of the SBA standard form via email or paper.
End-to-end loan forgiveness qualification: Including initial eligibility survey, document collection, qualification, and digital signature collection.
Application generation and approval: Loan forgiveness applications can be automatically generated and passed to any downstream/external systems as required.
Extended support and flexibility: Full support for plan modification and forgiveness processes associated with the new Act.
Compliance: Manage requests and maintain compliance throughout the loan lifecycle.
Reporting: Complete reporting and auditing for easy business visibility into loan forgiveness processing and ongoing compliance requirements.