PPP - Paycheck Protection Program

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 and 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.
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