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Information

Author: Tata Consultancy Services
Type: Solution by Partner
Industry: Financial Services
Compatible Version(s): 20.1+
First Released: 30 May 2020
Last Updated: 30 May 2020
Cost: Paid

SBA PPP Loan Forgiveness

Overview

The US government has signed a series of programs under the CARES act to help various business segments and individuals to tide over the COVID 19 crisis. The key features of the program include:

Paycheck Protection Loan for up to $10 million to fund certain payroll costs, mortgage payments, rent payments and utility payments.
As part of the program small businesses can claim forgiveness of the portion of funds that was utilized to pay its employees. Within the next 60 days banks will be required to process huge volumes of forgiveness requests.
If the Borrowers provide proof of use of loan and can claim waiver of loan.
Banks will have to service these requests rapidly and cost effectively, ensuring the required due diligence and achieve all of these with its own workforce working remotely. Banks will have to further look for opportunities to minimize investment given the temporary nature of this function

This TCS Solution for SBA PPP Loan Forgiveness will help banks achieve their objectives and responsibilities towards its small business owners with minimum lead time and cost to process PPP Loan Forgiveness forms.

It uses Appian Intelligent Document Processing to extract loan forgiveness related information from documents. The OCR data will be used in the Loan Forgiveness process to start the process to create a Forgiveness application form and to submit the form to SBA for filing. Integrations with Docusign will enable a seamless customer experience to get e-signature and submit SBA applications.

Key Features & Functionality

Self service channel for small businesses to initiate forgiveness request
Ability to calculate the forgiveness amount to get an estimate of the amount to be forgiven and to be repaid
Verification of evidence of loan utilization through intelligent automation and operations
Processing of forgiveness consistent with policy through workflow and operations support
Standardized interfaces with Bank’s Loan Servicing System and SBA
Transparency and oversight through timely customer communication and intuitive dashboard
Easy reconciliation and reporting to SBA, Government and management