PREPARE FOR PPP LOAN FORGIVENESS REQUESTS

 

The Paycheck Protection Program (PPP) under the CARES Act has been providing relief to small and mid-sized businesses. Now, with the PPP program moving to the loan forgiveness phase, banks are getting overwhelmed with high demand, complex processes, and inadequate resources to tackle loan forgiveness requests

Vuram’s Paycheck Protection Program application, a Plug-N-Play end-to-end solution is designed to help banks manage and process applications faster, support small business service needs and ensure compliance under the CARES act. The app has now been enhanced to help financial institutions accelerate and simplify the next phase of PPP loans by automating the end-to-end loan forgiveness process.

  From  setup to go live, the PPP application can be deployed in just days and we can help you migrate all your existing cases to the app for free.

 

LOAN FORGIVENESS CAPABILITIES

 

  • Easy processing : In-built calculators for real-time relief calculation and online validation as per SBA guidelines
  • 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.
  • Complete reporting: Detailed reporting on loan forgiveness requests, exceptions, approvals and status.
  • Flexible and scalable: Adaptability to meet the evolving regulatory updates to the SBA guidelines and large volumes of applications
  • Compliance: Manage requests and maintain compliance throughout the loan lifecycle.

CORE FEATURES

–  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.

Full stack automation: Automate the process with options to use advanced OCR, RPA and E-Signature functionality

Reporting : Complete reporting and auditing foeasy business visibility into loan forgiveness processing and ongoing compliance requirements.

 

WHY USE VURAM’s PPP APPLICATION?

 

– Faster processing of loan applications and end-to-end automation of loan forgiveness requests while ensuring compliance with the CARES Act.

– Streamlined process across the 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

 

see how it works

 

 

INSIDE THE PPP APPLICATION 

 

GET STARTED. SCHEDULE A DEMO

 

With the PPP application, Vuram aims to  accelerate and simplify the lending and loan forgiveness process for banks enabling you to support small businesses in these challenging times. We can help you quickly deploy and operate the app, plus handle migration of all your PPP cases for free.

We’d love to connect with you to discuss how the PPP application can help you respond efficiently to the overwhelming demand.

 

     

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