An important component of the $2T Coronavirus Stimulus Program is the provision of a Paycheck Protection Program (PPP) with $350B designated to assist US small businesses in dealing with the devastating impact of COVID-19.
Now, when PPP enters forgiveness phase, the number of applicants seeking relief grows at an extraordinary rate, lenders are struggling to keep up. Overwhelmed with collecting and validating documents, lenders face backlogged applications and their customers experience slow response times. Many core lending and loan accounting systems are not set up for operational flexibility at scale.
Lenders are facing major challenges in servicing and reporting requirements on these loans, debt categorization, audit limit etc.
Insight Consultants PPP Loan Forgiveness Solution
Insight Consultants have solutions for these when handling becomes difficult and you need technology and automation to streamline SBA PPP Loan Applications & Forgiveness
Our automated solution eases the burden of forgiveness documentation and processing .
- Borrower self-service portal enable secure submission, document upload, and real-time status tracking
- Quick processing which comprises validate, calculate, and track requests in minutes
- Fully digitized pre-filling requests, document upload, document routing, e-signing and SBA validation
- Approval processing with audit trails
- Real-time reporting on requests, exceptions, and approvals
- 100% compliance & accuracy, enterprise security, and fraud detection
- Fast and simple implementation to support your business clients
We offer a purpose-built solution for loan forgiveness which enable direct API integration with existing loan origination programs and the SBA’s new forgiveness program. We helps lenders make smarter, faster underwriting decisions through the use of human-in-the-loop document analysis, machine learning, and other advanced technologies that streamline the review process and deliver actionable data with unparalleled accuracy and speed.
Our flexible solution, adopting the agile strategy and digital native processes, helps you to prime your business for the unexpected and stay future-ready.
REMEMBER, “TIS NOT A TIME TO DO NOTHING!
Tell us how we can help and we’ll be in touch soon.
