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.

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 Functionality and Features: *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.