Ocrolus, a leading
fintech infrastructure company that transforms documents into
actionable data with over 99% accuracy, today announced the release of
its PPP Loan Forgiveness Documentation solution. Ocrolus PPP automates
the classification and extraction of data from documents required to
convert SBA Payroll Protection Program (PPP) loans into forgivable
grants.
Since the initial CARES program launched in March, Ocrolus'
cloud-based solution has been deployed by numerous lenders to process
over 500K PPP applications. Ocrolus captures and digitizes payroll
reports, bank statements, tax forms and other documents to substantiate
and calculate PPP loan requests. As these loans are now becoming
eligible for conversion to forgivable grants, originating lenders are
facing the administrative burden of calculating payroll, utility, rent
and mortgage payments by each borrower. Additionally, lenders need to
document each calculation and provide best efforts to verify that the
information is correct. "We've worked hand-in-hand with lenders to optimize Ocrolus' PPP
offering to streamline lenders' loan application and forgiveness
programs. To date, we've processed over four million financial documents
related to PPP loan applications," explained Douglas Melchior, Ocrolus'
Vice President of Product. "For grant conversions, we have added
multiple analytics and reporting to validate the values in borrower
declarations for PPP forgiveness are accurate and auditable." The Ocrolus solution also produces a PPP Compliance Report, providing
Loan Officers with an at-a-glance snapshot of supporting documentation.
The report also provides basic analytics to indicate if the borrower
has met the 75% payroll requirement. As with the PPP loan origination program, Ocrolus is able to quickly
on-board lenders with a direct API integration into existing loan
origination and servicing programs. For example, Ocrolus worked with one
fintech lender to set up their loan application program and accelerate
hundreds of thousands of loan applications during the second tranche of
PPP funding in less than 10 days. To learn more about Ocrolus' PPP solution, visit ocrolus.com. About Ocrolus Ocrolus is a fintech infrastructure company that transforms documents
into actionable data. Powered by Artificial Intelligence and a unique,
human-in-the-loop data validation process, Ocrolus plugs directly into
customer workflows via API, eliminating the need for manual data work.
The solution includes built-in fraud detection and analytics, enabling
customers to make smarter and faster business decisions with
unprecedented scalability and precision. Use-cases include loan underwriting, account openings, invoice
processing and other document-intensive processes. Ocrolus has raised
over $30 million in venture capital, backed by Oak HC/FT, FinTech
Collective, Bullpen Capital, and QED Investors, among others. Visit ocrolus.com to learn more. Source - https://www.newswire.com/news/ocrolus-announces-ppp-loan-forgiveness-solution-with-built-in-audit-21155399
| Company Name | Contact Person | Contact Number | Email Id | Website | Address |
|---|---|---|---|---|---|
| OCROLUS |
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