New automated solution provides lenders with verified documentation to simplify Paycheck Protection Program loan forgiveness process
PayNet, an Equifax company, that provides credit and analytics on small and medium enterprises (SMEs), launched the PayNet P3 Loan Forgiveness Report. The reports are designed to give lenders a fast, efficient and reliable way to manage the complex forgiveness process for the unprecedented number of small business loans made under the Paycheck Protection Program (PPP).
The PayNet Report automates the collection of third-party data points necessary for loan forgiveness under the current PPP requirements. The reports will include information such as business details, rent and mortgage data, payroll history (as available), repayment calculations, and utility payment history. Since current guidelines require businesses to spend their PPP loan funds within eight weeks, the PayNet Loan Forgiveness Report seamlessly tracks payroll data and timelines.
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“Lenders are quickly entering the phase where they need to manage the complex loan forgiveness process for the PPP,” said William Phelan, Senior Vice President and General Manager at PayNet. “Manually validating the loan forgiveness standard on millions of PPP loans is a tremendous expense that can come with significant risk. Our new report is designed to automate the process to help protect lenders from errors, reduce costs and get faster relief to small businesses.”
The PayNet P3 Loan Forgiveness Report delivers data directly from verified payroll providers, as available, utility companies and data aggregators that can be configured to meet forgiveness reporting needs. The report is also integrated into the recently announced PayNet P3 Data Pack, providing a holistic lending and validation platform that helps lenders expedite and forgive PPP loans.
