Scry Analytics launches AI-based PPP loan forgiveness solution

▤ Summary

Under the Paycheck Protection Program (PPP) of the United States CARES Act enacted in March 2020, financial institutions have disbursed around 4.8 million loans to small and medium businesses (SMBs). This solution consists of the following components, which makes the process of PPP loan forgiveness both simple and hassle-free: Dr. Alok Aggarwal, CEO & Chief Data Scientist of Scry Analytics, says, “Scry’s PPP loan forgiveness software can be deployed behind a lender’s IT firewall or provided as Software as a Service (SaaS) within 2-4 days and continuously maintained by Scry, thereby, making the entire process much easier and compliant for both borrowers and lenders.” Without such a solution, the lenders would have the arduous task of manually processing PPP loan forgiveness applications. This process is far more complicated than originating the loan and it will manually take a lender’s analyst 6 to 12 hours to handle each loan forgiveness application because of the following reasons: Scry’s software automates the entire loan forgiveness process including submission of the application and related documents, automated digitization, extraction and reconciliation of relevant information, and the final verification. Company Details – Scry Analytics Scry Analytics (http://www.scryanalytics.ai) was founded in 2014 and builds innovative AI-based enterprise applications that enable clients to rethink and automate their data-driven and manually intensive business operations. Scry’s family of apps include Collatio (for ingesting, extracting, and reconciling unstructured and structured data), Anomalia (for detecting anomalies and potential fraud), and Risc (for predicting operating and marketing risks).

▦ Linked Companies

Scry Analytics

$1M to $5M