New automated solution provides lenders with verified documentation to simplify Paycheck Protection Program loan forgiveness process
SKOKIE, Ill., May 21, 2020 /PRNewswire/ -- PayNet, an Equifax company, that provides credit and analytics on small and medium enterprises (SMEs), today 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.
"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.
"Small businesses need relief and banks can't afford to face fines, audits or carry low interest PPP loans on their books. Automating the process helps to make the forgiveness process faster and more efficient, which can assist in speeding up the pace of recovery for the broader economy," continued Phelan.
Additional information on the PayNet P3 Loan Forgiveness Report is available on the PayNet website.
PayNet, an Equifax company, is the leading provider of credit ratings on small businesses enabling lenders to manage credit risk, grow earning assets and operate credit processes at a lower cost. PayNet maintains the largest proprietary database of small business loans, leases and lines of credit encompassing over 24 million contracts worth over $1.6 Trillion. Using state-of-the-art analytics, PayNet converts raw data into real-time marketing intelligence and predictive information that subscribing lenders use to make informed small business financial decisions and improve their business strategy. For more information, visit www.PayNet.com.
ABOUT EQUIFAX INC.
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn.
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SOURCE PayNet, Inc.