Global IT services, Tata Consultancy Services, has developed a cloud-based, end-to-end solution to help banks in the United States to accept and process loan forgiveness requests of small businesses.
This forgiveness request is a part of the Small Business Administration (SBA) Paycheck Protection Program (PPP) under the Coronavirus Aid Relief and Economic Security (CARES) Act passed by the US Congress.
After having disbursed loans worth USD 659 billion, the banks are now expected to process a high-volume of loan forgiveness requests from businesses towards amounts spent on eligible payroll and non-payroll expenses. Here TCS is going to provide the banks with a solution called ‘Small Business Loan Forgiveness solution’. This is an automated, highly scalable, and ready-to-deploy low code solution on the Appian platform, TCS claimed. The company added the solution leverages the Machine FirstTM Delivery Model, to provide a streamlined, predictable and auditable loan forgiveness function for banks.
“The PPP is a massive effort by the US government to assist small businesses impacted by the pandemic. Its success depends on the efficient and transparent administration of the program by banks,” said K Krithivasan, Business Group Head, Banking and Financial Services and Insurance, TCS.
Through intelligent automation, the verification of loans for businesses, who have initiated forgiveness requests, will take place.
