The Cloud solution is launched under the Coronavirus Aid Relief and Economic Security (CARES) Act passed by the US Congress.
Due to Covid-19 which has impacted businesses, the lenders are now expecting to process a high volume of loan forgiveness requests from businesses towards amounts spent on eligible payroll and non-payroll expenses. TCS reveals that US banks have disbursed majority of the allocated $659B in loans.
K. Krithivasan, Business Group Head, Banking and Financial Services & Insurance, TCS said, "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."
TCS' automated small business loan forgiveness solution is developed to be, secure, highly scalable, and ready-to-deploy low code solution on the Appian platform, leveraging the Machine First Delivery Model, to provide a streamlined, predictable and auditable loan forgiveness function for banks.
Further, the platform offers self-service and guided channels for businesses to initiate forgiveness requests, and uses intelligent automation to enable verification of evidence of loan utilization.