Automate PPP Forgiveness

PPP Loan Forgiveness Made Easy

QSI has partnered with Alpharank to support financial institutions at this difficult time to automate the forgiveness process for borrowers and lenders.

We believe that the best way for FIs to manage Paycheck Protection Program risk is to focus on data. Collect transactions to document borrower expenditures to make it clear to all parties which expenditures qualify for forgiveness. Then automate the FI’s reporting and submission process.

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The key is providing borrowers a delightfully simple process. Enable borrowers to submit clean, well documented applications. Loan officers can then approve quickly with standardized review that will stand up to external scrutiny. Alpharank gives borrowers a simple, clean self-serve experience to prepare their forgiveness application.

  • Borrowers log in with their online banking credentials, and Alpharank pulls in programmatically data from their lending, checking, and credit card accounts to pre-populate the application. Alpharank uses Plaid APIs to eliminate time-consuming integration with the FI’s core as well as supporting expenditures that occur outside of the borrower’s main operational account.
  • The system classifies transaction data based on the forgiveness criteria (date of expense, permitted categories).  
  • The borrower can make manual adjustments, exclusions/inclusions, and upload supporting documentation (e.g. pre-existing lease agreement).
  • The forgiveness request is graded, pointing out weak spots to the borrower so that they can improve the application quality before submission.
  • Once the application meets a quality threshold, the borrower can sign their attestation as required by the safe harbor provisions.
  • The completed request is then routed to the FI for loan officer review and submission for forgiveness.
  • The loan officer can reject items with notes, which returns the application to the borrower for improvement, or submit for forgiveness.

Alpharank is a cloud-based bank solution backed by FIS and Wells Fargo. Alpharank optimizes sign up flows with machine learning applied to millions of transactions and consumer journeys.

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