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.
ABOUT PAYNET
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.
FOR MORE INFORMATION
Joe
LoBello
LoBello Communications
516-902-2694
joe@lobellocommunications.com
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content:http://www.prnewswire.com/news-releases/paynet-an-equifax-company-launches-p3-loan-forgiveness-report-to-help-lenders-relieve-sme-loans-under-cares-act-301063233.html
SOURCE PayNet, Inc.