Ocrolus Inc., a financial technology company, has released an addition to its namesake product that enables lenders to automate the classification and extraction of data from documents required to convert SBA Payroll Protection Program (PPP) loans into forgivable grants, the company announced in a news release.

After the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March, lenders have used the Ocrolus cloud-based solution to process over 500,000 PPP loan origination applications by capturing and digitizing payroll reports, bank statements, tax forms and other documents used to substantiate and calculate PPP loan requests. 

As those loans now become eligible for conversion to forgivable grants, originating lenders face the administrative burden of calculating each borrower’s payroll, utility, rent and mortgage payments, Ocrolus said. Lenders also will need to document each calculation and provide best efforts to verify that the information is correct.

The PPP Loan Forgiveness Documentation solution produces a PPP compliance report, providing loan officers with an at-a-glance snapshot of supporting documentation. In addition, the report provides basic analytics to indicate whether the borrower has met the 75% payroll requirement.

Douglas Melchior, Ocrolus’s vice president, said in the news release that the company has processed over four million financial documents to date related to PPP loan applications.

"We've worked hand-in-hand with lenders to optimize Ocrolus's PPP offering [and] to streamline lenders' loan application and forgiveness programs,” he said in the news release.

Both the PPP Loan Origination Program, and now the PPP Loan Forgiveness Documentation solution, enable Ocrolus to quickly on-board lenders with a direct API integration into existing loan origination and servicing programs.

Founded in 2014, Ocrolus is headquartered in New York City.