Finally, lenders can satisfy the due diligence consideration by producing a documentation report that shows that the numbers provided are rational and that the documents are associated with the borrower. 

Loan Verification Best Practices
The list of questions is not meant to be comprehensive, however the documentation and report act as a defensible structure to protect lender interests. We developed the PPP Loan Forgiveness Program as a cloud service to capture and verify loan documentation, providing third-party integrity and an audit trail to back program compliance. Ultimately, automated document verification gives lenders a structure to remove the administrative burden of due diligence, preserve loan fees and ultimately provide assurance to lenders’ valued customers that they are eligible for their loans to be converted to forgivable grants. 

Ethan Schwarzbach is SBA lead at Ocrolus.

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