Wednesday, April 22, 2020

Kofax Extends Platform For PPP Processing

Irvine-based Kofax says it is helping to power a platform from ImageTech Systems, for managing loan applications submitted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP). The program--which recently ran out of funds allocated to it by Congress--is expected to be extended this week. According to Kofax, its automated system significantly reduces the stress placed on loan processing functions due to higher volumes of government-backed loan applications and depletions to workforce capacity resulting from the COVID-19 pandemic.