Automating CARES Act Payroll Verification

One of Demyst’s long-time data partners, Powerlytics, has developed a low-cost product to assist in business payroll estimation and verification.

The Powerlytics Business database contains all 30 million for profit businesses (34 million business locations) with complete income statements and balance sheets underpinned by anonymized tax returns. The data contains over 1,000 NAICS6 industry sectors, segmented by size, location and legal form of organization (over 1 billion combinations).

Based on this data, Powerlytics is rolling out the Payroll & Benefits Verification Score and Estimate (available via the Demyst Platform), to assist with PPP loans under the CARES Act. This score indicates how likely it is that a company is providing accurate information based on how close it is to the payroll and benefits of other companies that are in the same industry, geography and size range. It can be used at both loan origination and at time of loan forgiveness decisioning as well as to help detect fraud. The inputs to the score may include

• NAICS code

• ZIP code

• Size range (Sales or # of Employees)

• Legal form of organization (if available) combination

In response, Powerlytics will provide a score back with an overstatement/understatement indicator and an estimate. The output will include True Payroll Verification (with a confidence Score of 1–10 on stated payroll & benefits) and True Payroll Estimation (which provides average payroll & benefits).

Reach out to support@demystdata.com today to get access to this data product.