Fundera

MAY 19, 2020

This form, also known as SBA Form 3508, is what small business borrowers will submit to their PPP lender when it’s time to have their loan partially or entirely forgiven. . Although small businesses have been applying for PPP loans since the program was created passage of the CARES Act, information on forgiveness has been lacking.

Small Businesses 105

Small Businesses 105

Abrigo

FEBRUARY 11, 2021

Qualifying for PPP Loan Increases Only certain borrowers may apply for more money tied to an earlier PPP loan. Beyond PPP: Use the momentum to grow your institution read the whitepaper. Takeaway 1 The PPP this round has more options for borrowers to request an increase. Borrowers can seek PPP loan increases.

Credit Risk 78

Credit Risk Small Businesses 78

Abrigo

FEBRUARY 5, 2021

You might also like this webinar: "Detecting PPP Fraud: Optimizing Your AML Solution". PPP fraud-prevention challenges arise. Efforts to combat fraud related to the Paycheck Protection Program (PPP) and other coronavirus-related relief remain front and center among government agencies. New Guidance Out.

Credit and Collections 78

Credit and Collections Credit Risk Small Businesses 78

Abrigo

MAY 21, 2020

Key Takeaways The PPP forgiveness process is a major concern among community financial institutions, and many worry about having the resources to handle it. The PPP forgiveness process is a major concern among community financial institutions. PPP forgiveness will be more spread out vs. funding rush.

Credit Risk 78

Credit Risk Credit Unions Small Businesses 78

Fundera

APRIL 3, 2020

Where to Apply for PPP Loans. The Payroll Protection Program (PPP) officially launched on Friday, April 3. If your business has been impacted, it’s time to figure out where to apply for a Payroll Protection Program loan. . In addition, you likely won’t be able to simply walk into any bank and ask for a PPP loan.

Credit Unions 94

Credit Unions Small Businesses 94

Fundera

APRIL 20, 2020

Small businesses across the country have been impacted by the coronavirus pandemic, and many have turned to the Paycheck Protection Program (PPP) to help them keep employees on their payroll as well as cover other costs. The PPP saw incredible demand over its first two weeks, and quickly ran out of funding. Payroll Costs .

Credit Unions 116

Credit Unions Deductions Small Businesses 116

Fundera

JUNE 4, 2020

On June 3, 2020, Congress passed the Paycheck Protection Program Flexibility Act, which includes several key changes to the Paycheck Protection Program (also known as PPP) that will affect the millions of small businesses that received a PPP loan, as well as the many who may still yet apply for one. . Apply for a PPP Loan Now.

Small Businesses 81

Small Businesses 81

Abrigo

JANUARY 24, 2021

Key Takeaways The SBA has rolled out updated PPP loan forgiveness applications and guidance to incorporate changes from the Economic Aid Act. Simplify PPP Forgiveness Administration. And they must have used all first draw PPP loan amounts on eligible expenses prior to disbursement of the second draw loan. get started.

Credit Risk 78

Credit Risk CECL Deductions Small Businesses 78

Fundera

APRIL 22, 2020

Small business owners across the country have been racing to apply for funding through the Paycheck Protection Program , the SBA-administered loan program created to help offset the impact of the coronavirus pandemic. . Featured lenders are bank partners Fundera works with directly in our PPP application process. Cross River Bank.

Credit Unions 76

Credit Unions Small Businesses 76

Fundera

JUNE 2, 2020

For others, the PPP won’t offset the drop in demand they’ve experienced. The question that many small business owners across all those groups may be asking is: After the PPP, what is my next move? Let’s review the specifics of the SBA 7(a) loan program, and why it might be your best financing option in the post-PPP era. .

Small Businesses 79

Small Businesses 79

Abrigo

JANUARY 11, 2021

You might also like this whitepaper: "Beyond PPP: How Savvy Financial Institutions Can Propel Growth and Profitability with Technology" DOWNLOAD/WATCH. Takeaway 1 The Paycheck Protection Program's (PPP) latest round of funding opened up to CDFIs, MDIs, etc. CDFIs, MDIs, CDCs, have early access. We’ve been focused on this for a while.”.

Credit Risk 78

Credit Risk Credit Unions Dashboards Small Businesses 78

Abrigo

MAY 1, 2020

Key Takeaways The process for how PPP loans will be forgiven is developing, but lenders can look to guidance so far for key information. When, how much, how - all questions about PPP forgiveness. Lenders furiously funding Paycheck Protection Program (PPP) loans are keeping one eye on the U.S. learn more.

Credit Risk 78

Credit Risk CECL Credit Unions Small Businesses 78

Abrigo

APRIL 21, 2020

The CDFI instated Abrigo's SBA Lending technology platform and systemized approach soon after business owners were able to begin applying for PPP loans. Teams have been working around the clock, with 15% of Beneficial's total workforce helping process PPP applications and loans. Streamline the PPP loan submission process.

Small Businesses 78

Small Businesses Credit Risk Credit and Collections 78

Abrigo

APRIL 15, 2020

Key Takeaways Lenders participating in the Paycheck Protection Program (PPP) have obligations after issuing the loan to a small business. Banks and credit unions are seeking guidance on these critical next stages of the PPP. PPP lenders can ask the SBA to purchase in advance the amount of the loan expected to be forgiven.

Credit Unions 88

Credit Unions Credit Risk Law Firms Small Businesses 88

Fundera

JUNE 12, 2020

The SBA made PPP loans available to self-employed workers later than business owners with employees. Also, most of the language around eligible uses of PPP loans , how to achieve full forgiveness from your lender, and other guidance is aimed at employer small business owners. What Are the Terms of PPP Loan Forgiveness? .

Small Businesses 73

Small Businesses Deductions 73

Abrigo

APRIL 3, 2020

Key Takeaways The SBA has provided guidance for lenders to apply to become PPP lenders. This summary recaps the latest guidance (April 3, 2020) from the SBA regarding how lenders who aren’t already SBA 7(a) lenders can become a PPP lender. Streamline the SBA PPP loan process. learn more. If you have an SBA Form 750.

Credit Risk 78

Credit Risk 78

Abrigo

APRIL 8, 2020

CFIs can still take advantage of the program and begin automating PPP loans in 48 hours. Automation is key to streamlining PPP loans and getting capital into the hands of small business owners quickly. Second, there are solutions available to enable financial institutions to begin automating PPP loans in 48 hours. Get Started.

Credit Risk 78

Credit Risk Credit and Collections Credit Unions Small Businesses 78

Fundera

MAY 4, 2020

If you’re an American small business owner, you’ve heard of Paycheck Protection Program (PPP) loans by now. In fact, you’ve probably looked into getting one, if not gone ahead and applied through one of the thousands of lenders accepting PPP loan applications. . Why Some Small Businesses Are Denied PPP Loans.

Credit Unions 74

Credit Unions Small Businesses Credit Scoring Default 74

Fundera

APRIL 13, 2020

Business owners are moving quickly to apply for loans through the Payroll Protection Program (PPP). If you submit a PPP loan application that is incomplete or otherwise incorrect, you’ll have to reapply, and you’ll go to the back of the queue when it comes to loan application and consideration. . Payroll Documentation.

Credit Unions 75

Credit Unions Small Businesses 75

Fundera

MAY 7, 2020

Millions of small businesses across the country have received funding through the new Paycheck Protection Program (PPP) in response to the coronavirus pandemic. Now that more businesses are being approved for PPP loans, their focus will turn to handling their loan responsibly. Before Receiving Your PPP Loan.

Transactions 68

Transactions Small Businesses 68

Abrigo

JULY 5, 2020

Key Takeaways Credit unions participating in the Paycheck Protection Program (PPP) found that the right technology helped them serve business members when they needed help and also gain new members. CUs came through for businesses in PPP. Through June 24, the credit union had gained 278 new members via the PPP.

Credit Unions 78

Credit Unions Credit and Collections Credit Risk Small Businesses 78

Fundera

APRIL 16, 2020

Small businesses impacted by the coronavirus pandemic were able to start applying for Paycheck Protection Program loans from the federal government on April 3, 2020. Funding for the Paycheck Protection Program (PPP) came via the CARES Act , which authorized $349 billion specifically for the newly created program.

Credit and Collections 77

Credit and Collections Small Businesses 77

Commercial Credit Group

JUNE 14, 2021

The Paycheck Protection Program (PPP) officially ended on Monday, May 31, 2021, which means businesses are no longer able to apply for loans under the program. However, if your company received a PPP loan, now is the time to plan to apply for PPP loan forgiveness.

52

52

Abrigo

APRIL 14, 2020

Key Takeaways The Federal Reserve recently unveiled a new loan-purchase program, the Main Street Lending Program (MSLP) Unlike the PPP, loans provided under the MSLP are not eligible for loan forgiveness Community financial institutions play an important role in the MSLP. Eligible lenders for the MSLP include U.S. learn more. MSLP Loan Terms.

CECL 78

CECL Credit Risk Small Businesses 78

Abrigo

MAY 11, 2020

Manage PPP loans through forgiveness. Some customers have been frantically trying to secure a Paycheck Protection Program (PPP) loan, which has left borrowers and lenders working through the night and early in the morning to submit their applications. The PPP has exposed many areas where technology excelled over traditional processes.

Credit Unions 78

Credit Unions Credit Risk CECL 78

SMB Commercial Lending

JUNE 5, 2022

Has your company checked eligibility and applied for the Employee Retention Credit? Quick Facts: If companies received PPP they still qualify for ERC. ERC is a refund in the form of a grant and can return up to $26,000/employee ($11,000 is the average for companies that received PPP).

Small Businesses 52

Small Businesses 52

Abrigo

OCTOBER 15, 2020

Key Takeaways Economic relief payments are often subject to fraud – PPP is no exception. BSA Officers should be aware of PPP red flags to identify potential fraud. Economic relief payments are often subject to fraud, and the Paycheck Protection Program (PPP) is no exception. PPP Red Flags. you need in one platform.

Credit Risk 60

Credit Risk CECL Transactions Small Businesses 60

Abrigo

JUNE 12, 2020

The numbers suggest that government relief efforts, like the Paycheck Protection Program (PPP) , are helping to bring back jobs that were heavily impacted by the coronavirus pandemic. If a business secured a PPP loan, it is still eligible to apply for an MSLP loan; however, MSLP loans are not forgivable. What happened?

Corporate Lending 78

Corporate Lending Transactions Small Businesses Credit Risk 78

Fundera

AUGUST 6, 2020

The primary source of stimulus funding for small business owners is through the SBA’s Paycheck Protection Program (PPP), which disburses loans through SBA-accredited lenders to cover payroll costs as well as rent, utilities, mortgage interest, and other debt obligations. These loans may be forgiven if the borrower follows certain criteria.

Small Businesses 75

Small Businesses Nonprofit Organizations 75

Lendio

JANUARY 24, 2023

Here’s what you need to know to record the ERC in your financial statements correctly, including how the credit works, how to claim it retroactively, and which accounting models may apply. However, if you accounted for your PPP loans using IAS 20 or ASC 958, you should do the same for the payroll tax credit.

Revenue Recognition 52

Revenue Recognition Deductions 52

Abrigo

AUGUST 18, 2020

Consider a risk-based lookback for your PPP portfolio to fight fraud. Consider a risk-based lookback for your Paycheck Protection Program (PPP) portfolio. The government was quick to roll-out PPP loans to offer relief to small businesses and communities. PPP loans are heightened risk because of the fraud we’re seeing. “If

Cybersecurity 78

Cybersecurity Credit and Collections Transactions Credit Risk 78

Abrigo

AUGUST 18, 2020

Consider a risk-based lookback for your PPP portfolio to fight fraud. Consider a risk-based lookback for your Paycheck Protection Program (PPP) portfolio. The government was quick to roll-out PPP loans to offer relief to small businesses and communities. PPP loans are heightened risk because of the fraud we’re seeing. “If

Cybersecurity 78

Cybersecurity Credit and Collections Transactions Small Businesses 78

LendingFront

JUNE 6, 2021

Despite the enormous need for capital during the pandemic, the share of firms that applied for non-emergency, non-Paycheck Protection Programing financing declined from 43% in 2019 to 37% in 2020, according to the Federal Reserve’s 2021 Small Business Credit Survey. . Enter community banks.

Small Businesses 52

Small Businesses Credit Scoring 52

Abrigo

FEBRUARY 25, 2022

They’d rather apply online, quickly, at night than take time off during business hours to visit a person at a branch. PPP Proved Technology. Online loan applications and other digitalization sped up borrower funding and freed up time to provide more value-added services, such as advising on PPP requirements.

Transactions 78

Transactions Credit Unions Credit Risk Small Businesses 78

Abrigo

MAY 20, 2020

Manage PPP loans through forgiveness. For home users / small businesses : Apply router firmware updates. Bad Actors Emerge in PPP Lending – More Expected as Forgiveness Guidance Emerges. learn more. Recommendations. Individuals can take steps to prevent DNS hijacking attacks. Fraud Prevention. Fraud Trends. Learn More.

Cybersecurity 78

Cybersecurity Default Small Businesses 78

Abrigo

MAY 22, 2020

Despite their essential nature, however, CRBs have been left out of federal stimulus programs, like the Paycheck Protection Program (PPP), meant to help small businesses. Because CRBs derive revenue from a federally illegal substance, they are disqualified from applying for such loans. Learn More. Lending & Credit Risk. Learn More.

Credit Risk 78

Credit Risk Credit Unions Small Businesses 78

Fundera

NOVEMBER 11, 2020

On top of all that, federal government support has virtually dried up now that the Paycheck Protection Program (PPP) is, as of this writing, closed. And that’s in addition to the fact that most business owners feel that the PPP wasn’t enough to keep them afloat in the long term. . Here’s what they said. . And yet, a whopping 86.3%

Small Businesses 98

Small Businesses 98