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. Only 3% of credit unions were active lenders in the SBA 7(a) program in fiscal 2018, originating 1.2%

Credit Unions 78

Credit Unions Credit and Collections Credit Risk Small Businesses 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. But the program doesn’t end once the Small Business Association (SBA) issues a PPP loan authorization number.

Credit Unions 88

Credit Unions Credit Risk Law Firms Small Businesses 88

Abrigo

SEPTEMBER 20, 2023

How financial institutions can prevent losses from 1st-party fraud Learn strong approaches to identifying, preventing, and detecting 1st-party fraud that will keep your AML program on top of fraud trends. Takeaway 3 Prevention and detection best practices can curb hard dollar 1st-party fraud losses while protecting clients.

CECL 78

CECL Credit Unions Transactions Credit Risk 78

Abrigo

JUNE 4, 2020

Just when lenders were starting to get a handle on the Paycheck Protection Program’s loan-forgiveness process, much of it is changing. The Paycheck Protection Program Flexibility Act also lets borrowers defer loan payments until lenders receive from the SBA whatever portion will be forgiven. learn more.

Credit Risk 78

Credit Risk 78

Abrigo

JANUARY 11, 2021

Plus what waiting lenders can do The latest round of the Paycheck Protection Program began with a head start for institutions aiding low-income areas. Takeaway 1 The Paycheck Protection Program's (PPP) latest round of funding opened up to CDFIs, MDIs, etc. CDFIs, MDIs, CDCs, have early access. Be Prepared.

Credit Risk 78

Credit Risk Credit Unions Dashboards Small Businesses 78

Abrigo

MARCH 15, 2022

Takeaway 3 Offering digital account opening for consumer and commercial accounts also protects the institution's existing relationships. For years, opening an account at institutions meant paper applications and in-branch customer identification and funding of the account. Now a Common Offering. Defend Relationships.

Credit Unions 78

Credit Unions Credit Risk Small Businesses Transactions 78

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. .

Small Businesses 81

Small Businesses 81

Abrigo

JANUARY 13, 2021

Takeaway 1 A new stimulus package has authorized another round of Paycheck Protection Program loans. This relief package was signed into law to provide small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead during the pandemic.

Small Businesses 78

Small Businesses Credit Risk Transactions 78

Abrigo

APRIL 14, 2020

On April 13, 2020, FinCEN issued an update of their joint FAQs with the Small Business Administration (SBA) regarding the implementation of the Paycheck Protection Program (PPP) which was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). AI, Machine Learning, and Your BSA/AML Program.

Cybersecurity 78

Cybersecurity Small Businesses 78

Abrigo

OCTOBER 15, 2020

Key Takeaways SBA payments to lenders for forgiven Paycheck Protection Program (PPP) loans are starting to flow. The payments to lenders for forgiven Paycheck Protection Program (PPP) loans are starting to flow. PPP forms’ expiration isn’t application deadline. small businesses.

Credit Risk 88

Credit Risk CECL Credit Unions Small Businesses 88

Abrigo

JUNE 18, 2020

Key Takeaways The Paycheck Protection Program (PPP) has been a critical foothold for community financial institutions seeking to obtain and diversify business lending relationships. The program and the influx of new business also resulted in a significant workload increase on resource-strapped institutions. learn more.

Credit Unions 78

Credit Unions Small Businesses Credit Risk 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

Fundera

JULY 1, 2020

Of course, not every business owner is set up as a W-2 employee who pays taxes on their earnings through a standard paycheck. This modified unemployment assistance program provides benefits that last longer than standard unemployment for those who are eligible. Express Bridge Loan Pilot Program. Paycheck Protection Program.

Small Businesses 104

Small Businesses Credit and Collections Current Receivables 104

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. The lender then has 60 days to notify the SBA of the decision on the new, complete application on Form 3508S. New requirement to upload notifications to SBA platform.

Credit Risk 78

Credit Risk CECL Deductions Small Businesses 78

Due

FEBRUARY 6, 2023

Can help ease the distress of living paycheck-to-paycheck. According to a recent LendingClub report , 63% of Americans live paycheck to paycheck. Furthermore, consider Treasury Inflated Protected Securities, high-yield savings accounts, or real estate investment trusts as alternatives to regular savings accounts.

Credit Scoring 115

Credit Scoring Default Bankruptcy 115

Abrigo

AUGUST 11, 2020

10, Before lenders can begin submitting their decisions on the forgiveness applications, they must acquire credentials to use the SBA platform. Another “must do” before submitting forgiveness applications to the new SBA PPP Forgiveness Platform is to make sure borrower applications and documentation are complete.

Credit Risk 78

Credit Risk Dashboards CECL Small Businesses 78

Abrigo

SEPTEMBER 1, 2020

Key Takeaways Most financial institutions have implemented technology to help handle Paycheck Protection Program (PPP) loans. Between the numbers of applicants, the strong demand for limited funds, and the restrictions on face-to-face transactions, financial institutions without automation were easily overwhelmed.

Credit Unions 78

Credit Unions Credit Risk Small Businesses Transactions 78

Abrigo

SEPTEMBER 1, 2020

Key Takeaways Most financial institutions have implemented technology to help handle Paycheck Protection Program (PPP) loans. Between the numbers of applicants, the strong demand for limited funds, and the restrictions on face-to-face transactions, financial institutions without automation were easily overwhelmed.

Credit Unions 78

Credit Unions Credit Risk CECL Small Businesses 78

Abrigo

DECEMBER 1, 2020

Key Takeaways The SBA released Paycheck Protection Program (PPP) lender instructions for the Form 3509/3510 Loan Necessity Questionnaire. Borrower certifications were based on a good faith estimation of necessity at the time of application. Instructions say manual data entry required on 3509, 3510.

CECL 78

CECL Credit Risk Dashboards Small Businesses 78

Abrigo

MAY 13, 2020

Many banks and credit unions were frantically looking for solutions that would help them handle efficiently the volume of PPP applications expected to flood their institutions during the short “open gate” of PPP funding availability at a time stay-at-home orders and social distancing restricted movement by customers and staff.

Credit Risk 78

Credit Risk Credit Unions Transactions Small Businesses 78

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 post How to Get Full Paycheck Protection Program Loan Forgiveness appeared first on Fundera Ledger.

Credit Unions 116

Credit Unions Deductions Small Businesses 116

Abrigo

FEBRUARY 5, 2021

Moves to validate applicants create complaints The SBA is urging patience as it works to assist lenders with resolving "holds" on applications. Takeaway 1 To prevent the kind of fraud that plagued the Paycheck Protection Program in 2020, the SBA has put new measures in place that have created challenges.

Credit and Collections 78

Credit and Collections Credit Risk Small Businesses 78

Abrigo

MAY 11, 2020

The Paycheck Protection Program exposed the importance of digital offerings for customer retention and acquisition. 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.

Credit Unions 78

Credit Unions Credit Risk CECL 78

Fundera

OCTOBER 14, 2019

The best employee loan policy and checklist to follow is to find out your employee’s needs for borrowing, formalize your agreement to protect your business, have your employee sign a promissory note, keep pristine records of the agreement, and charge an interest rate of at least the Applicable Federal Rate if the loan is more than $10,000.

Medical Billing 73

Medical Billing Deductions Default Small Businesses 73

Abrigo

DECEMBER 27, 2022

Paycheck Protection Program (PPP) and other government program fraud – Department of Justice prosecutors have called COVID relief fraud losses the largest fraud in U.S. history, with the theft of as much as $80 billion in taxpayer money by applicants who used the funds for personal gain rather than business relief.

Credit Unions 78

Credit Unions Cybersecurity CECL Credit and Collections 78

Abrigo

JULY 20, 2021

Takeaway 3 The SBA has information on all of its loan programs on its website for lenders interested in expanding beyond the PPP. . With the Paycheck Protection Program (PPP) lending window closing, why would banks and credit unions want to increase participation in Small Business Administration (SBA) loan programs?

Credit Unions 78

Credit Unions Credit Risk Credit and Collections Small Businesses 78

Abrigo

JULY 20, 2021

Takeaway 3 The SBA has information on all of its loan programs on its website for lenders interested in expanding beyond the PPP. . With the Paycheck Protection Program (PPP) lending window closing, why would banks and credit unions want to increase participation in Small Business Administration (SBA) loan programs?

Credit Unions 78

Credit Unions Credit Risk Credit and Collections 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.

Credit Unions 76

Credit Unions Small Businesses 76

Abrigo

JANUARY 14, 2021

While individual stimulus checks and the Paycheck Protection Program (PPP) funding authorized by the CARES Act has helped, it has proven not to be enough to sustain our communities through this crisis. Small business owners aren’t the only ones eager to get their hands on additional PPP funds.

Bad Debt 78

Bad Debt Small Businesses Transactions Default 78

Abrigo

SEPTEMBER 2, 2020

However, as we saw in the Paycheck Protection Program (PPP), digitization allows for community financial institutions to automate many areas of lending that bog lenders down and enables quicker turnaround to get money into the borrowers’ hands faster.

Credit Unions 103

Credit Unions Credit Risk 103

Biz2X

MAY 3, 2023

There are several SBA loan programs, most of which work in a similar fashion to a conventional business loan. The lenders handle the application and underwriting process following the SBA guidelines, but have ultimate control over credit decisions and funding methods. SBA-guaranteed loans are backed by the U.S.

Dashboards 52

Dashboards Small Businesses Credit Unions Credit Scoring 52

Abrigo

MAY 21, 2020

Lenders who worked excessive hours to help small businesses access Paycheck Protection Program (PPP) loans are now scrambling to incorporate the new SBA Form 3508 PPP Loan Forgiveness Application into their processes. Others sought guidance on other aspects of the program before closing loans and disbursing funds.

Credit Risk 78

Credit Risk Credit Unions Small Businesses 78

Abrigo

AUGUST 11, 2020

10, Before lenders can begin submitting their decisions on the forgiveness applications, they must acquire credentials to use the SBA platform. Another “must do” before submitting forgiveness applications to the new SBA PPP Forgiveness Platform is to make sure borrower applications and documentation are complete.

Credit Risk 78

Credit Risk Dashboards CECL Small Businesses 78

Abrigo

MARCH 3, 2022

The data also shows the emergence and success of online lenders, accounting for 20% of business loan applications. A few inferences can be made from this data that may affect—for better or for worse—the financial institutions that fall outside the large bank category.

Small Businesses 78

Small Businesses Credit Risk Transactions 78

Biz2X

NOVEMBER 28, 2022

A confusing loan application housed in a complex design can inhibit the easy flow of information and send borrowers to another financial institution. In fiscal year 2021, the Small Business Administration’s (SBA) 7(a) and 504 loan programs provided more than 61,000 loans , reaching $44.8 SBA Lending Capabilities.

Dashboards 52

Dashboards Credit and Collections Small Businesses 52

Lendio

JANUARY 24, 2023

The CARES Act established several financial relief programs to help businesses manage the economic fallout from COVID-19. If you need to check your eligibility, fill out our digital ERC application. In the meantime, apply for the ERC using our guided online application tool to determine whether you qualify.

Revenue Recognition 52

Revenue Recognition Deductions 52

Abrigo

OCTOBER 15, 2020

Economic relief payments are often subject to fraud, and the Paycheck Protection Program (PPP) is no exception. From the application phase to forgiveness, there are many potential risks associated with PPP loans that BSA Officers should be aware of.

Credit Risk 60

Credit Risk CECL Transactions Small Businesses 60