Abrigo

JUNE 18, 2020

Key Takeaways New PPP loan forgiveness applications are out from the SBA, including an EZ Form 3508 aimed at streamlining the process. Neither of the new forgiveness application forms nor revised guidance mentioned any kind of “blanket forgiveness” for PPP loans under a certain dollar amount. Lenders and borrowers also received updated guidance on compensation amounts eligible for forgiveness over the extended 24-week period.

Credit Risk 117

Credit Risk CECL Small Businesses 117

Fundera

JUNE 14, 2020

If you’re taking on HR management duties for your small business (on top of your million other jobs, of course), things can get really overwhelming really quickly. But with a ton of HR management solutions on the market right now, there’s no reason for you to stress. CakeHR is just one of your many options if you’re looking to streamline and automate some crucial personnel management tasks.

Dashboards 105

Dashboards Small Businesses 105

GoCardless

JUNE 26, 2020

This week celebrating Pride month, we hear from Maxine from our Talent team.

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StackSource

JUNE 24, 2020

Why specialty product types cannot receive the same leverage in a real estate deal.

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Pactola

JUNE 29, 2020

2020 has proven to be a time that we need courage to push through. Some of the definitions of courage in the dictionary are “the ability to do something that frightens one”. Another one is “strength in the face of pain or grief”. Melanie Greenberg, Ph.D. listed six attributes of courage in a Psychology Today article as: Feeling fear yet choosing to act, following your heart, persevering in the face of adversity, standing up for what is right, expanding your horizons by letting go of the familiar

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Fundera

JUNE 26, 2020

So, you’re opening a restaurant. One of the most important factors in whether or not your restaurant will succeed is how you price the food on your restaurant’s menu. Whether you have a food truck or more traditional restaurant space, deciding how to price the food you serve is a crucial part of your business’s operations. . There are many different facets involved in learning how to price food on a menu, some of which is predictive, some of which is more exact, and some of which is comparative.

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Fundera

JUNE 19, 2020

For the vast majority of small business owners, general liability insurance is a necessity. Without this type of coverage, a single lawsuit could devastate your business. Therefore, if you’re thinking about investing in small business insurance , this is one of the first policies you’ll want to consider. In this guide, we’ll explain how general liability insurance works, including what it does and does not cover, as well as what it costs—so you have all the information you nee

Small Businesses 85

Small Businesses Insurance Companies Deductions 85

Fundera

JUNE 3, 2020

Best Restaurant Online Ordering Software. Toast. Upserve. ChowNow. CAKE. GloriaFood. If you had any doubts about the importance of setting up an online ordering system for your bar, restaurant, or cafe, 2020 has probably squashed them. Now, restaurants are either entirely or heavily reliant on takeout and curbside pickup while in-person operations are stalled due to COVID-19.

Credit Card Payments 82

Credit Card Payments Transactions 82

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. . The president needs to sign the bill for it to become law, which he is expected to do in the coming days.

Small Businesses 81

Small Businesses 81

Fundera

JUNE 2, 2020

For many of America’s small businesses operating in the wake of the coronavirus pandemic, long-term strategizing has taken a backseat to short-term survival. . Millions of small business owners have taken out Paycheck Protection Program loans in order to keep their staff on payroll, pay pressing expenses, and stay afloat. For some, this low-cost, stopgap funding may be enough to get them through until they can operate normally.

Small Businesses 79

Small Businesses 79

Abrigo

JUNE 30, 2020

Key Takeaways FinCEN released guidance for financial institutions around banking hemp-related businesses. CDD requirements are risk-based and require the grower to provide their compliance with licensing requirements. SARs should only be filed if suspicious activity is detected beyond legal hemp growing. . From the time that the Agriculture Improvement Act of 2018 (2018 Farm Bill) removed hemp from the definition of marijuana within the Controlled Substances Act, the financial services industry

Credit Unions 78

Credit Unions 78

Abrigo

JUNE 30, 2020

Key Takeaways Work-from-home mandates have brought new challenges to an already stressful job held by banking professionals. While many banking professionals have already made adjustments in order to work remotely, it's a good time to revisit work-from-home strategies since some states are slowing reopening plans, and some employers are looking at longer-term increases of remote work.

Credit Unions 78

Credit Unions Cybersecurity Credit Risk CECL 78

Abrigo

JUNE 23, 2020

Key Takeaways The Abrigo Assurance Plan was created to make sure your BSA/AML software is running at its most efficient. Throughout your journey with Abrigo, you will have a team dedicated to your success. Learn from your peers and hear what problems they are dealing with in our Abrigo Community, exclusive to our customers. Community financial institutions are often tasked with doing more with less.

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Abrigo

JUNE 19, 2020

Key Takeaways The unpredictability of the economy has created questions around reporting losses. Without historical data to rely on, institutions can explain why it determined a forecast and provide support for that determination. A financial institution should reflect its belief in the degree of the severity of the economy expected in the next few years.

CECL 78

CECL Credit Risk 78

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 key to making the PPP a profitable investment is to deepen these relationships into strong business relationships. Proactive outreach, reimagining the purpose of the branch, and evaluating business lending technology will be critical for PPP lenders and non-PPP lenders post-pandemic.

Credit Unions 78

Credit Unions Small Businesses Credit Risk 78

Abrigo

JUNE 12, 2020

Key Takeaways The soon-to-begin Main Street Lending Program (MSLP) aims to fulfill a need for mid-sized businesses to access relief funds amid the coronavirus pandemic. The MSLP was introduced in April, but the scope of the program has changed several times to increase participation. The latest changes include lowering the minimum loan size, raising the maximum loan size, extending the maturity of each loan option, and increasing participation from the Reserve Bank.

Corporate Lending 78

Corporate Lending Transactions Small Businesses Credit Risk 78

Abrigo

JUNE 10, 2020

Key Takeaways The recent case where a former top risk officer was fined reminds financial institution executives and BSA professionals of the personal liability tied to implementing and maintaining effective AML programs. The former Chief Operational Risk Officer was fined for insufficient action on AML program deficiencies and staffing issues. Adequately staffed and risk-focused AML resources with good documentation are critical.

Credit Unions 78

Credit Unions Transactions 78

Abrigo

JUNE 9, 2020

Banks and credit unions closed their lobbies and branches amid shelter-in-place orders in response to the coronavirus pandemic. Financial institutions that had already made the shift towards digital offerings found themselves with a distinct advantage to serve their customers and members. Technology has enabled financial institutions to operate more quickly and efficiently, creating a better experience for customers.

Credit Unions 78

Credit Unions Credit Risk 78

Abrigo

JUNE 5, 2020

This morning’s employment situation report for the month of May was genuinely amazing – and unexpected. Market expectations were for a headline unemployment rate of about 19.7% and job losses for the month to total between 8.3-8.5 million. That wasn’t the result. The headline unemployment rate fell from 14.7% to 13.3%, and employment increased by 2.5 million jobs.

Credit Risk 78

Credit Risk 78

Abrigo

JUNE 4, 2020

Key Takeaways Changes to PPP forgiveness that lenders need to know about include more time for borrowers to incur forgivable expenses and a cut to 60% (vs. 75%) of loan proceeds required to be spent on payroll. Borrower payments will also be deferred until the forgiven portion is received by the lender from the SBA. Nothing in the bill provides blanket forgiveness for loans under a certain size.

Credit Risk 78

Credit Risk 78

Abrigo

JUNE 1, 2020

Key Takeaways CFOs have numerous considerations related to the impact of the coronavirus pandemic on the allowance for credit losses, whether it is calculated under the incurred-loss model or CECL. For lenders reporting under both the expected-loss and incurred-loss models, an increase in loan workouts or modifications may wind up as unwanted impacts on the allowance.

CECL 78

CECL Credit Risk Small Businesses 78

Fundera

JUNE 26, 2020

How to Insure Your Small Business in 4 Steps. Review your risks and decide which types of insurance you need. Shop around and get quotes. Compare quotes and determine what’s best for your business. Purchase your policies and keep them up-to-date. Whether you’re the owner of a brick-and-mortar shop or an online-based contractor, finding and buying the right small business insurance is essential to protecting your operations from the unexpected.

Insurance Companies 73

Insurance Companies Deductions Small Businesses 73

Fundera

JUNE 12, 2020

In many ways, self-employed workers have had a more difficult time accessing and using Paycheck Protection Program loans than other small businesses. From the application process to forgiveness guidelines, self-employed workers have been scrambling to understand how this forgivable loan program works for them. . The SBA made PPP loans available to self-employed workers later than business owners with employees.

Small Businesses 73

Small Businesses Deductions 73

Fundera

JUNE 18, 2020

When the coronavirus pandemic first hit the United States, a combination of stay-at-home orders, drops in consumer demand, and widespread illness forced businesses across the country to shutter, restrict operations, or otherwise alter their plans. . These necessary measures had devastating consequences: Many businesses had to lay off or furlough their employees.

Small Businesses 71

Small Businesses 71

Fundera

JUNE 2, 2020

Every business has undeposited funds. Sometimes funds are “in transit” for less than a day, as when a customer pays you with cash or a check and you take the money to your bank at the end of the day. Other times, funds might be in transit for several days. This is most common when you batch your deposits—only going to the bank once or twice a week—or when you accept a credit card payment and it takes a day or two for the funds to clear your bank account.

Transactions 68

Transactions Credit Card Payments 68

Fundera

JUNE 20, 2020

As a small business owner, your hope is that you and your team always have a safe working environment. But injuries happen, particularly in high-risk industries like manufacturing or construction. Even in a relatively safe office environment, accidents like slip and falls can occur. This being said, when the unexpected occurs, you can protect your business by ensuring that you have adequate small business insurance coverage.

Small Businesses 65

Small Businesses Insurance Companies 65

Fundera

JUNE 8, 2020

In comparing your options for small business loans , you’ve likely come across SBA loans. From the traditional 7(a) loan to the CDC/504 loan, these partially government-guaranteed loans offer some of the best terms and rates on the market. If you’re a startup or business owner with average credit, however, you may feel alienated by the strict requirements necessary to qualify for many SBA loan programs.

Credit Scoring 63

Credit Scoring Small Businesses Default Credit Management 63

Fundera

JUNE 28, 2020

Few days are more exciting for most employees than payday. Everyone appreciates getting paid accurately, easily, and on time. Keeping your company’s payroll operations running smoothly so you can always deliver on these goals? Not as simple. Thankfully, there are a variety of payroll services to help make life a little easier. If you’re looking to outsource your payroll work to the professionals—be it through payroll software or otherwise—you’ve probably run into Paycor.

Small Businesses 52

Small Businesses Dashboards 52

Fundera

JUNE 27, 2020

11 Steps to Starting a Homecare Business for the Elderly. Decide on your business model. Write a business plan. Choose a business entity. Obtain an EIN. Obtain licenses, permits, and insurance. Assess your finances. Learn how to manage finances. Choose your office space. Create business procedures. Hire and train staff. Market your business. As the baby boomer generation continues to age, there is more demand than ever for caregiving roles to help them age on their terms.

Small Businesses 52

Small Businesses 52

GoCardless

JUNE 25, 2020

Role Models guest writes this post about retaining clients during lockdown.

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