Abrigo

APRIL 2, 2020

Key Takeaways Elderly persons are more susceptible to fraud during crises like the coronavirus pandemic. The BBB Senior Medicare Patrol issued a COVID-19 Consumer Tip Sheet to protect potential targets of these scams. Train your frontline staff to recognize the red flags of potential elder financial abuse. As the coronavirus pandemic takes a powerful hold on the United States, illicit activity such as cybercrime, check fraud, and other scams are rapidly increasing and is expected to continue th

Cybersecurity 134

Cybersecurity Transactions 134

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. PPP loans are low interest, require no collateral or guarantee, and—if used as the program intended—don’t need to be paid back. .

Credit Unions 116

Credit Unions Deductions Small Businesses 116

StackSource

APRIL 30, 2020

Deal Killer Blog Series #2

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GoCardless

APRIL 24, 2020

You're ready to use GoCardless. Next step - telling your customers how to start.

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Pactola

APRIL 1, 2020

Most of my days this week are filled with calls from lenders and borrowers who do not know what to do about their business and what help is available. I am sure this is common thing that takes up most of the time throughout your days now. One borrower I spoke with today said that a few months ago, if you would have said what we were facing in the world today, he would have said it was a good science fiction story!

Credit Unions 40

Credit Unions Small Businesses 40

Abrigo

APRIL 4, 2020

Key Takeaways Friday's rollout of the PPP program was met with confusion, frustration, and glitches. E-Tran has been the subject of many frustrations. New lenders must follow a two-stage process to set up access to E-Tran. Current lenders may not be able to log in to E-Tran because they forgot their E-Tran credentials or their login expired. There are several steps these users can take to troubleshoot.

Credit Risk 128

Credit Risk Small Businesses 128

Fundera

APRIL 10, 2020

The Paycheck Protection Program (PPP)—a federal government loan program aimed at helping small businesses impacted by the coronavirus pandemic—became available to independent contractors and self-employed individuals on April 10, 2020. . If you’re self-employed and looking for help understanding what the Paycheck Protection Program loan is, whether it applies to you, how independent contractors and self-employed workers can apply for a PPP loan, and what your next steps are, you’ve come to the r

Credit Unions 105

Credit Unions Credit and Collections Small Businesses 105

Fundera

APRIL 3, 2020

Where to Apply for PPP Loans. National Banks. Regional and Local Banks. Credit Unions and Non-Bank Lenders. The Payroll Protection Program (PPP) officially launched on Friday, April 3. This new loan program from the federal government is designed to help small business owners affected by the coronavirus pandemic obtain funding to cover payroll, rent, and other obligations.

Credit Unions 94

Credit Unions Small Businesses 94

Fundera

APRIL 2, 2020

Best Business Credit Cards for the Coronavirus Outbreak. U.S. Bank Business Platinum . Chase Ink Business Unlimited. Capital One Spark Cash Select for Business. Brex Card for Startups. Capital One Spark Classic for Business. Millions of small businesses are experiencing an unparalleled cash crunch at the moment due to the impact of the coronavirus outbreak.

Credit Scoring 90

Credit Scoring Small Businesses Transactions 90

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. Lenders have had concerns about closing PPP loans, an action that triggers required funding and the forgiveness timeframe for borrowers.

Credit Unions 88

Credit Unions Credit Risk Law Firms Small Businesses 88

Fundera

APRIL 9, 2020

As small businesses across the country fight to remain in operation and generating revenue despite the coronavirus pandemic, making payroll has emerged as one of the biggest ongoing dilemmas for business owners. . Businesses are now compromised in terms of their ability to pay their employees, due to a combination of health concerns, shelter-in-place restrictions, limited foot traffic, and reduced spending by customers.

Small Businesses 83

Small Businesses Credit and Collections 83

Fundera

APRIL 26, 2020

In the wake of the coronavirus outbreak , the mandated closures of non-essential businesses, a dramatic decrease in foot traffic to essential businesses, widespread layoffs, and an overall decline in consumer spending has had a seismic impact on the global economy—and small businesses have been hit the hardest. . Special small business loan and funding programs like federal grants, disaster relief loans , and the Paycheck Protection loan have all been developed to provide small businesses with a

Small Businesses 81

Small Businesses Dashboards Transactions 81

Fundera

APRIL 7, 2020

The average monthly payroll calculation is the most important part of the PPP loan application because it not only determines the size of the loan you can apply for, but it’s also the easiest area to make a mistake. We know this because Fundera has reviewed thousands of PPP applications in the past few days while discussing the final rule published by the SBA and the application itself with our bank partners.

Dashboards 78

Dashboards Small Businesses 78

Abrigo

APRIL 30, 2020

Key Takeaways Federal and state banking regulators have eased coronavirus workout pressures. There are several criteria a borrower must meet in order for a loan modification to be eligible. Lenders should develop a comprehensive workout strategy. The federal government, agencies, and financial institutions (FIs) have been working diligently to mitigate the impact of the coronavirus on businesses and individuals.

Cybersecurity 78

Cybersecurity Credit Unions Credit Risk Small Businesses 78

Abrigo

APRIL 28, 2020

Key Takeaways. You must be able to explain any artificial intelligence used in your BSA program. BAM+ includes five machine learning scenarios that are fully transparent. AI will never replace the necessary human element of BSA. Abrigo introduced five new machine learning scenarios. Abrigo recently introduced five new scenarios to BAM+, their industry-leading AML software, that utilize artificial intelligence (AI) and machine learning (ML) to help BSA departments catch more suspicious activity.

Cybersecurity 78

Cybersecurity Transactions 78

Abrigo

APRIL 27, 2020

Key Takeaways The FFIEC updated four sections of the 2014 BSA/AML Examination Manual. The updates are not revisions nor do they include changes to current regulatory expectations. Your BSA/AML examination should be based on risk as justified in your enterprise-wide risk assessment. . BSA/AML professionals have been anxiously waiting revisions to the 2014 BSA/AML Examination Manual (Exam Manual) published by the Federal Financial Institutions Examination Council (FFIEC) , the interagency body

Cybersecurity 78

Cybersecurity 78

Abrigo

APRIL 21, 2020

Key Takeaways Beneficial State Bank, a Community Development Financial Institution (CDFI) was able to award SBA approval for 333 Paycheck Protection Program loans worth $94.5 million before funding ran out April 17. The CDFI instated Abrigo's SBA Lending technology platform and systemized approach soon after business owners were able to begin applying for PPP loans.

Small Businesses 78

Small Businesses Credit Risk Credit and Collections 78

Abrigo

APRIL 21, 2020

Key Takeaways Financial institutions have 10 calendar days to disburse PPP loans To address financial institutions’ liquidity and leverage concerns, regulators have helped to facilitate lending. There are 3 factors to consider when assessing return and profitability of PPP loans. Although funds for the Paycheck Protection Program (PPP) have been exhausted as of April 16, financial institutions are still working around the clock to fund the new loans.

Credit Risk 78

Credit Risk Small Businesses Default 78

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. While community financial institutions have been focused on the Small Business Administration’s Paycheck Protection Program (PPP), the Federal Reserve recently unveiled a new loan-purchase program, the Main Street Lending Progr

CECL 78

CECL Credit Risk Small Businesses 78

Abrigo

APRIL 14, 2020

Key Takeaways FinCEN issued an update of their joint FAQs to address beneficial ownership requirements for PPP loans. Institutions do not need to re-verify beneficial ownership info for existing customers. Beneficial ownership information must be collected for new customers. . 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

Cybersecurity 78

Cybersecurity Small Businesses 78

Abrigo

APRIL 14, 2020

Key Takeaways The current financial crisis finds strong financial institutions and borrowers adapting to a sudden change in overall economic activity tied to the coronavirus pandemic. Nevertheless, bankers should be proactive in monitoring and planning for liquidity impacts. Internal plans should document credit concerns and assess current liquidity.

Credit Risk 78

Credit Risk CECL 78

Abrigo

APRIL 8, 2020

Key Takeaways There will likely be a second wave of additional funds for small business aid. 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. Leveraging a third-party means having a partner to navigate a very fluid situation.

Credit Risk 78

Credit Risk Credit and Collections Credit Unions Small Businesses 78

Abrigo

APRIL 3, 2020

Key Takeaways The SBA has provided guidance for lenders to apply to become PPP lenders. It has provided instructions for lenders that are not active SBA lenders.and those that have a form 750. The SBA is also offering guidance on signing up for E-Tran. 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.

Credit Risk 78

Credit Risk 78

Abrigo

APRIL 1, 2020

Key Takeaways E-Tran is the SBA's application portal Lenders have two options to access E-Tran. While significantly more efficient than mailing forms to the SBA, there are some shortfalls to E-Tran, and a vendor can help. Financial institutions are gearing up for an influx of loan applications due to the Payment Protection Program (PPP), which could begin seeing applications as soon as Friday, April 3.

Credit Risk 78

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. Less than two weeks later, all of the funding allocated for the program is gone, as lenders submitted more than 1 million applications for financial relief to the SBA on behalf of their small business customers. .

Credit and Collections 77

Credit and Collections Small Businesses 77

Fundera

APRIL 5, 2020

Business Contingency Plan. A business contingency plan identifies potential risks to your business and outlines the steps or course of action your management team and employees would need to take to combat them. Risks can include a global pandemic, natural disaster, loss of a key employee, supply chain breakdown, a new competitor, and more. You can think of a business contingency plan as a Plan B or disaster recovery plan.

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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. . One of the biggest issues for these business owners is finding a lender that will process their application. Some small business owners don’t have prior relationships with SBA-accredited lenders accepting PPP applications (such as most national banks and many regional banks and c

Credit Unions 76

Credit Unions Small Businesses 76

Fundera

APRIL 13, 2020

Business owners are moving quickly to apply for loans through the Payroll Protection Program (PPP). The PPP is a new program introduced by the federal government to help small businesses meet their financial obligations despite the coronavirus pandemic, and it requires applying through SBA-accredited lenders with an array of specific forms and documents. .

Credit Unions 75

Credit Unions Small Businesses 75

Fundera

APRIL 23, 2020

With QuickBooks Online, you can easily keep your business accounting records up to date with a number of time-saving features. One of the most popular of these features is the ability to import bank and credit card transactions directly into QuickBooks Online. On the surface, importing bank transactions into QuickBooks Online seems easy. For many users, it’s as simple as signing into your bank or credit card accounts through QuickBooks Online.

Transactions 58

Transactions Dashboards Default 58

Fundera

APRIL 26, 2020

Payment apps have become an essential financial tool for businesses and consumers alike. After all, as a business owner, you likely have customers who want to pay with contactless payments, vendors who prefer to invoice online, and competitors who are moving all of their payment processing onto smart devices. In short, if you’re not currently using a mobile payment app to accept, process, and monitor payments, you’ll want to consider how one of these products can benefit your busine

Small Businesses 52

Small Businesses Credit Card Payments Transactions 52