The Small Business Administration (SBA), Paycheck Protection Program (PPP) was created from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help businesses affected by COVID-19 for payroll and other business related expenses. When State’s began shutting down, non-essential businesses couldn’t run, and funds were needed in order to stay afloat.
If you are here reading this blog article then you’ve likely taken your bank through some unprecedented times. Thankfully, for most lenders, you were in a decent place in terms of capital levels when the pandemic occurred. However, there are many new considerations as a result of these difficult times to help guide how things proceed.
The time for transitioning from the London Interbank Offered Rate (LIBOR) is quickly approaching with the looming May 2021 deadline and there are things for your lending group to consider in the meantime.
Database Direct® is a user-friendly system that allows you to manage UCC Filings (nationwide) while saving time and money on state level UCC/ Tax Lien Searches (in available states).
Learn more about the changes coming to Bankruptcy. With the recent signing of the Small Business Reorganization Act (SBRA) here are some additional items to be aware of:
Learn about the Bankruptcy Changes coming soon in 2020. The Small Business Reorganization Act (SBRA) has been signed and is considered the most extensive reform to the Bankruptcy Code since 2005.