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The coronavirus pandemic of 2020 shook the American economy and uprooted day-to-day life for most Americans. We saw a lot of back and forth when it came to economic outlook and predictions. One factor that stayed strong was the housing market. In fact, demand increased and we saw record-breaking sales numbers in 2020. Despite increase in building materials in 2020, demand for new homes also stayed strong.
This year brought about many firsts for the banking industry, our country, and the entire world. It has been a whirlwind year in which public health and safety, the fate of small businesses, the economy, Paycheck Protection Program, and pretty much anything else COVID-related remained top of mind.
Community bankers and small business are anxiously awaiting the arrival of the next stimulus bill, which will more than likely include another round of funds for the Paycheck Protection Program. At this time, there is no official ruling, and all details are based on probability and speculation, but we learned last time that this program is fast-moving and ever-changing. By our commitment to helping make PPP an easier process for community bankers and their customers, we’re back with an all new module for this new round.
Christmas Club accounts (or Holiday Club accounts) are short-term savings accounts offered by financial institutions to help consumers set aside money for holiday expenditures. These accounts take a designated amount from each paycheck throughout the year and set it aside in the holiday account. This amount could be as small as 5 or 10 dollars per paycheck.
Thanksgiving and Black Friday are just around the corner! Traditional Black Friday proceedings will undoubtedly be different this year, however, research from Periscope by McKinsey reveals that Black Friday will still be the most popular shopping event this holiday season.
Have you heard the buzz about how your Netflix bill can help boost you credit score? Experian Boost is a free service that first launched in early 2019 and is helping those who are looking to increase their credit scores. Unlike Credit Management Services or other “quick” methods of credit building, Experian is a trusted and established company in the credit score world and this free service will boost FICO scores instantly.
So far this year has been, quite literally, unbelievable here at Teslar Software. So many great things have been happening and we’re excited to share just a few of those things with you today as we say goodbye to this third quarter of 2020.
While the number still remains small, the amount of Paycheck Protection Program (PPP) fraud cases continues to rise.
PPP loans have provided a much-needed lifeline to many small businesses, non-profits, and sole proprietors during the Coronavirus pandemic, however the rushed creation of this program is starting to show its negative side effects. Just this week, we’ve seen two new arrests in relation to PPP fraud.
The coverage of the Paycheck Protection Program and PPP forgiveness has been so vast that many of the additional loans, grants, and other aid given since Coronavirus shutdowns began in March have been brushed to the side. With such a focus on the forgiveness of PPP loans, many loan recipients who received additional government aid may be in for a shock when they determine their forgiveness amount.
You may have already heard about our PPP Forgiveness solution, Teslar PPP Forgiveness, but did you know we are integrated with SBA’s API? The direct API connection allows the lender to submit the application form with supporting documents to the SBA for approval easily through Teslar, saving you from having to use 10+ documents, answer questions and submit for each loan on your own to the SBA.