Teslar Software, a provider of automated workflow and portfolio management tools designed to help community financial institutions thrive, today shined a light on predictions and opportunities for community bankers to develop their business relationships in 2021.
The modern community banker is caught in the crossfires of remaining traditional and being expected to adapt to accommodate a new generation of customers. Let’s face it—community bankers are expected to be all things to all people. Many community banks are juggling trying to serve rural customers with no internet access or even an email address, while simultaneously meeting the digital needs of younger and more fast-paced lifestyles.
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.
Teslar Software will be hosting an ICBA webinar in September! Join David Hamrick, Account Executive at Teslar, to see why bankers choose Teslar Software and how we can empower community bankers.
The Paycheck Protection Program is top of mind for many small businesses, CPAs, and lenders. Understandably, many loan recipients are chomping at the bit to begin the forgiveness process and have some certainty regarding their payback amount. While the eagerness to get the PPP forgiveness process started is not unfounded, experts are advising against getting in a rush to apply. There are many reasons waiting might be the best option.
Experts have been predicting a coming recession long before Coronavirus was on the world’s radar, but nobody was quite expecting the global health pandemic that is currently wreaking havoc on America’s economy. Current economic trends are being compared to those of The Great Recession of 2008. While there are some discrepancies between the two, this still leaves bankers with a little bit of an advantage in knowing what’s suspected to come— many loans are going to become criticized.
No matter the year, month, or season, no matter the state of current affairs-- cybersecurity is important! In fact, scams have been on the rise since the COVID-19 pandemic left the world on lockdown (read more on these scams here), so there’s no better time to double check your security measures. Check out our infographic below as we share some wisdom on secure passwords from Teslar’s VP of Support, Chris Whittle.
The COVID-19 pandemic has radically changed nearly every facet of American day-to-day life to where most citizens do not see our daily routines ever returning to what we once considered “normal.” When we say every facet, we mean every facet. Mental, physical, familial, financial, personal, and professional. A lot of the effects we’ve felt from the pandemic have been less than savory, but this pandemic is also changing some things for the better. Below are just a few life lessons many Americans have learned from this pandemic (so far) regarding banking and finances.