Words From The Efficiency Experts

PPP Fraud Continues

Posted by Bethany Wood on Fri, Aug 28, 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.

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Why you might not be eligible for PPP loan forgiveness

Posted by Bethany Wood on Wed, Aug 19, 2020

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.

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New Details on PPP Forgiveness Solution

Posted by Bethany Wood on Thu, Aug 13, 2020

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.

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Lessons Learned From a Pandemic

Posted by Bethany Wood on Tue, Jun 23, 2020

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.

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Why Aren't We Seeing More Bankruptcies?

Posted by Bethany Wood on Wed, Jun 10, 2020

Big bankruptcies have been trickling in this year as the US continues to navigate through the coronavirus pandemic. Many of these companies filing for bankruptcy have been, unsurprisingly, airline and travel companies, and now we are seeing more and more big names like J. Crew and J.C. Penney added the list. “In May alone, some 27 companies reporting at least $50 million in liabilities sought court protection from creditors -- the highest number since the Great Recession,” reports Bloomberg.

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The Problem with Big Banks’ Recent Deposit Growth

Posted by Bethany Wood on Wed, May 27, 2020

The largest banks in the United States have recently reported exceptional growth in the past months. The ten largest U.S. banks grew in asset size by more than $1.2 trillion in Q1 of 2020. 20 percent of this growth alone ($273 billion in new deposits) came from JPMorgan, placing it as the first bank in the U.S. with $3 trillion in assets.1 

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Working From Home is Here to Stay

Posted by Bethany Wood on Mon, May 18, 2020

Many organizations have feared a work-from-home model for years, worrying about the risks that come with more distractions, less accountability, and less productivity for employees, but the COVID-19 pandemic has forced many organizations to adopt work-from-home procedures despite their apprehension. However, many have found their fears put at ease—this actually works. Not only do employees have more free time, lending way to better quality of life, and get to work in sweatpants, but they’re doing it with just as much, if not more, productivity. Many predict that working from home is here to stay. 

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The issues still plaguing the Paycheck Protection Program

Posted by Bethany Wood on Wed, May 6, 2020

It has been several days since the second round of PPP loan processing began. Bankers were hoping for a smoother ride this go-around, but many of the same problems that plagued the first round of the Paycheck Protection Program are still on the scene in round two.

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Will Coronavirus Create a Nation of Savers?

Posted by Bethany Wood on Mon, May 4, 2020

The U.S. Consumer Confidence Index has dropped by 30 percent since February, from 101 down to 71.8—the lowest it’s been since December 2011. Unemployment is at its highest since the Great Depression, and many families and businesses are already unable to pay their rent or mortgage among other expenses. Many citizens and experts have expressed fear that America might experience another depression. “We have never seen anything like this," says Princeton University professor and economist Alan Blinder regarding the recent number of unemployment claims. “This looks likely to be deep enough to qualify as a depression."

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Oil Prices Fall Below Zero – What Does That Mean?

Posted by Bethany Wood on Mon, Apr 27, 2020

On Monday (April 20th) oil prices reached below zero for the first time ever at negative $37 a barrel, meaning traders were paying money to get people to take oil for the month of May. A recent article from NPR says, “It’s a sign of just how imbalanced the global oil markets are.”

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