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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Teslar Software's New Board Member

Posted by Teslar Software on Wed, Jul 29, 2020

 

ICBA’s Kevin Tweddle Joins Teslar Software Board of Directors

 Tweddle brings innovative insights, leadership and industry connections to well-appointed board

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Teslar Software to Participate in PPP Tech | Loan Forgiveness Solution Sprint

Posted by Teslar Software on Wed, May 20, 2020

Teslar Software will be participating in an exciting virtual event alongside other fintechs tomorrow (Thursday, May 21st) at 11:00am CDT! The Alliance for Innovative Regulation, the ICBA, and the Venture Center are hosting “PPP Tech | Loan Forgiveness Solution Sprint,” a virtual event to showcase technology solutions to help with PPP Forgiveness-- reporting, managing, and servicing these loans. Each invited fintech will spend five minutes demonstrating their solution followed by a Q&A session with community bank leaders.  

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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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Teslar introduces Teslar Unite-PPP free to community banks during COVID-19

Posted by Teslar Software on Thu, Apr 2, 2020

We have launched a free product called Teslar Unite – PPP. This module is designed to assist community bankers and small businesses with the SBA COVID-19 PPP loan application process. By leveraging Teslar Unite – PPP, financial institutions will have a portal integrated in their own website that will allow their small business customers to easily download the PPP loan application, fill it out, upload it and track the status of the loan. This module is available for free to all community financial institutions during the dates available for small businesses to apply for the COVID-19 PPP.

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Upcoming Changes to FICO Credit Scores

Posted by Bethany Wood on Wed, Mar 25, 2020

Credit scores are a big deal. They’re used to determine if you can buy or rent a house, get a car, or even some jobs. FICO is implementing extensive changes to credit score calculations that will affect millions of Americans. An estimated 40 million Americans will see their score drop by 20 or more points, and equally as many might see as large of an increase.1

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GDP Growth and Consumer Confidence Remain High Through 2019

Posted by Bethany Wood on Wed, Feb 12, 2020

The Bureau of Economic Analysis recently released its advance estimate for the United States GDP for the fourth quarter of 2019, as well as the entire 2019 calendar year. They estimate real GDP grew at an annual rate of 2.1% in Q4 and 2.3% over the entire year. There were gains in both consumer spending and residential investment, a good sign for future economic expansion.

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Teslar's 2020 Conference Schedule

Posted by Teslar Software on Fri, Jan 24, 2020

We're looking forward to our first conference of the year this weekend! This year is going to be jam-packed for Teslar! We're excited to showcase our software solution that will empower community bankers. We hope to see and meet both new and existing customers at one of these conferences throughout 2020!

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Gaining an Edge in the Battle for Deposits

Posted by Spencer Presley on Mon, Jan 6, 2020

The battle for deposits has become increasingly competitive for community financial institutions. Major retailers and tech companies such Apple, T-Mobile and Google are attempting to enter the financial services landscape, posing new threats to existing players. As a result, money that used to be stored in traditional bank accounts is now scattered across various channels that are typically not secured by the FDIC, such as the Starbucks app. And, large national banks still persist as significant competition. With their expansive budgets and vast resources, national banks have more freedom than their community bank counterparts to leverage technology and hire staff in their efforts to gather deposits and scale.

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