Words From The Efficiency Experts

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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Should You Wait to Apply for PPP Forgiveness?

Posted by Bethany Wood on Wed, Jul 29, 2020

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.

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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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Preparing for Round 2 of PPP

Posted by Bethany Wood on Wed, Apr 22, 2020

Just thirteen days after its launch, the $350 billion Paycheck Protection Program fund (part of the $2 trillion COVID-19 stimulus package) had exhausted all funds. There have been talks of more funding coming, but this has left questions circulating like: Are more funds coming? How much more? When?

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How Do We Know When It’s Safe for Businesses to Reopen?

Posted by Bethany Wood on Fri, Apr 17, 2020

There are two legitimate concerns when thinking about reopening the country: the physical health and well-being of citizens and the economic health and well-being of citizens. President Trump’s initial hope to see the country reopened by Easter was met with a lot of backlash from healthcare professionals and economists that said it was too soon and would wind up doing more harm than good. While obviously that date has come and gone with no uplifting of shelter-in-place and other social distancing orders, the push to reopen sooner than later is not unfounded. Yesterday, the president announced the ‘Opening Up America Again’ plan aiming for May 1st.

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All Things Paycheck Protection Program

Posted by Bethany Wood on Fri, Apr 3, 2020

If you’re in the banking or small business industry, you’re more than likely aware of the Small Business Administration’s Paycheck Protection Program (PPP) that begins today, Friday, April 3rd, 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This program is designed to help small businesses.

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The Growth Potential in Small Business Lending

Posted by Bethany Wood on Tue, Feb 18, 2020

Traditional thinking says that the risk banks make lending to small companies rarely outweighs the profits. Recent relationships between the small business community and fintech startups are causing lenders to reevaluate this line of thought.

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What the Small Business Index is Saying About a Coming Recession

Posted by Bethany Wood on Thu, Feb 6, 2020

Although there was a slight dip in December, the NFIB (National Federation of Independent Business) Small Business Optimism Index saw one of the highest yearly survey readings in 2019 since the creation of the survey in 1973. According to the December survey results, “an increased number of small business owners reported better business conditions and expect higher nominal sales in the next three months,” and “small businesses continued to hire and create new jobs with actual job creation.”

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Small Business Saturday

Posted by Bethany Wood on Fri, Nov 29, 2019

Small Business Saturday is an annual tradition that occurs the Saturday after Thanksgiving. Locals are encouraged to “shop small” and show support to the diverse businesses in their community. The holiday was created by American Express in 2010 and has seen rapid growth every year since.

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Community Banks - In the Business of Helping Small Businesses

Posted by Jacob McDaniel on Tue, May 28, 2019

Community banks can have a tremendous effect on the success of the small businesses around them. For decades, community banks have been the backbone to entrepreneurship in America and are critical in the start-up phase of small businesses.  Community Banks are responsible for over 40 percent of all small business loans awarded in America1This shows that small businesses are more likely to receive the help they need from community banks than their larger counterparts.

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