We Look Forward to Helping You:  609.315.2787

Posts Tagged ‘financial services’

PPP Recipients can Self-Certify for Small Loan Forgiveness

Thankfully, the SBA has issued new guidelines for PPP loan forgiveness with the following changes.  Recipients of $50,000 or less can self-certify that the money was used for covered expenses, the new application is one page short, and the requirement to maintain employee and salary numbers has been eliminated.  This is a great step toward accomplishment of…

Read More

Title VII Loophole Allowing Bank Discrimination May be Soon be Closed

As our country reconciles inequity in the law, The Fair Access to Financial Services Act, introduced last week, prohibits discrimination by banks, closing a gaping loophole.  Title VII subjects only certain businesses to its prohibitions, such as movie theaters, restaurants and hotels, allowing banks to treat customers differently.  While many states prohibit bank discrimination, the disparity necessitates…

Read More

US Credit Scores have gone up due to pandemic aid

In the latest report, consumers have prioritized paying their credit cards using the CARES Act’s unemployment benefits and mortgage moratoria to fuel a rise in credit scores.  This has left some lenders confounded and looking for other ways to measure credit-worthiness.  Consumers should be aware that banks may be using bank transaction history to make…

Read More

Stakeholders anxiously await clarification of PPP loan forgiveness process

Borrowers and lenders are being advised to sit tight, while Congress reworks the kinks toward debt forgiveness for PPP loans.  As outlined by the NYT, progress is being made toward overcoming the various hurdles so that all stakeholders will be able to achieve the initiative’s well-intended respite and fresh start.

Read More

New Student Loan Consumer Group is Taking Initiative

A new student loan consumer watchdog group is taking initiative to help and protect student borrowers in the absence of government action.  This non-profit consumer group is led by people who quit the Trump administration Consumer Financial Protection Bureau and hope to serve as a check on the student loan industry.  Known as the Student Borrower Protection…

Read More

ITT Tech Student Loans Settle in Bankruptcy versus other Government Loans

ITT Tech student loans settle in bankruptcy and will be paid out assuming that ITT’s bankruptcy estate has sufficient funds. The settlement that will erase nearly $600 million that 750,000 students owed ITT Technical Institute. The agreement will also refund $3 million that students paid the for-profit chain. The students asserted a $1.5 billion claim…

Read More