Focus Management Group: July Month in Review
Each month we will be posting an overview article that covers our recent company articles, announcements, and insights. Below is for the month of July.
Evaluating Short Term Cash Needs With Information Available in a Loan File (Webinar)
As a lender, how do you evaluate a borrower’s short term cash needs using only the information in a basic loan file? In this webinar we will show you how to use financial statements to evaluate the true cash flow of the business, and we will show you how to forecast cash needs over a 4 to 6 week time period.
Main Street Lending Program Quick Update
The Main Street Lending Program (“MSLP”) is continuing to evolve. This quick update provides information on some important changes. Make sure to read it to so you are up to date with the latest details!
The Third Quarter of 2020 Brings New Opportunities for Lenders
Now that the second quarter of 2020 is closed, and the worst impacts of Covid-19 on financial performance appear to have been recorded, there are opportunities. New business development lenders have been sitting on the sidelines and are tired of their basements and their home offices. Those lenders are used to booking new deals and they want to do that now! Their bosses want them to start closing new business!
The CARES Act and Subchapter 5 of the Bankruptcy Code
One aspect of the CARES Act that has not received as much press is Subchapter 5 of the Bankruptcy Code and the CARES Act changes to that section of the bankruptcy code. Subchapter 5 was originally created under the SBRA of 2019. The purpose of SBRA was to simplify and reduce the costs of a Chapter 11 process.
Lenders Participating in Main Street Loan Programs
Ahead of schedule the Boston Federal Reserve Bank has published a list of lenders participating in the Main Street Loan Program. Lenders make the final determination on eligibility and are required to use their own underwriting standards as part of the evaluation of creditworthiness.
July 6, 2020: Main Street Loan Program Update
The Boston Federal Reserve Bank of Boston announced today that the Main Street Lending Program is fully operational. Read the article for a quick overview of the Main Street Loan Program and the three options available.
PPP Loan Update: July 4, 2020
Today President Trump signed an extension of the application period for PPP loans from June 30, 2020 to August 8, 2020. $130 billion dollars remains appropriated for small businesses to use to maintain relationships with their employees, and pay rent and utilities.