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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
April 23, 2020
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COVID-19 Updates
REPAY continues to monitor and respond to the ongoing developments related to
COVID-19 (coronavirus).
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Trump, Mnuchin $483B coronavirus aid deal to pass House Thursday
Paycheck Protection Program ran out of funding last week after after approving nearly 1.7M loans for small businesses
A $483 billion coronavirus aid package flew through the Senate on Tuesday after Congress and the White House reached a deal to replenish a small business payroll fund and provided new money for hospitals and testing.
Passage was swift and unanimous, despite opposition from conservative Republicans. President Donald Trump tweeted his support, pledging to sign it into law.
It now goes to the House, with votes set for Thursday.
Read more at FOX BUSINESS
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"We recognize that some small-dollar loan customers may undergo financial hardships during this pandemic, and therefore, we are encouraging our members to go above and beyond our association's Best Practices and give customers experiencing hardships more time to repay their loans during this period of uncertainty,"
said CFSA Chairman D. Lynn DeVault.
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White House, Congress reach deal to replenish small-business loan program
The White House and Congress have reached a deal on a new funding package that will replenish a lending program meant to aid small businesses hurt by the novel coronavirus outbreak, two administration officials confirmed Tuesday.
Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows struck an agreement on the core components of the deal with Senate Minority Leader Charles Schumer (D-N.Y.) and Speaker Nancy Pelosi (D-Calif.) early Tuesday morning.
Schumer announced the deal during an interview on CNN shortly after 8 a.m. Tuesday and White House officials confirmed after 1 p.m.
The deal totals more than $480 billion and appropriates $320 billion for the Small Business Administration's Paycheck Protection Program (PPP), $60 billion of which is set aside for small lenders and community financial institutions. It also includes $60 billion for the Economic Injury Disaster Loan program; $25 billion for testing; and $75 billion for hospitals, according to details released later. Read more at THE HILL
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Domino's employees receive wages, tips instantly
Pizza makers and delivery drivers at Domino's franchises won't have to wait until payday to receive their wages, thanks to a new partnership with Minneapolis-based financial wellness benefit company Branch.
Last week, Branch partnered with Servant Systems - the software developers behind Domino's PULSE, the franchise's payroll and order entry system. Under their agreement, the more than 100,000 U.S. employees at Domino's franchises will be able to receive hourly pay, tips and mileage reimbursement at the end of their shift through a digital account.
"At a time when speed of payments is essential to meeting day to day needs, faster access to wages is a major incentive for both employers and employees, especially when you're not able to increase wages,"says Atif Siddiqi, CEO of Branch.
Read more at EBN
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Portfolio Master Servicing
Our servicer network consists of carefully selected agencies and law firms that specialize in the recovery and management of accounts receivable. Through our more than 10 years of collections experience, we have created proven processes and technologies that provide our partners with the bottom-line results they need while limiting associated risks.
As a master servicer, we manage the liquidation of receivables portfolios for creditors using our proprietary network of recovery service providers, maintaining transparency through detailed analysis of data and strict adherence to policies and procedures.
Managing Receivables Portfolios
Our experienced executive management team understands the nuances of different recovery strategies and creates a custom blend for each portfolio. National Debt Holdings has meticulously developed our service provider network and created innovative management tools to achieve bottom-line recovery results, all while protecting the brands and reputations of our creditor partners.
Read more at National Debt Holdings
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ACH PAYMENT PROCESSING
Process ACH and manage the way you collect payments.
Payliance ACH processing makes it fast, easy and secure to process and control recurring and one-time payments and disbursements - streamlining your operations and saving you time and money.
CREDIT CARD PROCESSING
Grow your sales with every swipe.
With Payliance, you get access to a network of best-in-class card processors. Our strategic partnerships allow us to serve a wide range of industries. Whether your business model is card present, eCommerce, or MOTO, we have a card processor that fits your needs.
ECHECK PROCESSING
eChecks give customers more payment options.
eChecks give your customers more ways to pay and processing costs are lower than credit and debit cards. Our innovative design allows you to accept eChecks across any payment channel you choose.
PAYLIANCE
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Tools to help when you can't pay your bills
The pandemic has created uncertainty and anxiety in our country and around the world. This can be especially true for those who are unemployed or furloughed due to the coronavirus pandemic.
The Your Money, Your Goals financial empowerment toolkit has resources to help you evaluate your current finances and make decisions about your budget.
In this blog we highlight a few tools and handouts to help you make these tough decisions.
Paying your bills
If you are having trouble making payments, contact the companies you owe money to. Discuss your situation and options. Many companies have implemented special payment flexibilities for consumers experiencing hardship at this time.
Consumer Financial Protection Bureau
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Who will be the winners in a post-pandemic economy?
Businesses that use cloud computing will not buckle under the pressure of the coronavirus pandemic.
Further automation and artificial intelligence will enhance the resilience of supply chains.
Successful businesses will have a combination of resilience and agility.
COVID-19 is putting the global economy into a tailspin. Many countries are heading for very sudden and unprecedented recession. This crisis will catalyze some huge changes. Few industries will avoid being either reformed, restructured or removed. Agility, scalability and automation will be the watchwords for this new era of business, and those that have these capabilities now will be the winners.
Thanks to government stimulus packages, liquidity is coming back to the market. It will keep enough of the economy afloat so that it can climb out of recession rapidly once the various lockdowns are lifted. But the way much of it is structured means that it will likely benefit already better capitalized larger businesses, over the smaller operators who may struggle.
It would be an over-simplification, however, to paint this new era as one of "big" versus "small", or "incumbents" versus "upstarts". The past decade's tropes that pitted fintechs and digital natives against big banks and consumer brands will seem dated by the middle of this year.
Read more at World Economic Forum
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Some employees can make more money if they claim unemployment
Coronavirus unemployment bump puts struggling restaurants in tough spot
The restaurant industry has been hit hard by lockdown measures that have forced businesses throughout the to close, and they are competing to retain staff against expanded unemployment benefits.
Under the CARES Act, eligible Americans who are out of work entirely or underemployed because of reasons related to coronavirus can receive an additional $600 a week for up to four months.
The maximum amount of unemployment individuals can receive each week varies from state to state. In New York, where the virus has taken a big toll on residents, the maximum benefit is $504, so the max payment is $1,104 under the new program.
Read more at FOX BUSINESS
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The Paycheck Protection Program has run out of money, but it's not the only option to keep some small businesses afloat
The Paycheck Protection Program exhausted nearly $350 billion set aside for low-interest loans to small businesses
For many small businesses struggling to survive the fallout of the coronavirus pandemic, the only hope of staying afloat until a potential reopening was a Paycheck Protection Program (PPP) loan.
But that program has now run out of funds - and many small-business owners fear that if Congress doesn't act quickly on round two of PPP, businesses will be left behind and ultimately forced to close shop.
As part of the $2.2 trillion coronavirus stimulus package, known as the CARES Act, $349 billion were allocated to small businesses, initially as loans. PPP, administered through the Small Business Administration, was authorized to provide small businesses with loans to pay eight weeks of salary, benefits and other eligible costs. Those loans will be forgiven if a business restores its full-time employment and salary levels by June 30.
Read more at MARKETWATCH
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Mini-CFPBs - What Increased Regulation, Enforcement, and Supervision by State Agencies Mean for the Financial Services Industry
Venable recently hosted a webinar exploring the effect of increased supervision and enforcement efforts by states that have established "mini-CFPBs" to investigate and enforce consumer protection laws. Panelists, including Venable attorneys Andy Arculin, Allyson Baker, Gerry Sachs, Erin Cass, and Peter Frechette, offered these key insights:
Tools Available to States. Under recent Consumer Financial Protection Bureau (CFPB) leadership, enforcement activity has lagged at the federal level. To fill the void, several states, notably New York, California, Pennsylvania, New Jersey, and Maryland, have stepped up their enforcement efforts, by either empowering existing agencies or creating wholly new agencies with broad jurisdiction and authority. While there is always interplay between state and federal law, certain entities that derive authority through state licenses to broker, lend, service collections, or generate fees are subject to stricter state enforcement. States also have their own consumer protection statutes and requirements, which allow them to review and control which companies do business in the state. Finally, rather than going through a regulatory or legislative amendment process, states tend to establish "enforcement common law" through enforcement action.
Read more at VENABLE LLP
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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
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Alternative Financial Service Providers Association
757.737.4088 315 Tuscarora St., Lewiston, NY 14092
[email protected]
www.afspassociation.com |
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