Day: August 8, 2020

An Autopsy of New York's Mail-Vote Mess

Top 10 Virginia Food Blogs & Websites To Follow in 2020

Top 10 Virginia Food Blogs Contents [show] ⋅About this list & ranking Virginia Food Blogs Eating Bird Food I Heart Vegetables Diabetic Foodie A Kitchen Hoor’s Adventures Cookwith5Kids Richmond.com » Food and drink Richmond Magazine » FOOD & DRINK Style Weekly » Food & Drink AmusingMaria I Heart Food Submit Blog Do you want more traffic, leads, […]

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Get to Know the Main Business Credit Scores from Equifax Loans

Are you looking for Equifax loans? Equifax is not an actual lender. But what they score will be one of the reasons whether your business can borrow money at all. So consider Equifax loans and scores. Because they are vital parts of the decision making process when it comes to borrowing money or getting credit for your business.

But first, it helps to consider what business credit actually is.

What is Business Credit? How Does it Relate to Equifax Loans?

Business credit is credit which is in the name of a business. It is not tied to the owner’s creditworthiness or Social Security Number. Instead, business credit scores depend on how well a company can pay its bills. Consumer and business credit scores can vary dramatically.

What are the Biggest Business Credit Reporting Agencies?

When you are looking at Equifax loans, then you should be looking at business credit reporting agencies. There are three large business CRAs: Dun & Bradstreet, Experian, and Equifax. There is also the FICO SBSS business score.

Equifax Funding Data

The company gets its data from a data sharing agreement with the Small Business Exchange, and Net 30 type industry trade credit information from a wide variety of suppliers. These suppliers provide products and services to businesses on an invoice basis.

Equifax Financial Report Details and Scores

Equifax has a few main scores: 

  • The Small Business Credit Risk Score for Financial Services; plus the Small Business Credit Risk Score for Suppliers
  • The Small Business Failure Risk Score
  • The Payment Trend, and the Payment Index

Check out a sample Equifax business credit report at assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.

What is the Purpose of Equifax Loans Scores?

It is a good idea to explore the purpose of scores. Scores answer one basic question: How likely is a business to go severely delinquent in its payments? The score is an indication of whether a company is likely to make late payments.

Equifax’s Credit Risk Scores for Equifax Loans

It is time to consider Equifax Credit Risk scores. 

The key factors are:

  • Evidence of Non-Financial Trades Ever Cycle 2+ Delinquent or Charge-Off
  • Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
  • Available Credit Limit on Revolving Trades Suggests Lower Risk, and
  • Company Size (Number of Employees)

Any of these can suggest lower risk.

Equifax Loans Credit Suite

Learn more here and start building business credit with your company’s EIN, not your SSN.

The Small Business Credit Risk Score for Financial Services

Check out the Small Business Credit Risk Score for Financial Services. The Business Credit Risk Score predicts the likelihood of a business incurring a 90 days severe delinquency, or charge-off over the next 12 months. So the score ranges from 101 to 992. A lower score indicates higher risk.

The Small Business Credit Risk Score for Suppliers

Compare with the Small Business Credit Risk Score for Suppliers. This score predicts severe delinquency or change-offs, on supplier accounts, or bankruptcy within 12 months. So its scores range from 101 to 816.

The Small Business Failure Score

Check out the Small Business Failure Risk Score. So this score runs from 1000 to 1880. Higher scores mean a business is less likely to fail.

Key Factors

The key factors for the Small Business Failure Score are:

  • Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
  • Total Balance to Total Current Credit Limit Average Utilization in Prior 3 Months Suggests Higher Risk
  • Worst Payment Status on All Trades in the Prior 24 Months Suggests Higher Risk, and
  • Evidence of Non-Financial Trades for two or more Cycles Historically

Any of these can help to determine Equifax loans decisions.

Details on the Small Business Failure Score

Let’s look at the Small Business Failure Score. The Business Failure Score predicts the likelihood of a business failing through either formal or informal bankruptcy over the next 12 months. So the score ranges from 1000 to 1610. A lower score indicates higher risk.

Payment Trend

So check out the Payment Trend. The Payment Trend shows a twelve month payment trend. This is in comparison to the industry norm. It measures the average days beyond terms by date reported. So this is for non-financial accounts only.

Trended Data

Equifax is using trended data to help its customers make lending and credit decisions. Because trended data helps businesses to identify those more likely to default or declare bankruptcy. And it helps them to monitor on-going account activities. So it also helps them to refine and monitor underwriting and modeling strategies. And it helps to predict propensity to pay. And it helps identify abnormal spending patterns to mitigate fraud and reduce delinquency.

Equifax Loans Credit Suite

Learn more here and start building business credit with your company’s EIN, not your SSN.

What is the Equifax Loans Payment Index?

Let’s look at the Payment Index. The Payment Index compares payments to the industry norm. 

90 or better means Paid as Agreed. So 80 to 89 means one to 30 days overdue. 60 to 79 means 31 to 60 days overdue. 

40 to 59 means 61 to 90 days overdue. So 20 to 39 means 91 to 120 days overdue. And one to 19 means 120 or more days overdue.

Equifax Loans Business Credit Scores are Combined with Consumer Scores

Equifax is blending scores with consumer scores. And Equifax offers a blended option. It is for the Small Business Credit Risk Score for Financial Services and the Small Business Credit Risk Score for Suppliers. Both of these scores can be used with commercial-only data or commercial and consumer credit data.

A For-Instance

For example, the blended option for the Small Business Credit Risk Score for Financial Services uses consumer credit information on the business owner, principal, or guarantor. It adds this information to public records, firmographics, and supplier credit history data. It also combined with lease payment and banking information.

Equifax Loans Business Credit Reports

Consider Equifax business credit reports. An Equifax business credit report also includes information on the percent of utilization. But this is for financial accounts only. So this is the amount of credit in use. And then that figure is divided by the total amount of available credit.

An Equifax business credit report also includes information from public records. This includes bankruptcies, judgments, and liens.

An Equifax business credit report also includes information on any recent inquiries. It also shows whether the company has any alternate names, and if there is a DBA.

Equifax Loans Credit Suite

Learn more here and start building business credit with your company’s EIN, not your SSN.

How You Can Navigate and Improve your Equifax Business Credit Report

Let’s look at your actual Equifax business credit report. It divides into sections. Here’s a sample Business Credit Advantage report: https://sbcr.experian.com/pdp.aspx?pg=Sample-BcaP&ftr=nolinksCloseButton&hdr=reportPopup&link=5558

Company Identifying Information

The first part is devoted to identifying information about your company, e. g. the business name, and its address and telephone number, but also details such as whether or not your small business is incorporated, and the date you first went into business. This area will also consist of the number of employees and your company’s annual sales. This sector will additionally display if there are any alerts. So it is at the top.

Scores

The following portion consists of two scores:

  1. Your business credit score and
  2. Your financial stability risk rating

Credit Summary

In the summary component, the report shows the number of your business’s tradeline accounts, and the number of business inquiries. It also has your total outstanding balance, and any derogatory information such as liens, judgments, and bankruptcies. If there are any specific tax liens or the like, those are specified further down in the report. And it has the single greatest amount of credit extended, the median amount of credit extended, and the highest and lowest open 6 month balances. 

Payment Trend Summary

So this next piece is a number of graphs regarding your payment trends over time.

Trade Payment Information, Inquiries, Collection Filings and Summary

These sections offer more information about the above sections. Also, they contain dates and balances. The Trade Payment Information portion also contains the terms you are paying to various supplier categories. 

Commercial Banking, Insurance, Leasing

Next are the specifics on your bank accounts, insurance accounts, and any leases your business is obligated to pay back.

Judgment Filings and Tax Filings

So these two portions show the specifics about any tax liens and judgements against your business. 

Hence the details include date, jurisdiction or location, and liability amounts.

UCC Filings and UCC Filings Summary

A Uniform Commercial Code filing is often a part of getting a loan or having credit extended to a business.

These sections have all the details on any UCC filings as against your business. These details include the date, the filing jurisdiction, and the name of the party holding the lien.

Score Improvement Tips

So Equifax offers tips to improve your score. These include urging businesses to negotiate net 30 terms and pay their debts on time. Tips also include keeping your credit utilization within reason and length of credit history.

Furthermore, the end of a typical report gives information on how to dispute any errors.

Equifax Loans: Takeaways

Equifax has five main business credit scores. These are:

  • The Small Business Credit Risk Score for Financial Services
  • Small Business Credit Risk Score for Suppliers
  • Also, the Small Business Failure Risk Score; Payment Trend, and 
  • the Payment Index

An Equifax financial report will also contain information on public records and more.

While there is technically nothing known as Equifax loans, all of the Equifax funding information you could ever want is in their reports.

The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Credit Suite.

A Marketing Strategy for Winners

A Marketing Strategy for Winners An advertising and marketing technique can either make or damage your service. As you understand, there are several various facets to a great advertising method. Just how do you understand which advertising method truly functions? The initial advertising and marketing technique you need to look right into is your internet …

If You Need Cash Now, Here's Which Accounts You Should Tap First

Your Complete Guide to SBA Loan Requirements and the Paycheck Protection Program

The Federal government recently passed the CARES Act. CARES stand for Coronavirus Aid, Relief, and Economic Security Act.  This bill addresses and responds to the economic impacts of the COVID-19 outbreak. It authorizes emergency loans to distressed businesses by providing federal funding for forgivable bridge loans, as well as for grants and technical assistance.

Note: the PPP keeps changing, and money sometimes is held up in Congress. Fundability, on the other hand, is achievable and helpful no matter what Congress is doing.

Do You Meet the SBA Loan Requirements for the Paycheck Protection Program and Economic Injury Disaster Loan Program?

Paycheck Protection Program Loans and Economic Injury Disaster Loans are both included in the CARES Act as help for small business owners.  What are the SBA loan requirements for each of these business funding programs, and do you qualify?

Want to review your options with one of our consultants? Give us a call at 877-600-2487.

The Paycheck Protection Program (PPP)

The Paycheck Protection Program is a business lending program.   It is designed to help businesses keep paying employees even when they are shut down due to the coronavirus pandemic.  Allowable uses of funds include:

  • Payroll Expenses
  • Employee Salaries
  • Mortgage Interest
  • Rent and Utilities
  • Interest on debt incurred before February 15, 2020

The annual percentage rate for these loans is 1%.  You do not make any payments for the first 6 months.  However, interest does accrue during this time. Loans issues before June 5 must be paid within 2 years. If your loan was issued after June 5, the loan matures in 5 years rather than 2.  These loans are up to 100% forgivable with approval.

SBA Loan Requirements: Forgiveness

To request forgiveness, you will submit a request to the lender that is servicing the loan. It should include documents that verify the number of full-time employees and pay rates.  Also, you will need to verify the payments on eligible mortgage, lease, and utility obligations. You have to certify that the documents are true. In addition, you will have to show that you used the forgiveness amount to keep employees.  If not, you will have to show the funds were used to make eligible mortgage interest, rent, or utility payments. The lender must make a decision on the forgiveness within 60 days.

What Else Do I Need to Know About the PPP and SBA Loan Requirements?

First, the program was recently extended to stay open through August 8, 2020.  Not only does that not give you a lot of time, but you need to apply as soon as possible anyway.  There is a cap on the funding, and processing applications will take time. Consequently, some lenders are limiting the number of applications they will accept in a single day.

SBA Loan Requirements: Who Can Apply, When Can they Apply, and Where Can They Apply?

Existing SBA lenders started accepting applications on April 3, 2020 from small businesses and sole proprietorships with less than 500 employees.   Beginning on April 10, independent contractors and individuals that are self- employees were able to apply through SBA lenders.

Other lenders besides those that are currently working with the SBA are able to get in on the fun as well.  In an effort to relieve some of the burden of processing, other lenders are able to enroll in the program and will be able to start accepting applications as soon as they get approval.  There is a list of participating lenders, by state, at SBA.gov.

SBA Loan Requirements: What Do You Need to Apply?

It’s pretty straight forward.  If you meet the SBA definition of a small business or contractor, you just have to make a few good faith certifications.  These include:

  •  Current economic uncertainty makes the loan necessary to support your ongoing operations.
  • You will use the funds to keep workers and maintain payroll or to make mortgage, lease, and utility payments.
  • This is the only loan you have or will have under the program.
  • You will provide all documentation necessary to verify the number of full-time employees on payroll and how much their payroll costs.  Also, you will provide any necessary documentation needed to verify mortgage interest payments, rent payments, and covered utilities for the eight weeks after getting this loan.
  • Loan forgiveness will be available for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities.
  • All the information you provide in your application and supporting documents and forms is true and accurate.
  • You realize that the lender will calculate the loan amount using the tax documents you submitted. You guarantee that the tax documents are identical to those you submitted to the IRS.

Want to review your options with one of our consultants? Give us a call at 877-600-2487.

SBA Loan Requirements: The Economic Injury Disaster Loan Program

These are funds you apply for directly from the SBA.  They can be used to cover the following expenses:

  • Payroll
  • Fixed Debts
  • Accounts Payable
  • Other expenses that cannot be paid because of the disaster’s impact.  In this case, the disaster being COVID-19.

These loans are available up to $2 million dollars at an annual percentage rate of 3.75%.  The terms go up to 30 years. These are not forgivable loans.

SBA Loan Requirements: How Do You Get Started?

Let’s start with what not to do.  Do not get in your car and drive to the bank.  While most lenders are back open for business inside, it is best to have an appointment to handle a PPP application. Even getting an appointment can take a while however.

The best option is to find someone, a middle man, to help you navigate these loan programs.  This way you ensure you get the best lender for you, and you get your SBA coronavirus relief funds as soon as possible.

What Else Does the CARES Act Do?

In addition to the above relief for businesses, the CARES Act also provided relief for individuals.  The bill also provided funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate phases out when incomes exceed $75,000,or $150,000 for joint filers. Most of these payments have already been distributed, but some are still waiting for theirs.  The bill also establishes limits on requirements for employers to provide paid leave.

With respect to taxes, the bill establishes special rules for certain tax-favored withdrawals from retirement plans.  It also delays due dates for employer payroll taxes and estimated tax payments for corporations.

The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.

It’s a Mad World

Here are the facts.  The federal government does not want to see a collapse of the economy any more than we do.  They want to do what they can to help small businesses.  They are taking steps to do just that.

State governments are in the same boat.  They want to ensure their states are able to survive and thrive economically despite the coronavirus business impact.

Here’s the bad news, as if you didn’t already know.  Businesses lost tons of income during the shut downs caused by the virus.  Even opeinig back up, people aren’t going out as much as they did pre-pandemic. Even more, some states and cities are shutting down certain businesses again.  Spending is vastly curtailed. Without a steady flow of income, eventually businesses will not be able to make payments on existing debt.

The good news in light of all of this darkness is that no one wants this to happen.  That means measures are being taken to try and stop the spiral.  These include those mentioned above.  It’s not just the Federal and state governments that are coming to the rescue however. Local governments, along with many charitable and professional organizations, are tossing in life rafts as well.

SBA Loan Requirements: What Can You Do for Yourself?

However, you have to do your part.  You aren’t helpless, though it likely very much seems this way.  First, do everything you can to access all the help you can now. Find someone that can walk you through the process to ensure you get all you can as fast as you can.

That’s not the end of the story however.  You need to do all you can to make certain you can get back to business as usual as fast as you can when this is all over. How do you do that?  You need to adapt your business to the current situation. The relief funds can help you. With those funds, you can do many things to not only keep your business afloat, but to make it stronger than ever.

Hard Times Breed Innovation and Adaptation

These are the times that breed creativity and innovation.  Use the funds to keep your employees on board, but don’t forget you can use them as well.  Is there some way you and your employees can provide products and services for your customers?  Can you do anything online or go to customers’ homes?

For example, some local bakeries and ice cream shops have been taking food trucks out to neighborhoods during this time to increase sales.  To aid in social distancing, they take orders online first, and of course take all protective precautions.

Beauticians and barbers that are even allowed to open are having to reduce the number of clients they can serve at one time.  Of course, they are taking all necessary safety measures to ensure that disease isn’t spreading.  Gyms are offering online fitness classes for their members since they cannot have as many people inside at one time. Pet groomers are going mobile even if they do not usually provide mobile services.  Speech therapists, counselors, and more are working via video chat. Small boutiques are doing giveaways online and offering curbside pickup to reach those that are not comfortable getting out yet. There are options, and these funds can help you take advantage!

Work on Fundability

The relief funds available through the CARES Act are available to both businesses and those that are self-employed.  However, beyond this, a business has to be fundable to get financing to build, grow, and thrive. This will still be the case long after COVID-19 has passed.  Now is a great time to assess the fundability of your business and make changes to improve it if need be.

The first part of this process includes making sure your business is set up to be fundable.  What does that mean? It means that your business:

Has Separate Contact Information

That doesn’t mean you have to get a separate phone line, or even a separate location.  You can still run your business from your home or on your computer if that is what you want.  You do not even have to have a fax machine.

Want to review your options with one of our consultants? Give us a call at 877-600-2487.

Applies for Credit Using an EIN Not Your SSN

The next thing you need to do is get an EIN for your business.  This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

Is Incorporated

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability.

Uses a Separate Business Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes.   In light of SBA loan requirements, it can help you prove how you used loan funds for the purpose of qualifying for loan forgiveness.

Has All Necessary Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, red flags are going to fly up all over the place.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.

Has a Professional, Practical, User Friendly Website

What does this have to do with anything.  Well in light of the COVID-19 pandemic, a website can help you stay operational despite social distancing standards. Not just any website will do however.  You need to make sure it is professional and that it is easy for your customers to use. Likely, this means you need to hire someone to help you with this. The cost is well worth it.

SBA Loan Requirements: This Isn’t the End

This doesn’t have to be the end of your business story.  Help is available and you do have options. At this point, the very first thing you need to do is find help to navigate the SBA resources available to you.  Next, be sure you use the resources in a way that your business comes out even stronger.  Lastly, use this downtime wisely. Take a look at the fundability of your business and see what you can do to improve it.  Then, when the time comes, you will be able to sail out of the storm and into the light.

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Rivals suspect Racing Point ruling is just the tip of the iceberg

McLaren and Ferrari are among rival teams that suspect Racing Point’s breach of Formula One’s regulations goes deeper the verdict issued on its brake ducts.

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New comment by pxue in "Ask HN: Who is hiring? (August 2020)"

Fleet Complete (https://www.fleetcomplete.com/)

Fleet Complete is one of the fastest-growing IoT (Internet of Things) companies across the globe. We are one of the world’s leaders in telematics and connected mobility solutions for a wide variety of industries with fleets, assets and mobile workers.

– Toronto / Waterloo Ontario

– Fully remote during Covid

– Full time / Permanent

Proud to be named one of Greater Toronto’s Top Employers for 2020: http://content.eluta.ca/top-employer-fleet-complete

Hiring:

Automation QA – Data
(https://mycompas.net/fleetcomplete/?rpid=ctCNdZLeSvY)

Senior Full Stack Developer
(https://mycompas.net/fleetcomplete/?rpid=3hSpnD8shv8)

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Email resume or linkedIn direct to kelly.zhu@fleetcomplete.com

Mention HN to fast track screening

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Dover (YC S19) is hiring engineers to build a truly modern recruiting agency

Article URL: https://www.dover.io/open-roles/senior-software-engineer

Comments URL: https://news.ycombinator.com/item?id=24084626

Points: 1

# Comments: 0

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