From CNBC: Robert Federico applied for unemployment benefits in March. This week he was finally paid what he was owed a total of more than $23,000 before taxes.
About 250,000 Americans who received their first unemployment check in June were paid more than 70 days after filing their application, according to most recent Labor Department data.
Many Americans could expect to receive benefits within three weeks prior to the pandemic.
HUGE Implications for Lenders.
How do you balance your need to collect $$ from the Federico's of your world, whom you’ve lent money to, with your need to enable your business, your employees, your community... to survive?
If you’re integrated with any of the instant bank account debit/credit monitoring platforms in our
“bible,” and in an effort to help
your “Federico,” you placed his loan, interest and fees in forbearance, you know immediately when the $23K is deposited into his bank account. You know the money is their for you to take!
Tough call. What would YOU do as a small business owner in this situation,
Read the original CNBC Article in its entirety here:
CNBC
