{"id":225861,"date":"2024-04-23T16:00:12","date_gmt":"2024-04-23T16:00:12","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/cfpb-small-business-loan-requirements-your-atlanta-biz\/"},"modified":"2024-04-23T16:00:12","modified_gmt":"2024-04-23T16:00:12","slug":"cfpb-small-business-loan-requirements-your-atlanta-biz","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2024\/04\/cfpb-small-business-loan-requirements-your-atlanta-biz\/","title":{"rendered":"CFPB Small Business Loan Requirements & Your Atlanta Biz"},"content":{"rendered":"
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Ever thought about taking a \u201cmini sabbatical\u201d? As in, longer than a week vacation and focused specifically on total rest? Here\u2019s why I ask\u2026<\/p>\n

Tax Day has come and gone, and, after a four-month sprint of paperwork marathons and client demands, my tax pro friends are prioritizing downtime. A lot of them take extended periods off this time of year to mentally break away from the stress their busiest season brings.<\/span><\/p>\n

They\u2019re not the only ones who understand the necessity of doing so. Teachers are another great example. Those summer months away from the classroom are essential for closure and a clearer head for the new school year.<\/span><\/p>\n

Despite the value seen in a prolonged rest from work, generally, we aren\u2019t very good at taking time off of work\u2026 but maybe we should be. <\/span><\/p>\n

Burnout is real. 2020 helped us not only slow down but actually recover from the stressful demands of work. Now, more people are catching on, <\/span>embracing extended rest<\/span><\/a> as an essential part of their adult life. <\/span><\/p>\n

Why do I bring this up today? Mainly to get you thinking about rest for yourself as a business owner \u2014 you work around the clock to keep your business running. And since it depends on you to thrive, you also need to promote lifestyle practices that help you thrive as well. <\/span><\/p>\n

And that thought process needs to extend to your employees as well. How can you implement more \u201crest\u201d into the lives of your employees so they don\u2019t burn out?<\/span><\/p>\n

Something to consider today. <\/span><\/p>\n

Now, while you\u2019re thinking about how to implement sustainable work cycles, I also want to help you be mentally prepared for something the Consumer Financial Protection Bureau (CFPB) is considering that could impact your business (for good or not remains to be seen). <\/p>\n

I shared with you recently about some new small business loan requirements that are coming to a local bank near you (pending litigation). The verdict on whether this will make getting a business loan more difficult, in the short-term or long-term, is yet to be seen.<\/p>\n

So in the name of keeping you informed about what\u2019s coming, here\u2019s a brief on why these changes are happening and what it means for your Fulton County business\u2026<\/p>\n

CFPB Small Business Loan Requirements & Your Atlanta Biz<\/strong><\/span>
“There are known knowns, there are known unknowns, and there are unknown unknowns.” \u2013 Donald Rumsfeld<\/i><\/span><\/p>\n

The <\/span>new small business loan requirements<\/span><\/a> for lenders which have been mandated by the<\/span> Consumer Financial Protection Bureau (CFPB) are supposed to go into effect later this year (October to be specific). But the controversy and litigation surrounding the new rule has put compliance and enforcement on hold. <\/span><\/p>\n

Why all the fuss? <\/span><\/p>\n

Well, let\u2019s start first with what exactly is being asked of lenders.<\/span><\/p>\n

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandates that lenders begin gathering additional information on small business loan applications, including:<\/span><\/p>\n