{"id":17516,"date":"2024-04-28T08:00:04","date_gmt":"2024-04-28T08:00:04","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/04\/28\/cfpb-small-business-loan-requirements-your-southeastern-fl-biz\/"},"modified":"2024-04-28T08:00:04","modified_gmt":"2024-04-28T08:00:04","slug":"cfpb-small-business-loan-requirements-your-southeastern-fl-biz","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/04\/28\/cfpb-small-business-loan-requirements-your-southeastern-fl-biz\/","title":{"rendered":"CFPB Small Business Loan Requirements & Your Southeastern FL Biz"},"content":{"rendered":"
\n

The 2024 federal tax season has reached its end\u2026  well, unless you joined the <\/span>other 19 million taxpayers<\/span><\/a> and filed for an extension. <\/span><\/p>\n

That\u2019s something we anticipate every year here at Heyer Inc.. And we\u2019ll be working away the next few months on the extensions we filed for our Southeastern FL clients\u2026 albeit after a little rest from our round-the-clock filing labors. And I\u2019m proud to say my team worked their tails off to serve you this year.<\/span><\/p>\n

I\u2019m not the only one proud of their tax season work. The IRS is too\u2026 and I have to say, the beefed-up efforts in Washington, thanks to increased funding, worked in our favor too. This was one of the most uneventful tax seasons in the last five years.<\/span><\/p>\n

And as I think on that, I\u2019m also moved with gratitude for the opportunity to serve clients like you. Trusting your business\u2019s financial details and your tax burden in our hands to work on your behalf is something I don\u2019t take for granted.<\/span><\/p>\n

Trust is in short supply these days.<\/span><\/p>\n

And that makes me keenly aware of the gravity of you giving us yours. Thank you for choosing Heyer Inc. for your tax and accounting needs.<\/span><\/p>\n

And just because tax season\u2019s at an end, doesn\u2019t mean we won\u2019t continue to labor on your behalf. One way we\u2019ll keep looking out for you is by delivering these weekly conversations on topics that affect you and your business.<\/span><\/p>\n

For example, 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 Miami Metropolitan business\u2026<\/p>\n

CFPB Small Business Loan Requirements & Your Southeastern FL 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