BARR Credit Services

Some key points covered in Kerns portion of the panel are: You can never give too much support and empathy Kern has worked in the collections industry for more than 30 years, one-third of that time in a leadership position with BARR Credit Services. He is a valued team member at BARR and focuses on operations management and key performance measures. The best part of working at BARR Credit Services is the people, their successes, and the culture, and even though we have all had to adapt as a company during this time, we continue to look for the best way to serve our employees and clients.

The New Paycheck Protection Program: What to Expect The new COVID-relief package provides funding for any businesses that did not receive PPP money in the first program, which began at the end of March. Businesses can apply for PPP loan forgiveness, but only if they use at least 60% of the funds for their payroll and spend the rest on rent, mortgage payments, utilities, and interest on existing debt. Although supporting documentation must still be provided, the SBA allows these borrowers to use a simplified “check-the-box” application for loan forgiveness, SBA Form 3508EZ. Big Borrowers May Need to Prove Economic Uncertainty Businesses that received funds greater than $2 million with the first PPP are subject to an audit.

Once you find an agency capable of operating in the state or country you need, determine which of their services will assist your business. Locating people and assets if they disappear while still owing a debt Keep in mind that some agencies only accept business to business, or commercial claims, while others exclusively handle consumer. A good collection agency uses its experience and services to fix your cash flow issues in the present. Training your business on effective debt recovery and credit management practices.

Before you extend credit to a customer, you’ll want to determine if any UCC liens have been placed on the secured property. You can do this by conducting a UCC search through the Secretary of State website in the state where the debtor resides or the debtor business is incorporated. If you find that the debtor’s security already has one or more UCC liens filed against it, you will need to decide if you are willing to risk extending credit to that customer. The lender with the oldest UCC-1 filing has the highest priority claim to the secured property.