About Us
Credit Bureau Systems is a Revenue Cycle Management Company providing clients with the services ranging from credit screening and specialty early-out billing to bad debt recovery, all focused to positively impact a consumer's financial well being.
How We Got Started
Founded in 1952, CBS is comprised of five operating divisions delivering specialty billing & collections services through six branch offices to clients in twenty nine states. We represent 700 clients ranging from EMS & Fire Departments to Physician Groups & Hospital Systems.
The products and services we offer
Products & Services
CBS and it's affiliated divisions offer contact call center services, early-out billing, traditional collections, and bad debt recovery services. ...
Ambulance Medical Billing (AMB) is one of the largest EMS/Ambulance billing companies in America using a domestic US based workforce to provide unm...
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The big banks (except BofA) didn't want to participate. We've been a loyal customer of a "top 10" national Bank for 25 years. Applied the first day, but no communication from our relationship manager (any other time she responds to cell phone calls in 10 minutes). After four days we pivoted to...
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The big banks (except BofA) didn't want to participate. We've been a loyal customer of a "top 10" national Bank for 25 years. Applied the first day, but no communication from our relationship manager (any other time she responds to cell phone calls in 10 minutes). After four days we pivoted to a small lender in another state and they processed our application in minutes plus we were funded 10 days later from the SBA. Ironically, the day we were funded our national 25 year partner sent us an email stating PPP funds had run out. This tells me two things: 1) the large banks didn't want to participate & 2) twenty five years and millions of dollars of deposits & loans doesn't translate loyalty with big banks.
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I'd echo what others have shared. There are local incentives being offered but The Paycheck Protection Program (“PPP”) is the most attractive target for my company. It is one component of the recent $2.2 trillion stimulus package known as the CARES Act. PPP will provide small business owners...
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I'd echo what others have shared. There are local incentives being offered but The Paycheck Protection Program (“PPP”) is the most attractive target for my company. It is one component of the recent $2.2 trillion stimulus package known as the CARES Act. PPP will provide small business owners with much needed cash, but you should be aware it comes with restrictions for how the money can be spent. Specifically, if you do not use the money for eligible uses, it will not be “forgiven” and will be converted to a loan that must be repaid. The good news is the loan terms – a 6 month deferment on payments and the interest rate of 0.5% with a 2 year term.
So what do business owners need to be aware of before they apply for “free” money under the PPP?
You must use 75% of the loan proceeds for payroll costs, and you must make the payments during the 8 weeks following your loan origination date.
You can only use up to 25% of the loan proceeds to pay your mortgage interest
(not the principal), but only if your mortgage was in place before
February 15, 2020.
You can only use up to 25% of the loan proceeds to pay your rent, but only if your lease was in place before February 15, 2020.
You can use up to 25% of the loan proceeds for utilities, but those utility payments must be made in the 8 weeks following your loan origination date.
If you laid off workers after February 15, or if you lay off workers before June 30, the amount of the loan that is subject to “forgiveness” will be proportionately reduced, and a portion of your loan will not be forgiven, i.e.
you will need to pay the unforgiven portion of the loan back to the SBA. If you rehire your laid off employees, however, you will not be penalized.
If you reduced your employees’ compensation after February 15, or if you reduce employee compensation before June 30, your forgiveness eligibility will likewise be reduced, and a portion of the loan will need to be repaid to the SBA.
To summarize, the PPP is essentially an 8 week bridge loan designed to keep your employees paid and employed for 8 additional weeks, and you must adhere to the above-listed parameters. Otherwise, all you will be left with at the end of the 8 weeks is a loan with the SBA that must be repaid over the next 2 years. In order to maximize the benefit of the PPP, some small business owners will be required to rehire their previously laid off employees at full salary during the 8 week period following the loan origination date.