New Covid 19 SBA Information
Our partner would like to share the latest information on New Covid 19 SBA Program.
New COVID 19 SBA Information (updated 3/27)
Before the week was out, we wanted to provide updates to our clients, partners, and friends on the latest developments with Economic Injury Disaster Loans (EIDL), SBA 7a Relief Loans part of CARES and Keeping American Workers Paid and Employed Act, and our normal loan application process.
A few important notes:
• The only program readily available today is the EIDL program that is through the SBA Disaster website directly. These loans are being processed on a first come first serve basis, but it appears the government website is severely strained with too many applications and difficulties completing the process.
• Based on our opinion and review, there is no reason to pay someone to apply you for an EIDL loan- the application documents and information can be found on the website and we are hearing of many scams with individuals or companies trying to monetize a process they do not understand or can't meaningfully affect.
• Part of the CARES Act that is awaiting the President's signature provides SBA 7a loans to companies to cover payroll and certain expenses. Again, this program is not up and running and there are non-lenders trying to solicit applications for this program despite it not being active.
• The new SBA 7a Loans benefits still need to be reviewed by the SBA. This might take additional time, even if the bill is signed. These loans will be funded through SBA lenders, not directly through the SBA like the EIDL program, and we expect to be able to continue to help our clients through this application.
• We are encouraging our clients to apply through the normal SBA 7a process with us. We are expecting to be able to integrate the SBA Relief/Payroll Loans into our normal application process- with expedited review times.
* No Upfront Fee
percentage a lender will pay the Broker.
Quote:
Originally Posted by
milliondollarcorp
By law, lenders are not supposed to be charging an upfront fee for any type of funding. It is against the law to do so. If you look at the website you will see the percentage a lender will pay the Broker.
Where are you reading how much a bank will pay a Broker?
