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  1. #26
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    Quote Originally Posted by WestCoastFunding View Post
    Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.
    SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  2. #27
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.
    The legislation I’ve seen would have the enhancement will increase the govt guarantees to 100%. If that ends up being the case, I don’t see why any institution would have issues approving qualified borrowers.

  3. #28
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    Quote Originally Posted by WestCoastFunding View Post
    The legislation I’ve seen would have the enhancement will increase the govt guarantees to 100%. If that ends up being the case, I don’t see why any institution would have issues approving qualified borrowers.
    Most of the SBAs for small businesses are backed by the Feds, but most are approved and managed by smaller community banks or non-bank institutions. Since a large amount of smaller institutions are working to serve current clients and manage their portfolios it is going to be difficult closing a lot of these offerings considering the environment.

    Everyone and their Dutch Uncle has been pushing SBAs for the last week. That is one busy highway......

    KH
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  4. #29
    We attended the 1pm conference call they held regarding this program. I took notes as fast as I could and put this together for everyone real quick so excuse the format but at least we all have the info we need in one place. I would like to share it with all of you.

  5. #30
    Quote Originally Posted by WestCoastFunding View Post
    Ok, I'm 95% positive that they will qualify. With the regular SBA loan programs like 7a and its sub programs (like Express) and 504, the answer is no. But under previous SBA disaster loan laungauge "Qualified non-citizens" do qualify. But, I have no idea if language has been updated recently to change it.

    "Aliens. U. S. Citizens, non-citizen nationals, and qualified aliens are eligible for
    disaster loans. Individuals not lawfully in the United States are not qualified aliens
    and are not eligible....

    (1) Home Loan Applicants. We ask home loan applicants if they are a U.S.
    citizen on the application. Loan approval for qualified aliens is a matter of
    credit just as it is for all other applicants.
    (2) Sole Proprietors. We ask sole proprietors if they are a U.S. citizen on the
    application. Loan approval for qualified aliens is a matter of credit just as it is
    for all other applicants.
    (3) Corporations. Alien-owned corporations properly registered and licensed in
    the state where the disaster occurred are eligible.
    (4) Partnerships. Alien-owned partnerships properly registered and licensed in
    the state where the disaster occurred are eligible. If any general partners or
    limited partners owning 20 percent or more of the applicant business are in
    the USA, they must be a qualified alien.
    (5) Limited Liability Entities (LLE). Alien-owned LLEs properly registered and
    licensed in the state where the disaster occurred are eligible. If any member
    owning 20 percent or more of the applicant business is in the USA, they
    must be a qualified alien.

    https://www.sba.gov/sites/default/fi...0%2030%207.pdf


    But here's the thing: does this just relate to just physical damage? Or does this include "economic injury" associated with businesses? I have absolutely no idea.
    A client's application was declined because of the ITIN.

  6. #31
    Quote Originally Posted by Michael Slabitcher View Post
    A client's application was declined because of the ITIN.
    Correction*

    The merchant was unable to apply online because the Social Security number is invalid.

  7. #32
    Capture.JPG

    What's the difference in processing time between applying online and doing it manually by filling out the forms and mailing them?

  8. #33
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    Quote Originally Posted by Michael Slabitcher View Post
    Capture.JPG

    What's the difference in processing time between applying online and doing it manually by filling out the forms and mailing them?
    No idea. But SMH at the site being down. The disaster loan program has been nothing short of a fucking mess.

  9. #34
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    Quote Originally Posted by WestCoastFunding View Post
    No idea. But SMH at the site being down. The disaster loan program has been nothing short of a fucking mess.
    Because everyone and the cat's ferret is trying to get one....... If you can't even get on their website, what are the odds of actually getting access to capital.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  10. #35
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Because everyone and the cat's ferret is trying to get one....... If you can't even get on their website, what are the odds of actually getting access to capital.
    Here’s the best part: although there’s been talk of $50B for the disaster loan program, only $9B was allocated with over 600,000 applicants. That’s like $15K per applicant. Granted, of course all won’t qualify but the way they are claiming “up to $2M” is nonsense.

  11. #36
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    Quote Originally Posted by WestCoastFunding View Post
    Here’s the best part: although there’s been talk of $50B for the disaster loan program, only $9B was allocated with over 600,000 applicants. That’s like $15K per applicant. Granted, of course all won’t qualify but the way they are claiming “up to $2M” is nonsense.
    600,000 applicants to process...... let that sink in. Time is not a business owner's friend right now. Get them solutions with certainty to close.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  12. #37
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    Same thing happened during Hurricane Sandy in 2012, 2013.

  13. #38
    Senior Member Reputation points: 7285 cmarks's Avatar
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    Rubio just posted this:
    "
    Keeping American Workers Paid and Employed Act
    The Keeping American Workers Paid and Employed Act would provide $377 billion to help prevent workers from losing
    their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic.
    The Paycheck Protection Program would provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed
    loans to small employers who maintain their payroll during this emergency.
    If the employer maintains its payroll, then the portion of the loan used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven,which would help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis.
    This proposal would be retroactive to February 15, 2020 to help bring workers who may have already been laid
    off back onto payrolls.

    -Paycheck Protection Program
    The bill would provide $350 billion to support loans through a new Paycheck Protection Program for:
    Small employers with 500 employees or fewer, as well as those that meet the current Small Business Administration
    (SBA) size standards;
    Self-employed individuals and “gig economy” individuals; and
    Certain nonprofits, including 501(c)(3) organizations and 501(c)(19) veteran organizations, and tribal business
    concerns with under 500 employees.
    The size of the loans would equal 250 percent of an employer’s average monthly payroll. The maximum loan amount
    would be $10 million.
    Covered payroll costs include salary, wages, and payment of cash tips (up to an annual rate of pay of $100,000);
    employee group health care benefits, including insurance premiums; retirement contributions; and covered leave.

    The cost of participation in the program would be reduced for both borrowers and lenders by providing fee waivers, an
    automatic deferment of payments for one year, and no prepayment penalties.
    Loans would be available immediately through more than 800 existing SBA-certified lenders, including banks, credit
    unions, and other financial institutions, and SBA would be required to streamline the process to bring additional
    lenders into the program.
    The Treasury Secretary would be authorized to expedite the addition of new lenders and make further enhancements
    to quickly expedite delivery of capital to small employers.
    The maximum loan amount for SBA Express loans would be increased from $350,000 to $1 million. Express loans
    provide borrowers with revolving lines of credit for working capital purposes.

    Emergency EIDL Grants
    The bill would expand eligibility for entities suffering economic harm due to COVID-19 to access SBA’s Economic Injury
    Disaster Loans (EIDL), while also giving SBA more flexibility to process and disperse small dollar loans.
    The bill would allow businesses that apply for an EIDL expedited access to capital through an Emergency Grant—an
    advance of $10,000 within three days to maintain payroll, provide paid sick leave, and to service other debt obligations.
    $10 billion would be provided to support the expanded EIDL program.
    Chris Marks
    funderintel.com

  14. #39
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    Quote Originally Posted by cmarks View Post
    Rubio just posted this:
    "
    Keeping American Workers Paid and Employed Act
    The Keeping American Workers Paid and Employed Act would provide $377 billion to help prevent workers from losing
    their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic.
    The Paycheck Protection Program would provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed
    loans to small employers who maintain their payroll during this emergency.
    If the employer maintains its payroll, then the portion of the loan used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven,which would help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis.
    This proposal would be retroactive to February 15, 2020 to help bring workers who may have already been laid
    off back onto payrolls.

    -Paycheck Protection Program
    The bill would provide $350 billion to support loans through a new Paycheck Protection Program for:
    Small employers with 500 employees or fewer, as well as those that meet the current Small Business Administration
    (SBA) size standards;
    Self-employed individuals and “gig economy” individuals; and
    Certain nonprofits, including 501(c)(3) organizations and 501(c)(19) veteran organizations, and tribal business
    concerns with under 500 employees.
    The size of the loans would equal 250 percent of an employer’s average monthly payroll. The maximum loan amount
    would be $10 million.
    Covered payroll costs include salary, wages, and payment of cash tips (up to an annual rate of pay of $100,000);
    employee group health care benefits, including insurance premiums; retirement contributions; and covered leave.

    The cost of participation in the program would be reduced for both borrowers and lenders by providing fee waivers, an
    automatic deferment of payments for one year, and no prepayment penalties.
    Loans would be available immediately through more than 800 existing SBA-certified lenders, including banks, credit
    unions, and other financial institutions, and SBA would be required to streamline the process to bring additional
    lenders into the program.
    The Treasury Secretary would be authorized to expedite the addition of new lenders and make further enhancements
    to quickly expedite delivery of capital to small employers.
    The maximum loan amount for SBA Express loans would be increased from $350,000 to $1 million. Express loans
    provide borrowers with revolving lines of credit for working capital purposes.

    Emergency EIDL Grants
    The bill would expand eligibility for entities suffering economic harm due to COVID-19 to access SBA’s Economic Injury
    Disaster Loans (EIDL), while also giving SBA more flexibility to process and disperse small dollar loans.
    The bill would allow businesses that apply for an EIDL expedited access to capital through an Emergency Grant—an
    advance of $10,000 within three days to maintain payroll, provide paid sick leave, and to service other debt obligations.
    $10 billion would be provided to support the expanded EIDL program.
    And... is anyone interested in the domain: disasterloanshelp.com?

    Or is everyone just going to watch the entire country get free money and not find a way to gather data/monetize/leverage themselves into the next bull market?

    Make me an offer.

  15. #40
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    Quote Originally Posted by Steven_O View Post
    And... is anyone interested in the domain: disasterloanshelp.com?

    Or is everyone just going to watch the entire country get free money and not find a way to gather data/monetize/leverage themselves into the next bull market?

    Make me an offer.
    You have not figured it out yet..... No advisor or broker is going to make any real money getting involved here. You are wasting your time and energy. It might help the small business owner that needs less than $100K over several months to float payroll. If you think for a minute you are going to make or be allowed to make large commissions here.....you are dreaming.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  16. #41
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    You have not figured it out yet..... No advisor or broker is going to make any real money getting involved here. You are wasting your time and energy. It might help the small business owner that needs less than $100K over several months to float payroll. If you think for a minute you are going to make or be allowed to make large commissions here.....you are dreaming.
    I don't think it would be a play that some MCA broker would want to do (no huge, next-day double-digit commissions)... but in the short term, maybe it could serve someone who thinks different.

    In either case, it's up for sale. I'd like to sell it. Hello opportunists!

  17. #42
    Member Reputation points: 19746 JasonBishop's Avatar
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    Quote Originally Posted by Steven_O View Post
    I don't think it would be a play that some MCA broker would want to do (no huge, next-day double-digit commissions)... but in the short term, maybe it could serve someone who thinks different.

    In either case, it's up for sale. I'd like to sell it. Hello opportunists!
    Steve-O I don't think this domain has any value to it as it stands. There may be an opportunity there if there were a pre-existing site to it with some content. So the short term opportunity isn't really there because you still need to get traffic to it which would involve ppc advertising. This same strategy could be used with any newly purchased url and have the same impact in the short term. Domain Names alone do not carry the same weight as they used to like in the dotcom boom in the late 90's.

  18. #43
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    Quote Originally Posted by JasonBishop View Post
    Steve-O I don't think this domain has any value to it as it stands. There may be an opportunity there if there were a pre-existing site to it with some content. So the short term opportunity isn't really there because you still need to get traffic to it which would involve ppc advertising. This same strategy could be used with any newly purchased url and have the same impact in the short term. Domain Names alone do not carry the same weight as they used to like in the dotcom boom in the late 90's.
    Maybe... I guess that's the whole thing with buying and selling, right? Value is really perceived.

  19. #44
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    Quote Originally Posted by JasonBishop View Post
    Steve-O I don't think this domain has any value to it as it stands. There may be an opportunity there if there were a pre-existing site to it with some content. So the short term opportunity isn't really there because you still need to get traffic to it which would involve ppc advertising. This same strategy could be used with any newly purchased url and have the same impact in the short term. Domain Names alone do not carry the same weight as they used to like in the dotcom boom in the late 90's.
    Jason - you are so incorrect - jump over to a Domain Broker - example www.sedo.com there are others, it owned by United Internet AG which I've been part of since 2013 or so.

    The Value of Virtual Real Estate is in they eyes of the end user . There are methods of creating & generating traffic without playing the PPC Game. Most business owners are not equipped financial to swim in that pond.

    The time is go back to old school methods that we used to generate traffic prior to Google, Bing, Yahoo etc.
    Just takes time - patience - and work. Like a turtle crossing the road chasing water - not fast but successful.
    Dave Lambert
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  20. #45
    Member Reputation points: 19746 JasonBishop's Avatar
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    Quote Originally Posted by Yankeeman07 View Post
    Jason - you are so incorrect - jump over to a Domain Broker - example www.sedo.com there are others, it owned by United Internet AG which I've been part of since 2013 or so.

    The Value of Virtual Real Estate is in they eyes of the end user . There are methods of creating & generating traffic without playing the PPC Game. Most business owners are not equipped financial to swim in that pond.

    The time is go back to old school methods that we used to generate traffic prior to Google, Bing, Yahoo etc.
    Just takes time - patience - and work. Like a turtle crossing the road chasing water - not fast but successful.

    Dave,

    A Brand New, Unused URL with no existing website or content has the value of its cost present moment. Those Expired URLs or people selling on Sedo or other domain auctions that actually have value are because they generate traffic which is what people are buying. Even if the site no longer operates it still may have some value from its previous traffic and could possibly be used for other purposes or a private blog network. We are talking about a brand new url and the one in question here would probably end up making someone lose money because it could ultimately get shut down. We are not comparing an existing or older url. We are looking at a URL that is brand new. Which anyone that purchases it shouldn't spend more than $12.00 on it.
    Last edited by JasonBishop; 03-25-2020 at 05:28 PM.

  21. #46
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    Quote Originally Posted by JasonBishop View Post
    Dave,

    A Brand New, Unused URL with no existing website or content holds the value of its cost. Those Expired URLs or people selling on Sedo or other domain auctions that actually have value are because they generate traffic which is what people are buying. Even if the site no longer operates it still may have some value from its previous traffic and could possibly be used for other purposes or a private blog network. We are talking about a brand new url and the one in question here would probably end up making someone lose money because it could ultimately get shut down. We are not comparing an existing or older url. We are looking at a URL that is brand new. Which anyone that purchases it shouldn't spend more than $12.00 on it.
    This is correct.

    I'd go further: a brand new website, even if you added a ton of content quickly is going to sit in Google's sandbox for 3-6 months. So there's a process with adding value: content and backlinks.

    So from an SEO perspective, the keyworks used in a URL can have value, but it takes months to get there. I'm not mad at Steve O's proposition, but the issue is: if you have to wait for up to 6 months for the url to start ranking, and the disaster loan program is no longer relevant, is it really worth it?

  22. #47
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    Except for the fact that particluar domain is owned by the seller - You cannot purchase that domain

    Example, one of the Virtual Real Estate Domains I own is www.usacannabis.attorney

    It has no web site - zero traffic - it is difficult to promote any Cannabis Product / Service.

    The value is for an Attorney focusing on Cannabis clients is that he/she will generate additional or new clients
    and their billing hours will substantial increase.

    I have a specific fee that I want for the domain - had a few offers, but, no one has met my sales price.
    Just like real estate, no one else has this property.
    Dave Lambert
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  23. #48
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    Currently This Premium Domain is Available for Sale: www.sbadisasterloan.com - $8888.00

    This Domain Has Zero Content - Zero Traffic - There may be a company out there that has a plan
    to monetize this purchase.




    Dave Lambert
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  24. #49
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    Quote Originally Posted by Yankeeman07 View Post
    Currently This Premium Domain is Available for Sale: www.sbadisasterloan.com - $8888.00

    This Domain Has Zero Content - Zero Traffic - There may be a company out there that has a plan
    to monetize this purchase.




    You are asking nearly franchise entry fee level prices on this shit. Open a Chick-Fil-A or a Dominos in under-served areas (loose example). Or if you have an itch to invest, regional virtual yoga.

  25. #50

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