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03-24-2020, 04:55 PM #1
SBA Economic Injury Disaster Loan Notes
I know it's not MCA but a lot of our MCA clients are asking about this loan. We were able to attend the 1pm conference call held today regarding the SBA disaster relief loan all the merchants are asking about. I took notes as fast as I could and wanted to get the notes to everyone quickly so please excuse the format but we want to share the notes with all of you to help you answer your client's questions. We hope this helps in some way. Crazy days but we will all get through it keep working hard.
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03-24-2020, 05:14 PM #2
- Join Date
- Aug 2016
- Posts
- 486
Thanks for sharing this! I love to have a thorough understanding of how things work before I get involved with them. Is this info public knowledge posted anywhere on their website or FAQ's? The part where you describe how they will come up with the amount was very much appreciated!
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03-24-2020, 05:28 PM #3
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
This is great information. Thank you for sharing.
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03-24-2020, 09:29 PM #4
- Join Date
- Apr 2017
- Posts
- 127
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03-24-2020, 10:18 PM #5
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Brokers/banks aren’t supposed to submit these docs. My shop does mainly SBA Loans
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03-25-2020, 09:11 AM #6
You follow that URL for the main website which is this below, click the red button that says Apply for Assistance and it walks you through it. Best we can do is help guide the merchant through. Would be good for funders to help their clients pay expenses to keep them going and brokers to build relationships.
https://www.sba.gov/funding-programs...ter-assistance
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03-25-2020, 10:25 AM #7
- Join Date
- Jun 2014
- Posts
- 541
Great Post. But are we certain the $367B allocated to Small Business loan in the pending Corona Stimulas package will be administered through the EIDL program?
As the EIDL regulations currently stand, it requires the business is "unable to obtain credit elsewhere",http://www.law.cornell.edu/cfr/text/13/123.300
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03-25-2020, 11:02 AM #8
- Join Date
- Oct 2016
- Posts
- 4,318
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03-25-2020, 05:03 PM #9
- Join Date
- May 2016
- Posts
- 13
The $367B in proposed additional funding will NOT be facilitated through the disaster relief program. As a side-note, the last time there was a federally declared disaster where this program was utilized - average time from application to funding was approximately 5 months; that is because these are facilitated directly through the SBA and brokers are not eligible to participate.
The $367B in proposed additional funding would do the following:
- Increase guarantee % paid by SBA to banks in event of default from 75% to 100%, an incentive to increase lending.
- Reduce/eliminate borrower fees for SBA loans
- Increase borrower eligiblity
SmartBiz is the leading SBA platform in the industry, facilitating over $1.5B in SBA loans (specifically those unsecured under $350k). SBA is our primary product and we are broker friendly!
I'd be happy to discuss the current landscape of SBA finance and help any brokers get signed up with SmartBiz.
Jared.Kogan@smartbizloans.com
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