Results 1 to 14 of 14
-
03-28-2020, 09:50 AM #1
- Join Date
- Oct 2012
- Posts
- 142
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
-
03-28-2020, 01:25 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
1) the EIDL is fairly useless. Yes, there may be reasons for people to pay as documents do need to be packaged. Not every borrower needs to have them packaged but some do need help.
2) even as the PPP isn’t up and running, the documents needed to get in line need to be prepared and made ready to place with 7(a) lenders. The documents needed are essentially known.
Who are you quoting? And while you say there isn’t an upfront fee, how many points are being charged in the backend? 2? 3?
-
03-29-2020, 07:53 AM #3
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
-
03-29-2020, 08:05 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,960
EIDL (Economic Injury Disaster Loan Program) is active:
https://covid19relief.sba.gov/#/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
-
03-29-2020, 10:06 PM #5
- Join Date
- Oct 2016
- Posts
- 4,318
-
03-30-2020, 06:21 AM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,960
https://covid19relief.sba.gov/#/
This above link went live last night -
It went dark late Friday -Last edited by Yankeeman07; 03-30-2020 at 06:38 AM.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
-
04-02-2020, 04:06 AM #7
- Join Date
- Feb 2020
- Posts
- 5
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.
-
04-03-2020, 10:46 AM #8
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,960
percentage a lender will pay the Broker.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
-
04-03-2020, 10:19 PM #9
- Join Date
- Aug 2014
- Posts
- 194
Hi Dave,
Have you heard anymore about what is happening with EIDL applications? I have heard from so many that applied online via SBA site and they were suppose to get a $10k advance within 3 days, then get their loan on top of that, none have been contacted since applying, some 5 days +.
People call the SBA and they tell them they don't, seems like the EIDL product is even worse shape than the PPP product
-
04-03-2020, 11:30 PM #10
- Join Date
- Dec 2017
- Posts
- 277
-
04-04-2020, 12:19 AM #11
- Join Date
- Oct 2016
- Posts
- 4,318
-
04-04-2020, 01:47 PM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,960
I can only rely on my own experience - I completed my own EIDL on Monday 03-30-2020 - other than an automated reply with my application number - you will be notified via email for any additional information - as of today 04-04-2020 - no further contact.
On the PPP application - Self Employed have been delayed until April 10, 2020
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
-
04-04-2020, 04:05 PM #13
- Join Date
- Oct 2016
- Posts
- 4,318
-
04-05-2020, 12:08 AM #14
- Join Date
- Feb 2020
- Posts
- 5
It is on the website. Also an Auditor for the IRS we receive the information before the public.
Similar Threads
-
who's still funding? during covid -19
By perceptioncapital in forum Deal BinReplies: 30Last Post: 10-13-2020, 02:37 PM -
who's still funding? during covid -19 NYC, FL , CA ???
By perceptioncapital in forum Deal BinReplies: 13Last Post: 04-11-2020, 11:41 PM -
Covid - 19 Info
By Yankeeman07 in forum Everything elseReplies: 0Last Post: 03-27-2020, 08:27 PM -
What COVID is Really Doing Behind the Scenes
By Enablement Data in forum Merchant Cash AdvanceReplies: 1Last Post: 03-24-2020, 02:58 PM