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  1. #1

    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

  2. #2
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    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?

  3. #3
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    Quote Originally Posted by WestCoastFunding View Post
    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?
    That is the exact email that Commercial Finance Partners sent out Friday. And I would believe that the no "upfront" fee is meant as no out of pocket fees.

  4. #4
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    EIDL (Economic Injury Disaster Loan Program) is active:

    https://covid19relief.sba.gov/#/
    Dave Lambert
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  5. #5
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    Quote Originally Posted by Yankeeman07 View Post
    EIDL (Economic Injury Disaster Loan Program) is active:

    https://covid19relief.sba.gov/#/
    Dave, the EIDL loan program wasn’t part of the CARES act. That had been around forever.

    The $10,000 EIDL cash advance WAS part of the stimulus. It is NOT up and running yet.

  6. #6
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    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
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  7. #7
    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.

  8. #8
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    Question percentage a lender will pay the Broker.

    Quote Originally Posted by milliondollarcorp View Post
    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?
    Dave Lambert
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  9. #9
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    Quote Originally Posted by Yankeeman07 View Post
    https://covid19relief.sba.gov/#/

    This above link went live last night -
    It went dark late Friday -
    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

  10. #10
    Quote Originally Posted by MCA View Post
    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
    It takes 3 days for the $10,000 advance to be funded after approval.

    The problem is nobody knows the time-frame for approvals.

  11. #11
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    Quote Originally Posted by MCA View Post
    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
    There are 140 loan officers/underwriters (whatever you want to call them) working the EIDL.

  12. #12
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    Quote Originally Posted by MCA View Post
    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
    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
    FC Financial LLC
    dave@fcfinancial.us
    http://www.fcbankcard.com
    1-727-291-7890

  13. #13
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    Quote Originally Posted by Yankeeman07 View Post
    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
    I like messing with you, Dave, but you’ve provided some good stuff over the past few weeks on this.

  14. #14
    It is on the website. Also an Auditor for the IRS we receive the information before the public.

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