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04-02-2020, 05:28 PM #1
- Join Date
- Sep 2014
- Posts
- 55
SBA is advertising on twitter that anyone asking for fees upfront is a scam, so good luck with that. Charging people upfront fees that can barely survive on a Distatster Loan? That's a pretty solid scumbag move and if you do this to your current book of customers, doubtful they will ever do another loan with you again.
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04-03-2020, 12:28 PM #2
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04-03-2020, 12:34 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
Do a search for SBA Form 159D - Read, Comprehend and make your own decision.
For Agent Services In Connection With an SBA Disaster Assistance LoanDave 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
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04-03-2020, 01:16 PM #4
- Join Date
- Oct 2016
- Posts
- 4,318
That’s the thing, trying to get one of these placed with a lender that they don’t have both a banking and lending relationship with is going to be nearly impossible. And brokers who do have the connects have been told we aren’t supposed to charge a packaging and placement fee to do it. Where does that leave the borrower? **** out of luck.
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04-02-2020, 05:36 PM #5
its now 1% interest rate per mnuchin, and if they run out of money they will go back to congress for more
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04-02-2020, 06:21 PM #6
- Join Date
- Oct 2016
- Posts
- 4,318
They will run out of money within weeks. The PPP will be renewed 3-4 times this year. But each time the process will become more difficult as borrowers use funds for other things than payroll. Many will say, "I've got to pay my suppliers who are breathing down my neck, along with other creditors, while also paying for other operating costs." Many will simply opt to use 25% of the funds for other uses not allowed by the PPP and settle for only having 75% of the loan forgiven.
Example: you're going to have nail salon owners collect on these funds for "payroll" but the shop isn't even going to be open in many areas that have "shelter in place". But that owner still is going to have liabilities. Sure, they may take this money and be the awesome owner and pay for their employees pay while the employees sit at home. But how many are going to use the money for bills other than PPP outlined uses? I would imagine many.
But here's the catch, once they use a single nickel outside the PPP guidelines, how many will then find themselves ****ed over for the next round of PPP that will happen in two months, after they're deemed ineligible for using funds outside the uses outlined? It will be interesting to see if there is an immediate verification process needed to renew for the next round.
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04-02-2020, 05:47 PM #7
- Join Date
- Oct 2019
- Posts
- 49
There is nothing scumbag about it, I stand on that. I have hired a third party (accountant) to collect the documents required so happens they are sending their existing clients they do payroll for.
They have collected 35 merchant's data documents. They do not do it for free. They charge their clients a fee for the service. They Get it to me and I have everything ready to submit their loan. I DO NOT CHARGE THEM FEE TO HELP THEM SUBMIT THEIR LOANS nor do i get anything from the accountant service I just want the LEAD if you will.
Educate yourself in the differences of the services before childish name calling.
YOU CANNOT CHARGE FOR THE PPP SERVICE. scumbag boomerang.
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04-02-2020, 06:39 PM #8
- Join Date
- Apr 2020
- Location
- Broomall, PA
- Posts
- 123
One large bank near me where I know the Director of Business Lending said they process over 180,000 loans per year and they are expecting 100,000 applications in one week. It will be a total log jam. So many people are relying on it actually happening too. If 20% of total applicants get funded, I will be shocked.
Stefan Bernarsky
CIO
Kanjorski Partners LLC
570-862-7279 call or text
www.kanjorskipartners.com/refinance
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04-03-2020, 04:18 PM #9
- Join Date
- Jan 2020
- Posts
- 27
I would like to speak with you regarding the number of loans you mentioned being processed. I am with MoneyThumb and we automatically convert PDF statements for loan processing and underwriting. They are done completely in a matter of seconds with full reconciliation and score cards. Is this something we can talk about?
Don Campbell
don@moneythumb.com
858-215-5862
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04-02-2020, 06:55 PM #10
- Join Date
- Jun 2019
- Posts
- 196
This whole operation sounds like a cluste**** waiting to happen. The SBA already is slow and ineffecient. They simply dont have the manpower to do this. Many businesses wont qualify, and the ones that do will be so backed up it will take weeks or months before they get the money. I cant even imagime how many businesses will be closed for good.
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04-02-2020, 07:32 PM #11
- Join Date
- Aug 2016
- Posts
- 486
There is some great info and perspectives in this thread. Much appreciated!
I wonder why there are not more merchants here on this forum learning about all these various things. A google search brought me here years ago when I 1st was trying to understand what a cash advance was and how it works, after my credit card processor told me I had been "Pre-Qualified" for a unsecured working capital advance.
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04-02-2020, 07:44 PM #12
- Join Date
- Apr 2014
- Posts
- 781
Its 2.5 times the average monthly payroll is loan amount. My initial info was no credit score was being used. Key part is 2.5x the employee payroll...most loan amounts will be 50k or less i think.
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04-02-2020, 08:20 PM #13
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
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04-02-2020, 09:09 PM #14
- Join Date
- Oct 2016
- Posts
- 4,318
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04-02-2020, 11:36 PM #15
- Join Date
- Oct 2016
- Posts
- 4,318
Reality check:
“JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered: It emailed customers late Thursday to say the company “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.“
https://www.cnbc.com/2020/04/02/jpmo...-guidance.html
NBC news is saying that every bank they talked to say they are not ready to do this tomorrow.
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04-03-2020, 08:25 AM #16
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-03-2020, 09:05 AM #17
- Join Date
- Jan 2020
- Location
- New York, NY
- Posts
- 102
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04-03-2020, 09:16 AM #18
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04-03-2020, 09:24 AM #19
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-03-2020, 09:58 AM #20
bank of america is up and running now. the program end june 30th, so no, they will figure this out in the couple of days then do big media push on cnbc with cramer kissing trump and mnuchins ass saying what a great program this is that business owners already got funds.
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04-03-2020, 10:06 AM #21
- Join Date
- Aug 2016
- Posts
- 486
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04-13-2020, 12:10 PM #22
So as I Said, 2-3 weeks worse case businesses started seeing their money. There are people saying so in the FB group - 'CARES Act SBA Loan Insight Hub' and heres a link https://www.cbsnews.com/news/paychec...wing-loan-sba/
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04-13-2020, 12:16 PM #23
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-13-2020, 02:16 PM #24
I specifically was addressing your statement that business owners would be lucky if they got money by June, i said within couple weeks, you were wayyy off. We know its only a few, but that wasnt the point. There were always issues, but as Mark Cuban said this morning and as i mentioned, the banks were much of the problem although SBA had their own.
FB posts arent valid?? lol they are from business owners but i guess DF posts are?? makes sense.
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04-13-2020, 01:29 PM #25
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
If you want info directly from the SBA, since you do not appear to want to listen to others on this Forum,
sign up for the SBA Updates - http://www.sba.gov/updates
You will receive email updates, plus invitations
to the SBA Small business Recovery Webinars - I'm assuming they are holding these events in different regions of the USADave 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
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