[Winning]

Add me to the list!

I submitted for PPP and the EIDL.. Figure I would go ahead and get in line and see what comes, and once the offers/approvals are in front of me decide if I will take them or not... I am not expecting anything any time soon , if ever from these 2 programs.. I have no confidence in this process, but I am interested to go through it so I can learn more about it. I actually have more confidence in Paypal doing something for me way faster and not "too" expensive.

[WestCoastFunding]

Add me to the list!

I submitted for PPP and the EIDL.. Figure I would go ahead and get in line and see what comes, and once the offers/approvals are in front of me decide if I will take them or not... I am not expecting anything any time soon , if ever from these 2 programs.. I have no confidence in this process, but I am interested to go through it so I can learn more about it. I actually have more confidence in Paypal doing something for me way faster and not "too" expensive.

I’ve had clients get amazing offers from EIDL but they started the first day and they won’t see funds for another month (both offered $500k over 30 years at 3.75% with ability to get up to $2,000,000). The 500k can be done in 4 weeks or they could opt for $2,000,000 in 7 weeks. One was extremely profitable, the other is slightly profitable (but after some revisions will probably file returns with small net losses in 2019). Because of that they’ll probably go with the $500K in 4 weeks. But that’s about it for the EIDL. Seen hundreds still waiting for response.

[StealMyDeal]

I’ve had clients get amazing offers from EIDL but they started the first day and they won’t see funds for another month (both offered $500k over 30 years at 3.75% with ability to get up to $2,000,000). The 500k can be done in 4 weeks or they could opt for $2,000,000 in 7 weeks. One was extremely profitable, the other is slightly profitable (but after some revisions will probably file returns with small net losses in 2019). Because of that they’ll probably go with the $500K in 4 weeks. But that’s about it for the EIDL. Seen hundreds still waiting for response.

Hey West, if a business submits the EIDL application directly through the SBA website, who processes that loan application? The SBA itself? When and how is the business notified of the results or any updates? We submitted several last week and haven't seen anything yet.

[WestCoastFunding]

This is reality:

https://www.cnbc.com/2020/04/06/stam...ding-cash.html

[Christian]

So Kabbage is accepting applications, but cannot yet fund. Anyone have any insight on what they are doing with those apps?

[Michael I]

https://finance.yahoo.com/news/night...132110725.html

[WestCoastFunding]

https://finance.yahoo.com/news/night...132110725.html

This should work now that the Fed may get involved but still won’t be up and running for days. Overall the program is a nightmare. It wouldn’t shock me if we found out not a single dollar was given to PPP applicants yesterday.

[Michael I]

This should work now that the Fed may get involved but still won’t be up and running for days. Overall the program is a nightmare. It wouldn’t shock me if we found out not a single dollar was given to PPP applicants yesterday.

but also all banks already at capacity .Even for myself i am rethinking if i applied with the correct bank or my app will be in limbo forever

[WestCoastFunding]

https://finance.yahoo.com/news/night...132110725.html

“President Trump highlighted the PPP in his coronavirus task force press conference on Monday evening: “It's really been performing well,” he said. “A couple of little glitches. Minor glitches that have already been taken care of.” He did add that the administration will likely have to add more money to the PPP package.“

Smh. “A couple little glitches”

[fundingsmbs]

there is noway anyone is doing this in our space for free. i saw one major marketplace company post they were hiring 200 temps. that would not be done if there wasn't a financial incentive. it absolutely is a customer grab opportunity which there is nothing wrong with that aspect of it.

[Kevin Henry-Seacoast]

there is noway anyone is doing this in our space for free. i saw one major marketplace company post they were hiring 200 temps. that would not be done if there wasn't a financial incentive. it absolutely is a customer grab opportunity which there is nothing wrong with that aspect of it.

All eyes are watching this process. If anyone is stepping into this business as an information grab and not actually helping the client with the program intended, they will go down very hard and very fast. A lot of agencies have been tasked to watch this process and everything related to the process.

[Fly]

What agencies?

[Kevin Henry-Seacoast]

What agencies?

Do something stupid and you will quickly find out.

[Fly]

Do something stupid and you will quickly find out.

You still haven't named 1? I don't plan on doing ****, but to think there is any oversight right now on this seems silly. The SBA and Treasury haven't even gotten their act together yet.

[Winning]

Based on what I have personally experienced with PayPal vs other lending institutions, I feel as if PayPal should get involved with this. I think they have the know how to make the process efficient and as painless as it can be.. As a merchant,I have never dealt with a better lending company. They were the cheapest, fastest, and have provided excellent support. I would think they could do the same with the PPP system.

[Kevin Henry-Seacoast]

Based on what I have personally experienced with PayPal vs other lending institutions, I feel as if PayPal should get involved with this. I think they have the know how to make the process efficient and as painless as it can be.. As a merchant,I have never dealt with a better lending company. They were the cheapest, fastest, and have provided excellent support. I would think they could do the same with the PPP system.

They are not set up for it an neither are a lot of fintech companies. First and foremost, you need depository capabilities which most fintech companies do not have. They would have to partner with a bank that does.....

[Winning]

They are not set up for it an neither are a lot of fintech companies. First and foremost, you need depository capabilities which most fintech companies do not have. They would have to partner with a bank that does.....

Is it possible for any of that to change?

A month ago there was no unemployment insurance for 1099'ers, now there is. IJS...

[WestCoastFunding]

Based on what I have personally experienced with PayPal vs other lending institutions, I feel as if PayPal should get involved with this. I think they have the know how to make the process efficient and as painless as it can be.. As a merchant,I have never dealt with a better lending company. They were the cheapest, fastest, and have provided excellent support. I would think they could do the same with the PPP system.

PayPal will absolutely end up doing these.

[Kevin Henry-Seacoast]

PayPal will absolutely end up doing these.

They need to establish a depository capability and it's not that easy. Since funds are "backed" by the Feds, they will also need to make sure compliance is super tight. Hence the reason it is easier for the banks to do this or act as agent.

Some fintechs might have a great front end to help process, but getting someone to partner with right now is close to impossible.

And let's not forget..... the juice is not worth the squeeze.

[Winning]

They need to establish a depository capability and it's not that easy. Since funds are "backed" by the Feds, they will also need to make sure compliance is super tight. Hence the reason it is easier for the banks to do this or act as agent.

Some fintechs might have a great front end to help process, but getting someone to partner with right now is close to impossible.

And let's not forget..... the juice is not worth the squeeze.

Again... I ask why?

I don't understand a lot of the behind the scenes inter working of how this usually works.. But maybe the way it usually works is broken.

Perhaps things are about to change..

Similar to way 9/11 created the patriot act and all types of things changed.

[Kevin Henry-Seacoast]

Again... I ask why?

I don't understand a lot of the behind the scenes inter working of how this usually works.. But maybe the way it usually works is broken.

Perhaps things are about to change..

Similar to way 9/11 created the patriot act and all types of things changed.

These are essentially emergency loans that are "backed" by the FEDS and sponsored by the FEDS. That being said, they will want to insure the funds are being used for purposes intended. Having the ability to agent, principal, service the loan is one thing. You will have to have the ability to track where the funds went. Having depository capability that can track where funds are going is a must. I would not b surprised if some banks require a separate bank account be sent up just to track funds from the programs to insure funds are being used as intended.

There more to this than just deploying or acting as agent for the loans.

[Winning]

They need to establish a depository capability and it's not that easy. Since funds are "backed" by the Feds, they will also need to make sure compliance is super tight. Hence the reason it is easier for the banks to do this or act as agent.

Some fintechs might have a great front end to help process, but getting someone to partner with right now is close to impossible.

And let's not forget..... the juice is not worth the squeeze.

I knew it that this would be a perfect fit for PayPal! Laws and regulations were made by people and can be changed by people. Short term "the juice is not worth the squeeze". But long term, these Fintech companies are about to Checkmate the Banks.

Damn, this coronavirus is really changing the landscape! This is crazy exciting times we living in and witnessing.... Madonaa called it when she said "Coronavirus is the great equaliser"..

PayPal, Intuit QuickBooks approved to hand out emergency funds to small businesses in coronavirus program

https://www.cnbc.com/2020/04/11/payp...ness-loan.html

After weeks of lobbying, fintech companies are officially allowed to take part in the*U.S.government’s emergency lending program.*

Financial Innovation Now*— an industry group representing Square, PayPal, Intuit, Stripe and other non-bank finance companies — sent a letter to Congress in March asking that their members be included in any emergency funding.

“Small businesses are not well served by traditional financial institutions, nor will existing federal small business loan programs deliver funds soon enough,” the letter reads. “Any federal small business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need.”

PayPal said it has provided access to more than 900,000 loans and cash advances, and access to more than $15 billion in funding to more than 305,000 small businesses.*

https://www.cnbc.com/2020/04/11/payp...ness-loan.html

On another note...
I can't wait to day trade the stock market on Monday! I feel really good about this! If you are on shelter in place and have time on your hands please look into doing some daytrading.. My gains have be crazy over the last 2 weeks!. Td ameritrade is free to setup an account, and free to trade, but you will be subject to FINRA PDT rules .. If you want to leverage your money up to 6 times and not be govered by the Finra PDT rules you have to setup an offshore account, but that is really simple and not as scary as it sounds.

[budlightboy]

LOL the same guy asking how to default if things get "bad enough" has offshore bank accounts and is levering up on day trades.

[Winning]

PayPal will absolutely end up doing these.

"Who are you?" "I'm BATMAN!"

Hmmmmm.....

When I 1st mentioned PayPal being a perfect fit to do this you immediately co-signed and stated they will be doing this, like you knew the future....

Perhaps you are privi to some inside info, or you know the future.. Either way, I will be paying even more attention to your commentary.

[Yankeeman07]

Take the time to listen in on the SBA Webinars - go to http://www.sba.gov/updates - you will then receive notification when the webinars are being held. Very Informative and you will learn the reasons behind the ***cluster

I'm listening as I'm wring this post. Every day, the delays are increasing -

IMO - do not listen to any posts that claim that companies or banks are funding.