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04-06-2020, 06:18 PM #1
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- Aug 2016
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- 486
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.
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04-06-2020, 06:30 PM #2
- Join Date
- Oct 2016
- Posts
- 4,318
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.
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04-07-2020, 09:30 AM #3
- Join Date
- May 2018
- Posts
- 70
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.
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04-06-2020, 06:41 PM #4
- Join Date
- Oct 2016
- Posts
- 4,318
This is reality:
https://www.cnbc.com/2020/04/06/stam...ding-cash.html
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04-06-2020, 08:31 PM #5
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
So Kabbage is accepting applications, but cannot yet fund. Anyone have any insight on what they are doing with those apps?
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04-07-2020, 12:00 PM #6
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- Jun 2015
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- 3,322
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04-07-2020, 12:07 PM #7
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- Oct 2016
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- 4,318
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04-07-2020, 12:10 PM #8
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- Jun 2015
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- 3,322
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04-07-2020, 12:11 PM #9
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- Oct 2016
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- 4,318
“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”
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04-07-2020, 12:45 PM #10
- Join Date
- Feb 2018
- Posts
- 1,349
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.
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04-07-2020, 12:53 PM #11
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
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.
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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04-07-2020, 12:56 PM #12
- Join Date
- Sep 2014
- Posts
- 55
What agencies?
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04-07-2020, 12:58 PM #13
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
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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04-07-2020, 02:21 PM #14
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- Sep 2014
- Posts
- 55
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04-07-2020, 12:59 PM #15
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- Aug 2016
- Posts
- 486
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.
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04-07-2020, 01:01 PM #16
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
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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04-07-2020, 01:06 PM #17
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- Aug 2016
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- 486
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04-07-2020, 01:08 PM #18
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- Oct 2016
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04-07-2020, 01:19 PM #19
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- Mar 2015
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- Boynton Beach
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- 3,484
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.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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04-07-2020, 01:29 PM #20
- Join Date
- Aug 2016
- Posts
- 486
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.
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04-07-2020, 01:49 PM #21
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
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.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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04-11-2020, 08:00 AM #22
- Join Date
- Aug 2016
- Posts
- 486
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.
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04-11-2020, 11:31 AM #23
- Join Date
- Nov 2018
- Posts
- 24
LOL the same guy asking how to default if things get "bad enough" has offshore bank accounts and is levering up on day trades.
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04-11-2020, 08:28 AM #24
- Join Date
- Aug 2016
- Posts
- 486
"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.Last edited by Winning; 04-11-2020 at 12:37 PM.
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04-07-2020, 01:58 PM #25
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,950
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.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
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