Results 201 to 225 of 232
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04-13-2020, 02:05 PM #201
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- Mar 2015
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- Boynton Beach
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- 3,493
Why spend time reviewing what the SBA or a bank has to say when you can get all the intel from Facebook posts......Holy Smokes!
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 #202
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, 02:22 PM #203
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- Mar 2015
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- Boynton Beach
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- 3,493
Chris,
The amount that has actually funded vs. what has been applied for is VERY low, but you would know this from listening to the news and checking Facebook. How about actually listening to someone that actually works for a bank and talks to bankers all day. The process is onerous for the business owners and the banks. The amount that has actually funded is small compared to applications most BANKS have received.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, 02:28 PM #204
- Join Date
- Feb 2018
- Posts
- 1,349
everyone thought this was an easy customer grab money maker and didn't think it thru. nothing that is gov related is ever easy or fast. this was expected and anyone who thought it was a flip of switch and $350b would be deployed was in denial.
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04-13-2020, 02:45 PM #205
You were wrong on the timing by almost 2 months, so your experience and value of listening to other bankers didnt mean much on the timing. Other points you have are valid, but as i listened very carefully to the lawmaker who made the law, the Tres Secty as he announced the rollout, i knew the timing of funds to be disbursed wasnt gonna take 2 months. Very simple point. not even arguing the fees or guarantees, customer acquisition, etc...
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04-13-2020, 02:49 PM #206
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- Mar 2015
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- Boynton Beach
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- 3,493
Chris,
I am not wrong about the timing of this. Less than 5% of those that have applied have received any funds. Hell some banks have just received an allocation of what has been accepted this morning....NOT FUNDED! What part of this do you NOT understand? It will be weeks for the majority of applicants to receive funds.
KHKevin 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, 02:54 PM #207
- Join Date
- Oct 2016
- Posts
- 4,318
You’re right. I’d bet that roughly 5% of applicants have seen funding from the PPP. Many of these were for companies that really didn’t even need the money, but were well-connected or had great relationship with banker. The businesses that really need them aren’t getting them. For many, it’s already too late.
PPP in theory will help stem some of the job losses (or already delay them). 7(a)s are where it’s at. That’s the only way to get real help to survive the next 18 months of massive recession.
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04-13-2020, 03:06 PM #208
- 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, 03:32 PM #209
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
To hitch hike on a few of the posts on this Forum - I just completed the latest 2 hour SBA Webinar .
As of Thursday 04-09-2020, within the Southeast Region $1.3 Billion has been "Approved" between the EIDL and PPP
Program. Much of those funds have not been dispersed.
Of all the merchants that called in with questions, 1 (One) Merchant indicated he actualy recieved $10,000 (EIDL) from a $15,000 approval. He was unclear when the other $5K may be deposited into his account.
Many Banks still do not have clear regulations, rules from Treasury regarding AML, FinCen.
Numerous unanswered questions regarding PPP.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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04-13-2020, 03:40 PM #210
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- Oct 2016
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- 4,318
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04-13-2020, 04:49 PM #211
- Join Date
- Apr 2015
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- Louisiana
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- 299
Here is a good link Mark Cuban shared on LinkedIn - https://www.covidloantracker.com/
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04-13-2020, 08:19 PM #212
- Join Date
- Aug 2014
- Posts
- 194
The $1200 stimulus checks are just now rolling out, some won't see those until August and you think the Govt will deploy the $350B in weeks, not a chance. Anything the Govt touches is a mess, "those who can't, work in the govt" we will all see this now.
Last edited by MCA; 04-13-2020 at 08:22 PM.
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04-13-2020, 10:05 PM #213
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- Mar 2014
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- Florida
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- 2,976
False Claims Act Liability - another issue facing banks.
https://www.manatt.com/Insights/News...rs-ParticipatiDave 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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04-14-2020, 07:12 AM #214
- 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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04-14-2020, 01:11 PM #215
checks in the mail yes could take extra time but i already got my $1200 yesterday. Also, those without bank accounts linked to the IRS can update that in the next few days.
Oh and Chase says they Sent 9.3 billion already for PPP
https://www.washingtonpost.com/busin...s-coronavirus/Last edited by cmarks; 04-14-2020 at 01:14 PM.
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04-14-2020, 01:23 PM #216
- Join Date
- Apr 2013
- Location
- Basalt CO
- Posts
- 867
I have been banking with Wells for 28 years, they hold all my money. They were worthless concerning the PPP program. They are still sending me emails stating that i can not apply because they are too backed up.
I applied with a local bank that specializes in SBA loans. They did my app on Friday. And i was declined yesterday. So at least i know i dont qualify since i am in the brokering and funding of small business loans.
Anyway my point is that the small regional bank had their **** together where as wells was worthless.
On another note i was working with a document prep company (as in selling their product) that was charging $2500 up front to prepare and submit SBA docs for the PPP, the grant and the disaster relief program. I did that for 2 days. I thought it was shady as **** an was taking advantage of people. So I stopped.I put my contact info in here, and
was bombarded with spam from funders
if you need to reach me PM me
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04-14-2020, 01:26 PM #217
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- Mar 2015
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- Boynton Beach
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- 3,493
I like the way Chris jumps into the forum with bad information an then runs away...... The $1200 was part of the personal stimulus those who qualify will receive by wire if they are set up with the IRS or check which will take much longer. I am not eligible for the personal stimulus. Chase has processed and sent less than 30% of loans that have applied. When will the other 70% that have applied get their funds. Probably sometime after the next round of stimulus is approved. Good to see some folks have received some funds personally and for some businesses, but this again is throwing a deck chair off the Queen Mary.
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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04-14-2020, 01:29 PM #218
- Join Date
- Mar 2015
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- Boynton Beach
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- 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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04-14-2020, 01:59 PM #219
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- Oct 2016
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- 4,318
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04-14-2020, 02:05 PM #220
- Join Date
- Mar 2015
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- Boynton Beach
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- 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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04-14-2020, 02:05 PM #221
- Join Date
- Oct 2016
- Posts
- 4,318
The value with doc prep companies is on 7(a)s. The EIDL and PPP don’t require much help other than finding banks that will process the PPPs. But charging for PPPs may be illegal. EIDLs can be charged, but really: for what? The 7(a)s are a whole different ballgame. Doc prep matters there, along with being able to place with 7(a) lenders.
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04-14-2020, 02:10 PM #222
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- Oct 2016
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04-14-2020, 02:12 PM #223
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- Oct 2016
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04-14-2020, 03:11 PM #224
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- Jul 2015
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- 1,202
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04-14-2020, 03:42 PM #225
- Join Date
- Jun 2015
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- 22
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