[Christian]

I believe PayPal already has depository capability. They issue debit cards.

[fundingsmbs]

why .50% commissions? $350k and under is 1% did you just make someone $8gs

[inacio]

why .50% commissions? $350k and under is 1% did you just make someone $8gs

Heres the Structure
$350k or less = 0.50%
$350K - $2 million = 0.25%
$2 million + = $0.125%
they are just sharing 50% of what they get. Some might say not worth it, to me it is.
Most of my deals are below $350K so ill fall under the 0.50%

I anticipate to write up $2 - 2.5 million in volume each month April & May 20-25 deals per month = majority from referrals & my existing merchants. maybe less maybe more. Lets get to work.

In addition in still working on MCA.
Lots of things can happen, i see a great opportunity

[Christian]

https://apnews.com/Business%20Wire/a...1a4c360579a9cc

[Kevin Henry-Seacoast]

https://apnews.com/Business%20Wire/a...1a4c360579a9cc

Yep, that's great. And much like every other fintech company there is little to no place to go with the applications.

[WestCoastFunding]

https://apnews.com/Business%20Wire/a...1a4c360579a9cc

It’s actually a whole lot of nothing. They’ve partnered with Resource bank (a bank that just isn’t doing these right now). Nothing is happening with PPPs until the Federal Reserve becomes the lender. I say let the Fed lend, and use the fintech guys to underwrite. Let the banks get back to doing 7(a)s.

[Kevin Henry-Seacoast]

It’s actually a whole lot of nothing. They’ve partnered with Resource bank (a bank that just isn’t doing these right now). Nothing is happening with PPPs until the Federal Reserve becomes the lender. I say let the Fed lend, and use the fintech guys to underwrite. Let the banks get back to doing 7(a)s.

The Fed is never and should never do that....they are just not set up to monitor the back-end to insure the funds go to the right place. The thought of having fintech help in the process might help, but they are not set up to handle the back-en either. If this occurs, the funds the fed is putting up will certainly disappear.

You need to have separate bank accounts set up to insure the money is being used as intended. Co-Mingling funds would be a disaster.

[WestCoastFunding]

The Fed is never and should never do that....they are just not set up to monitor the back-end to insure the funds go to the right place. The thought of having fintech help in the process might help, but they are not set up to handle the back-en either. If this occurs, the funds the fed is putting up will certainly disappear.

You need to have separate bank accounts set up to insure the money is being used as intended. Co-Mingling funds would be a disaster.

Right now the commingling of funds can’t matter. It has to be the speed of getting the cash out there and worry about oversight later. Let there be huge losses. Let there be waste. We are going to see a $5T hit to the economy. Getting cash out to these companies can’t be help up any longer.

[Kevin Henry-Seacoast]

Right now the commingling of funds can’t matter. It has to be the speed of getting the cash out there and worry about oversight later. Let there be huge losses. Let there be waste. We are going to see a $5T hit to the economy. Getting cash out to these companies can’t be help up any longer.

But, the trouble with this is you put the responsibility on the bank's back. If the money does not go where it was intended, you can cool believe the Feds are not backing the loan if it fails. We need to get the money out to the businesses quickly, but it needs to be done the right way.

No way in hell the Feds are eating a loss if the money is not used for purposes intended.

[Winning]

Please keep in mind the important fact that the fed can print unlimited money.. what does it matter if some funds go to the wrong place and is misused if they can hold off a complete collapse.

Long term the value of our fiat currency will take a hit, as more people wake up but that is an entirely diffrent conversation regarding currency manipulation, the gold standard, bitcoin, fiat currency, and the old world bartering and trading system.

[Kevin Henry-Seacoast]

Please keep in mind the important fact that the fed can print unlimited money.. what does it matter if some funds go to the wrong place and is misused if they can hold off a complete collapse.

Long term the value of our fiat currency will take a hit, as more people wake up but that is an entirely diffrent conversation regarding currency manipulation, the gold standard, bitcoin, fiat currency, and the old world bartering and trading system.

Somehow, Someway.... someone has to PAY for printing money. If we keep printing money because "oh well...the funds were not used properly" we will have much larger issues.

[WestCoastFunding]

Somehow, Someway.... someone has to PAY for printing money. If we keep printing money because "oh well...the funds were not used properly" we will have much larger issues.

When facing a sudden stop in the economy, “waste fraud and abuse” doesn’t even matter. I could see 30% of the businesses evaporating next Friday. ****, that’s probably a conservative estimate. When facing a sudden stop and deflation like we’ve never had in history you’ve literally got to throw dollars at the problem. You worry about hyper-inflation when things are somewhat stabilized.

The way I view it, the patient (US economy) is having a massive heart attack, and the rescue as of right now is equivalent of having the doctors arguing about what lightbulbs should be used in the ER to make sure the hospital captures $5 that year in energy efficiency savings.

[Kevin Henry-Seacoast]

When facing a sudden stop in the economy, “waste fraud and abuse” doesn’t even matter. I could see 30% of the businesses evaporating next Friday. ****, that’s probably a conservative estimate. When facing a sudden stop and deflation like we’ve never had in history you’ve literally got to throw dollars at the problem. You worry about hyper-inflation when things are somewhat stabilized.

The way I view it, the patient (US economy) is having a massive heart attack, and the rescue as of right now is equivalent of having the doctors arguing about what lightbulbs should be used in the ER to make sure the hospital captures $5 that year in energy efficiency savings.

I agree somewhat, but you need to have the right doctors in the room. If the goal is to float the payroll ....then float the payroll. It's a hell of a lot easier than making these small business apply for the funds for payroll through banks. Also.....they don't have to float the payroll all at once. They can do so on a regular basis for the next several months. Keep in mind, most business owners are on the same payroll.

[Winning]

Somehow, Someway.... someone has to PAY for printing money. If we keep printing money because "oh well...the funds were not used properly" we will have much larger issues.

And therein lies the rub of fiat currency. There a circles of people that have been preaching what you are saying for decades.

[Kevin Henry-Seacoast]

I thought on what SHOULD have been done.....

If the goal is for the Fed to float payroll for small businesses then do just that. Most small businesses are using a payroll service and if not would be required to join to obtain the stimulus. The business owner files a payroll report to the fed and which service they are using. if the business qualifies the payroll is funded on a regular basis through the bushiness's payroll service. These payroll services like ADP would be required to process the Fed payrolls for a large reduced rate and off-set with a tax credit. Problem solved....the money goes to the right place on a regular basis.

For business relief, small businesses would be required to apply through a bank for a smaller about of funding to help with other business expenses other than payroll. They would be qualified institutions that can quickly open separate business account for the relief funds so they can be dispersed and tracked.

KH

[fundingsmbs]

the fact that the gov has to float payroll in itself is troubling. Q2 is going to be a very bad Qtr and many are praying they make up for it with fees on the PPP

[Winning]

Something just crossed my mine... Similar to the way they are doing unemployment benefits. Maybe they can use a similar method with the Sales Tax info.... When I submit my monthly sales tax report, I have to tell them the Gross revenue, then I also tell them how much revenue was taxable... So that means they have a snapshot of how much money my business normal brings in.. Maybe if they would use that info to determine how the virus has impacted your business to then give funds to compensate for the difference in gross revenue..

PRE Corona monthly revenue $50,000

POST Corna monthly revenue $1,000.

Some kind of way they use that info to determine how much help each business needs.

As gross revenue increases the help is rolled back.

[golf2014]

The amount of income taxes and sales tax hits will be mind blowing. Us postal service will be insolvent without money by September. The us govt doesnt have the means to worry about businesses not using the money properly.

[Kevin Henry-Seacoast]

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!

[fundingsmbs]

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.

[Kevin Henry-Seacoast]

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.

KH

[WestCoastFunding]

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.

KH

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.

[Kevin Henry-Seacoast]

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.

Bank in the South East: Over the last 3 weeks they have received and submitted applications in excess of $600Mil. They have received an allocation notice that less than 20% of the funds have been allocated....NOTHING funded.

[Yankeeman07]

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.

[WestCoastFunding]

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.

Thanks, Dave. The data tells the story.