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04-01-2020, 12:16 PM #1
- Join Date
- Feb 2017
- Posts
- 157
It says on the link you provided:
"Neither the government nor lenders will charge small businesses any fees."PDM Capital
39 Broadway
New York, NY 10006
646-876-1055
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04-09-2020, 04:24 PM #2
- Join Date
- Jun 2017
- Posts
- 2,049
Goverment or Lender....Doesn't say anything about Document Preparation/Brokers.
I know a guy who made MILLIONS AND MILLIONS on Student Loan Deferment, Yes the Government didn't charge anything to Apply, But he would charge $300 Bucks to Complete/File your Paperwork.
Tax Preparation - Same thing.
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04-09-2020, 04:37 PM #3
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
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04-09-2020, 08:24 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,943
Regarding PPP - a business owner more than likely go their CPA/Accountant/Bookkeeper to provide the SBA Bank with payroll documents etc.
But if you think you want to play the game of "Document Preparation/Broker download, read & understand
SBA Form 159D - FEE DISCLOSURE FORM AND COMPENSATION AGREEMENT
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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04-10-2020, 09:44 AM #5
- Join Date
- Jul 2016
- Posts
- 8
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04-10-2020, 11:43 AM #6
- Join Date
- Jun 2017
- Posts
- 2,049
Technically your not Charging a Fee on the LOAN
Your Charging a Service Fee to FILE the PAPERWORK in ORDER TO APPLY for the LOAN....
Im not a Lawyer.... But I could make a case.....
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04-10-2020, 11:50 AM #7
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,943
Fees
Murky Waters - Keep in mind the merchant is applying for a "Loan" - Let's assume for a moment you are correct,
and you change the maximum $2500.00 fee that is allegedly allowed on the SBA Form 159D - Merchant is declined - then what?
Also IMO - there are a few land mines in the agreement.
https://disasterloan.sba.gov/ela/Documents/Fee_Disclosure_Form_and_Compensation_Agreement_(15 9D).aspxDave 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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04-10-2020, 11:58 AM #8
- Join Date
- Jun 2017
- Posts
- 2,049
Whose to say the Fee I am charging is limited just to that specific program??????
I've had "Brokers" Charge massive upfront Fee's then shop the merchants file to me, and i get them an MCA (this happens alot in the asian community for some reason)
If Im charging an Upfront Service Fee - Whatever you want to call it, to Capture that Customer, then shopping their file SBA, LOC, MCA Whatever...... all I'm saying is.....IT HAS BEEN DONE.
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04-10-2020, 12:02 PM #9
- Join Date
- Jun 2017
- Posts
- 2,049
Also If your Agreement makes it clear your Fee is for Document Preparation and Filing and ETC ETC and is Paid upfront and has nothing to do with them being Approved or not. Its just like the example I used above with the Student Loan Deferment - Yea you can Apply yourself, and hopefully it works out, or you can pay our fee and let us handle it for you.
And if your charging more than $2,500 thats ridiculous anywayLast edited by ryan $; 04-10-2020 at 12:08 PM.
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