[PDM Cap]

It says on the link you provided:

"Neither the government nor lenders will charge small businesses any fees."

[ryan $]

It says on the link you provided:

"Neither the government nor lenders will charge small businesses any fees."

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.

[Steven_O]

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.

Same here... I knew a few. Same model, different industries/services.

[Yankeeman07]

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.

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 Loan

[CaliFan]

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 Loan

It is against the law to charge any additional fees on these loans as the SBA has disclosed, and the SBA has already provided the broker spread on commission. This is a non-issue.

[ryan $]

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.....

[Yankeeman07]

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).aspx

[ryan $]

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).aspx

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.

[ryan $]

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).aspx

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 anyway