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04-03-2020, 11:03 AM #1
SO first this is like nothing in our lifetime. second the government is not deploying the funds, the 100s of approved lenders and banks are. 3rd, yes im skeptical since BofA already said they have 10k apps, but its first come first serve. First ones will get money relatively quickly and last ones will be SOL.
This isnt FEMA or SBA processing. The longer wait will be on back end to get the loans forgiven and how business owners go about proving they use money correctly.Last edited by cmarks; 04-03-2020 at 11:06 AM.
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04-03-2020, 11:42 AM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
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- 3,477
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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04-03-2020, 11:51 AM #3
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04-03-2020, 11:58 AM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,477
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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04-03-2020, 12:04 PM #5
- Join Date
- Oct 2016
- Posts
- 4,318
It seems that BofA will only process PPPs for existing clients who have both a business banking account AND a loan with BofA:
“Eligible clients who plan to apply for the Paycheck Protection Program loan should be aware of the following important items:
You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020.”
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04-03-2020, 12:09 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,477
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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04-03-2020, 12:15 PM #7
- Join Date
- Aug 2016
- Posts
- 486
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04-03-2020, 12:16 PM #8
- Join Date
- Oct 2016
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04-03-2020, 11:59 AM #9
- Join Date
- Apr 2014
- Posts
- 781
Got off the phone with the bank..its a mess. If the loan is forgivable to merchant the bank doesnt get reimbursed unless it goes on the balance sheet.
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04-03-2020, 12:12 PM #10
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