[fundingsmbs]

lots of apps, not a alot of fundings going on. there are still many things being worked out behind the scenes. it's almost as though this program was a rough draft, and, now it's being ironed out. also, each bank will hit capacity at some point. the way i understand it is, the SBA lenders (depository banks) have to carry these loans on their balance sheets at 1% with customers who aren't even open and operating. it sounds like that is being worked out as well. the non depository companies (fintechs) are going to have a diff application. however, i think the main question here is how to get paid for PPPs and the answer is, many will not be paying to process apps.

i also believe the companies with massive databases will direct market PPP's now and the broker will be left without any opportunities for it.

[Christian]

lots of apps, not a alot of fundings going on. there are still many things being worked out behind the scenes. it's almost as though this program was a rough draft, and, now it's being ironed out. also, each bank will hit capacity at some point. the way i understand it is, the SBA lenders (depository banks) have to carry these loans on their balance sheets at 1% with customers who aren't even open and operating. it sounds like that is being worked out as well. the non depository companies (fintechs) are going to have a diff application. however, i think the main question here is how to get paid for PPPs and the answer is, many will not be paying to process apps.

i also believe the companies with massive databases will direct market PPP's now and the broker will be left without any opportunities for it.

Ready, fire, aim

[WestCoastFunding]

As many of you likely know, SmartBiz notified their ISOs that all applications in their 7a portal would be processed as PPPs. A few days after that they sent guidance that their funding banks are servicing their existing clients first and they really don't know when (if?) they will get around to funding smartbiz clients. My problem is that I have sent 45 clients to them since Thursday. Does anyone have a source we could cobroker thru to cherry pick the best of my 45 clients? These deals are fresh and I feel like if I wait for Smartbiz, they will go elsewhere.

Real talk, if you aren’t being handled by your bank, there’s a 99.9999% chance they aren’t moving through the system as of today. I’ll say this again: lenders don’t want these. Think of the manpower and resources used. Think of how banks are getting 10,000 apps in a day, with a team of a few dozen people (at best) trying to process these, put all the work in, only to find out they’ve submitted to 12 other banks and you’ve spent all those resources for nothing. And if you do get it funded, the returns ****ing suck. And, oh by the way, the Treasury changes the rules at the last moment about covering the banks 100%. Its like, they couldn’t just add an extra $20B to make sure the banks could charge a reasonable fee, and let the govt cover the fees? I mean, we are about to have a $3 Trillion annual deficit, and another 0.00001% a