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  1. #26
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    Its 2.5 times the average monthly payroll is loan amount. My initial info was no credit score was being used. Key part is 2.5x the employee payroll...most loan amounts will be 50k or less i think.

  2. #27
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    Quote Originally Posted by golf2014 View Post
    Its 2.5 times the average monthly payroll is loan amount. My initial info was no credit score was being used. Key part is 2.5x the employee payroll...most loan amounts will be 50k or less i think.
    Correct, and most sba banks I’m partnered with won’t even touch those small loans.

  3. #28
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    Quote Originally Posted by sigmundpannu View Post
    Correct, and most sba banks I’m partnered with won’t even touch those small loans.
    I’ve found that 99.9% of banks will only work with their existing clients. If a borrower’s bank isn’t servicing the program, they’re going to be fucked.

  4. #29
    Indeed

  5. #30
    Quote Originally Posted by yankeeman07 View Post
    this is not legal advice - but -before you go off the deep ledge, i would suggest you read and comprehend
    sba foom 159d - fee disclosure and form and compensation agreement

    "if an applicant chooses to employ an agent, the compensation an agent charges to and that is paid by the applicant must bear a necessary and reasonable relationship to the services actually performed and must be comparable to those charged by other agents in the geographical area. Compensation cannot be contingent on loan approval....."

    it is an obligation of the merchant to disclose whether they paid a fee
    indeed

  6. #31
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    Reality check:

    “JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered: It emailed customers late Thursday to say the company “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.“


    https://www.cnbc.com/2020/04/02/jpmo...-guidance.html


    NBC news is saying that every bank they talked to say they are not ready to do this tomorrow.

  7. #32
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    Quote Originally Posted by WestCoastFunding View Post
    Reality check:

    “JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered: It emailed customers late Thursday to say the company “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.“


    https://www.cnbc.com/2020/04/02/jpmo...-guidance.html


    NBC news is saying that every bank they talked to say they are not ready to do this tomorrow.
    Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I
    Hedley Lamarr......That's Hedley

  8. #33
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I
    You know it's gota be 90 days ABSOLUTE MINIMUM.

  9. #34
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I
    not a chance in hell. You are going off of previous experiences while others are going off of what the leaders are saying. 2-3 weeks worse case.
    Chris Marks
    funderintel.com

  10. #35
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    Quote Originally Posted by cmarks View Post
    not a chance in hell. You are going off of previous experiences while others are going off of what the leaders are saying. 2-3 weeks worse case.
    Not going to happen....... Once opened you would be lucky to get an approval in that time. I am going off what banks are saying....
    Hedley Lamarr......That's Hedley

  11. #36
    What's the over/under on Trump firing Mnuchin? 1.5 months? When huge corps will have been already bailed out and 95%+ of small business still have not received any $.

  12. #37
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Not going to happen....... Once opened you would be lucky to get an approval in that time. I am going off what banks are saying....
    bank of america is up and running now. the program end june 30th, so no, they will figure this out in the couple of days then do big media push on cnbc with cramer kissing trump and mnuchins ass saying what a great program this is that business owners already got funds.
    Chris Marks
    funderintel.com

  13. #38
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Not going to happen....... Once opened you would be lucky to get an approval in that time. I am going off what banks are saying....
    If that is the case what would you advise a merchant to do?

    I think next week I should consider folding and start implementing some sort of exit strategy.

  14. #39
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    Quote Originally Posted by Winning View Post
    If that is the case what would you advise a merchant to do?

    I think next week I should consider folding and start implementing some sort of exit strategy.
    I said this over a month ago. Time is not on any business owner's side. You must seek all avenues of financing for a business and work ferociously at he same time to cut costs.

    I have had 3 companies this week waiting for their bank's to increase their lines of credit. I asked: Under normal circumstances, how long does that normally take and do you have the ability to wait? All three are seeking alternative financing by using an ABL facility of factoring. They are all running a duel path in case their bank says no......which in this environment it's pretty much a give in.....
    Hedley Lamarr......That's Hedley

  15. #40
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    Quote Originally Posted by cmarks View Post
    bank of america is up and running now. the program end june 30th, so no, they will figure this out in the couple of days then do big media push on cnbc with cramer kissing trump and mnuchins ass saying what a great program this is that business owners already got funds.
    Chris,

    In our life-times have you EVER seen the federal government deploy any kind of stimulus anything during and event or crisis. Hell....people in the panhandle are still waiting for FEMA an other promised assistance from hurricane Matthew......from two years ago. Not to mention....the pipeline of people trying to get this package is massive. It's like going outside, hooking a hose to a fire hydrant, turning it on full blast, and trying to hold hose in your mouth.
    Hedley Lamarr......That's Hedley

  16. #41
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    Whether it takes 3 weeks or 3 months, how many companies will be able to hold on to employees after missing weeks and weeks of payroll?

    Also, while this could help with payroll, it’s not going to do much good when the business collapses due to lack of operating capital.

    We are in a massive depression.

  17. #42
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Chris,

    In our life-times have you EVER seen the federal government deploy any kind of stimulus anything during and event or crisis. Hell....people in the panhandle are still waiting for FEMA an other promised assistance from hurricane Matthew......from two years ago. Not to mention....the pipeline of people trying to get this package is massive. It's like going outside, hooking a hose to a fire hydrant, turning it on full blast, and trying to hold hose in your mouth.
    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.
    Chris Marks
    funderintel.com

  18. #43
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    I will give Bank of america a call and see what they say I have available to me. I have been a customer with them since the 90's when they were called NationsBank.

    Also, I am not sure I should even take any money. This could be like putting air in a tire with a slow leak in it. Just because a business is open, doesn't mean it will be profitable. My business is along the lines of luxury goods. I am not sure how many people will be wanting to splurge on luxury goods once the economy is back "open".

    It is depressing to even think about having to close my 4000 square foot facility and having to disassembly and clear out everything and put it all in a warehouse. But I think I could come out better in the long run if I do.. This could be a setup for a major win for me in the future.

    I have been paying a retail commercial lease for 14 years. Perhaps if I do close, then decide to reopen in 6 months to a year from now, I buy a commercial property instead of lease it. With the downtown of the economy I might be able to find a really good deal on a commercial property to buy! #Winning!

  19. #44
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    Quote Originally Posted by cmarks View Post
    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.
    Only 10K applications. BofA is massive. We are a bank with 7Bil in assets and have a whole lot more applications then them. We are also processing applications for or factoring and ABL clients.
    Hedley Lamarr......That's Hedley

  20. #45
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    BOA told a client of mine he had to have a Business CC in order for them to file the PPP paperwork. Mind you, he has personal accounts AND a business account there.

  21. #46
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    Quote Originally Posted by Winning View Post
    There is some great info and perspectives in this thread. Much appreciated!

    I wonder why there are not more merchants here on this forum learning about all these various things. A google search brought me here years ago when I 1st was trying to understand what a cash advance was and how it works, after my credit card processor told me I had been "Pre-Qualified" for a unsecured working capital advance.
    Quote Originally Posted by Winning View Post
    I will give Bank of america a call and see what they say I have available to me. I have been a customer with them since the 90's when they were called NationsBank.

    Also, I am not sure I should even take any money. This could be like putting air in a tire with a slow leak in it. Just because a business is open, doesn't mean it will be profitable. My business is along the lines of luxury goods. I am not sure how many people will be wanting to splurge on luxury goods once the economy is back "open".

    It is depressing to even think about having to close my 4000 square foot facility and having to disassembly and clear out everything and put it all in a warehouse. But I think I could come out better in the long run if I do.. This could be a setup for a major win for me in the future.

    I have been paying a retail commercial lease for 14 years. Perhaps if I do close, then decide to reopen in 6 months to a year from now, I buy a commercial property instead of lease it. With the downtown of the economy I might be able to find a really good deal on a commercial property to buy! #Winning!
    I’ve appreciated everything you’ve posted about your experiences over the years, bro. It’s been really insightful.

  22. #47
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Only 10K applications. BofA is massive. We are a bank with 7Bil in assets and have a whole lot more applications then them. We are also processing applications for or factoring and ABL clients.
    10k Already...not total or the whole time, already...

  23. #48
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    Quote Originally Posted by cmarks View Post
    10k Already...not total or the whole time, already...
    Chris said that BofA had 10K. We, a much smaller bank have a lot more than 10K.
    Hedley Lamarr......That's Hedley

  24. #49
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    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.

  25. #50
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    Chris said that BofA had 10K. We, a much smaller bank have a lot more than 10K.
    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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