[Zonefund]

The group i am working with moves quick but they do not pay anything out, and others do not pay anything out...

Any ideas on who is paying out commissions???

Thank you

[Yankeeman07]

All available PPP funds that were authorized by Congress have been committed,
not disbursed.

We have to wait to see how Congress moves forward when thye reconvene May 04, 2020

Save you energy regarding PPP

Look to standard SBA 7(a) Loans -

[Zonefund]

So no one is paying?

Can you collect a fee on the PPP loan? Or is that only on the EIDL and 10k grant application?

[Kevin Henry-Seacoast]

So no one is paying?

Can you collect a fee on the PPP loan? Or is that only on the EIDL and 10k grant application?

Nobody I know is paying referral fees for any government programs. I am not a broker. We are a division of a bank and I know hundreds of bankers helping clients with this program.

[Yankeeman07]

So no one is paying?

Can you collect a fee on the PPP loan? Or is that only on the EIDL and 10k grant application?

EIDL is more than a $10K Grant. Go to sba.gov and learn the different programs.

EIDL = Economic Injury Disaster Loan - this is NOT new - it is the same as any other disaster loan

Bookmark This URL and review often -- Information is fluid:

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0



Example - A New Notice Posted - Lapse in Appropriations Notice

:

SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

Coronavirus Relief Options:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

IMO - Concentrate on traditional SBA 7(a) Loans - Payment is made by SBA for 6 months for qualified business owners.

[Michael I]

The allocated funds for the Paycheck Protection Program have been depleted and the SBA is unable to issue new loan approvals. However, there is a high level of confidence that Congress will provide additional funding for PPP.
Anyone know who still taking app from brokers now. Since the big sba brokers all sent out this message

[Kevin Henry-Seacoast]

The allocated funds for the Paycheck Protection Program have been depleted and the SBA is unable to issue new loan approvals. However, there is a high level of confidence that Congress will provide additional funding for PPP.
Anyone know who still taking app from brokers now. Since the big sba brokers all sent out this message

Michael,

I don't know of any banks that are accepting applications from non-bank customers. All that applied directly with their bank did not receive funds. If more funding is available banks will go bank to those customers that applied, but were not funded. A host of people are out there collecting applications with no where to go.

Example: Wednesday a large bank announced that 20% of their approved applicants were funded. 80% have been allocated, but not funded. The amount funded and allocated represents less than 5% of THEIR bank customers that applied.

All banks are overwhelmed trying to get their clients approved. I know a community bank in the South East that had over 400,000 applications from their customers in one day. That is a lot for any bank to process.
Also.....There are risks for banks taking applications from non-bank customers. There are very strict know your customer rules in banking. The Feds are scrutinizing bank customer applications. They are even tougher on non-bank customers because of know your customer rules.

KH

[Michael I]

Michael,

I don't know of any banks that are accepting applications from non-bank customers. All that applied directly with their bank did not receive funds. If more funding is available banks will go bank to those customers that applied, but were not funded. A host of people are out there collecting applications with no where to go.

Example: Wednesday a large bank announced that 20% of their approved applicants were funded. 80% have been allocated, but not funded. The amount funded and allocated represents less than 5% of THEIR bank customers that applied.

All banks are overwhelmed trying to get their clients approved. I know a community bank in the South East that had over 400,000 applications from their customers in one day. That is a lot for any bank to process.
Also.....There are risks for banks taking applications from non-bank customers. There are very strict know your customer rules in banking. The Feds are scrutinizing bank customer applications. They are even tougher on non-bank customers because of know your customer rules.

KH

i fully agree with you , i just feel i missing something by the facts that all the big boys in the mca industry are sending their merchants links.If we are correct it will make finical ruin for their own book with none of their merchants getting the funds

[Kevin Henry-Seacoast]

i fully agree with you , i just feel i missing something by the facts that all the big boys in the mca industry are sending their merchants links.If we are correct it will make finical ruin for their own book with none of their merchants getting the funds

Michael,

Everyone wants the business owners to get the funds and use the funds for intended purposes. First and foremost it helps a business owner that is suffering through this. It helps anyone and everyone that touches the company if they stay alive.

I think they could have done this in a much more efficient manner and with less risk. If the idea of the Fed is to keep people employed and fund payroll, then do just that. Most businesses to day use a payroll service or can sign up for a government sponsored payroll service through a vendor. If every business owner and payroll service submitted to the IRS their payroll need t keep everyone employed, the Fed could then in turn wire payroll funds to the payroll service by schedule to fund the payroll. The tally would be totaled at the end of the program an THEN submitted to a bank sponsor to manage the payroll "loan program". This would insure the funds are used for purposes intended, could probably be deployed and dispersed much quickly, AND it all does not to be funded in a lump sum. It would be funded on the payroll schedule.

KH

[WestCoastFunding]

i fully agree with you , i just feel i missing something by the facts that all the big boys in the mca industry are sending their merchants links.If we are correct it will make finical ruin for their own book with none of their merchants getting the funds

All that matters to the MCA guys is having money to cover their debits. Worst case scenario for these companies is they get PPP money, use it for any other use than payroll, and the low interest loan (lower interest than anything else out there, ever) stays in place. That’s it.

[Michael I]

All that matters to the MCA guys is having money to cover their debits. Worst case scenario for these companies is they get PPP money, use it for any other use than payroll, and the low interest loan (lower interest than anything else out there, ever) stays in place. That’s it.

what i am saying is the big mca website , emails should have been apply with your local bank for the ppp for best chance not click our link so we can potentially make .5% and you will never get any funds

[WestCoastFunding]

what i am saying is the big mca website , emails should have been apply with your local bank for the ppp for best chance not click our link so we can potentially make .5% and you will never get any funds

I almost think a lot of these guys are going out of business as lenders, and will instead become permanent brokers/platforms/marketplaces.

[Kevin Henry-Seacoast]

I almost think a lot of these guys are going out of business as lenders, and will instead become permanent brokers/platforms/marketplaces.

I bet 50% were in trouble before the crisis. I know a bunch of non-bank finance companies were in trouble or for sale prior to the crisis. I have seen a lot of the deals they are stuck in and they ain't pretty. One company is over-advanced with there lender to the tune of $7Mil with no way out and declining sales.

[fundingsmbs]

over 4,000+ lenders are approved to market PPP's and many are only funding existing customers and not accepting broker business for payouts. The money ran out in 2 weeks and that is without our industry being involved. The next wave that is anticipated, several fintechs are now armed and loaded to get a piece of the 5%. 700,000 business owners are still waiting for their apps to get funded or approved...

[J.Celifarco]

Pay pal has processed and funded a number of PPP loans for clients of mine this week before the money ran out. They are still taking apps but can not process any new apps until the the program is funded by congress

[WestCoastFunding]

Pay pal has processed and funded a number of PPP loans for clients of mine this week before the money ran out. They are still taking apps but can not process any new apps until the the program is funded by congress

Which is where this should have always been. Let the Fintechs handle these and let the 7(a) lenders get going rather than flooding them with nonstop PPPs.