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04-26-2020, 07:41 AM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
The lender has a duty to underwrite the file - This is still a "LOAN" everyone appears to be missing that point. The media blasts out that the PPP is "Forgiven" and many miss the word "BUT"
The merchant has to spend these funds within 8 weeks of them accepting the loan
and they have to prove they spent the $$ within the guidelines.
Time shall tell, but, I'm betting that many merchants will not be "Forgiven"
which then generates additional debt for a business owner, that has to be repaid within 12 months.
IMO - merchants should forgo the PPP and apply for a SBA Loan.
Read the "Additional Funding Notice" on the SBA Web Site - read between the lines:
https://www.sba.gov/page/coronavirus...ction-header-0
SBA Debt Relief:
https://www.sba.gov/funding-programs...ction-header-0Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial