Results 1 to 12 of 12
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04-24-2020, 05:19 PM #1
- Join Date
- Mar 2014
- Location
- Florida
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- 3,001
PPP Restarts
“The Small Business Administrationwill resume accepting PPP loan applications on Monday, April 27at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. Thiswill ensure that SBA has properly coded the system to account for changes madeby the legislation.
>> Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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04-25-2020, 08:37 PM #2
- Join Date
- Aug 2014
- Posts
- 194
Dave, if the lender approves the applicant and sends to SBA, do they do another round of UW or do they just rubber stamp it? I would think if the lender approves it by sending it to SBA, then SBA would almost auto approve it?
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04-26-2020, 07:41 AM #3
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- Mar 2014
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- Florida
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- 3,001
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
Office: 727-233-1111
Skype: fc-financial
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04-26-2020, 08:57 AM #4
- Join Date
- Dec 2017
- Posts
- 277
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04-26-2020, 11:34 AM #5
- Join Date
- Aug 2014
- Posts
- 194
Yes, that part I understand but does anyone know the answer to my original question about what happens after the lender approves it and submits the file to the SBA? Does the SBA do any type of UW or will they accept the lender submitting it to them as it is approved since the lender submitted it?
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04-26-2020, 02:52 PM #6
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- Mar 2014
- Location
- Florida
- Posts
- 3,001
2 year term , but, the 6 months is deferred) (that is a change) resulting in a loan that will amortized over 18 months. (check that, I believe originally it was a 1 year deferred)
Merchant is approved for a PPP in the amount of $100K - and we will assume it is (NOT Forgiven) now has a note for $105,000.00 payable over 18 months - estimated monthly payment of $5883.00
IMO - a merchant that has been approved for a PPP should immediate apply for SBA 7(a) or micro loan.
The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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04-27-2020, 10:54 AM #7
- Join Date
- Dec 2017
- Posts
- 277
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04-27-2020, 12:46 PM #8
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04-27-2020, 12:53 PM #9
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,509
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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04-27-2020, 03:38 PM #10
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- Mar 2014
- Location
- Florida
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I rep for a SBA Bank
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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04-27-2020, 03:40 PM #11
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 3,001
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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04-27-2020, 04:07 PM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 3,001
Michael - sent you an email
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial