[StealMyDeal]

We're generating 50-100 PPP applications a day through our website. Most are complete with payroll documents, and we have a full sales team working stips, etc. We just don't have anywhere to send them. We don't have a network of direct SBA lenders and none of the brokers we've contacted thus far can handle the volume.

We're looking to work with a direct SBA lender, or if necessary we'll co-broker if you have a solid network of direct SBA lenders. Ideally, anyone we partner with will have a robust technology stack and processing team capable of handling our volume. We can set up direct API submissions right from our system into yours.

PM me if you are ready to go.

[fundingsmbs]

call a fintech the money will be gone very soon.

[Yankeeman07]

PPP Applications cannot be handled via "Brokers" and I have doubts anyone should even be using 3rd party so-called FinTech Companies that claim they will submit PPP Applications.

The SBA has already posted on their web site , they are processing applications "in the queue on a first come, first-served basis." Also, many banks have also posted on their web sites, "new applications are NOT being accepted"


https://www.sba.gov/page/coronavirus...loan-resources

There are 2 options that are available if you are seeking an opportunity to monetize your data.

SBA 7(a) Loans - Micro Loans and SBA Disaster Relief Loans :

https://www.sba.gov/funding-programs...ba-debt-relief

I'm not aware of any SBA Lenders that are processing Micro Loans (maybe someone else on this forum can provide a lead) - The SBA Bank I rep for is accepting $>350K up to $5 Million.

Working Capital Loans - 10 year term @ 6% (estimated)
Commercial Real Estate - 25 Year Term @ Prime + up to 2.75% depending on file, loan size, etc.

You welcome to call me to discuss.

[ADiamond]

Who can be an agent? An agent is an authorized representative and can be:
• An attorney;
• An accountant;
• A consultant;
• Someone who prepares an applicant’s application for financial assistance and is
employed and compensated by the applicant;
• Someone who assists a lender with originating, disbursing, servicing, liquidating, or
litigating SBA loans;
• A loan broker; or
• Any other individual or entity representing an applicant by conducting business with the
SBA.

Treasury Lender Information Fact Sheet PDF LINK


Make sure you guys are actually reading the rules about this stuff before you go messing with it.

And just a piece of advise for anyone out there that thinks they're going to go down this road and get rich - that link has info on lender and agent compensation.

DO NOT "PSF" the client otherwise you're opening yourself up to a world of hurt.


Just thought I'd share since people in the MCA space think they can just do anything and rarely pay attention to actual regulations.

PPP Applications cannot be handled via "Brokers" and I have doubts anyone should even be using 3rd party so-called FinTech Companies that claim they will submit PPP Applications.

The SBA has already posted on their web site , they are processing applications "in the queue on a first come, first-served basis." Also, many banks have also posted on their web sites, "new applications are NOT being accepted"

[Yankeeman07]

In real life, PPP applications cannot be handled by "Brokers" since they do not have a platform to submit
them to a SBA Bank or SBA Authorized Lender- and I'm including the so-called 3rd party FinTech that are telling merchants they will accept applications.

IMO, this new round of funding will be closed by the end of the week with the amount of applications already in the pipeline.

Brokers are spinning their wheels.

[WestCoastFunding]

We're generating 50-100 PPP applications a day through our website. Most are complete with payroll documents, and we have a full sales team working stips, etc. We just don't have anywhere to send them. We don't have a network of direct SBA lenders and none of the brokers we've contacted thus far can handle the volume.

We're looking to work with a direct SBA lender, or if necessary we'll co-broker if you have a solid network of direct SBA lenders. Ideally, anyone we partner with will have a robust technology stack and processing team capable of handling our volume. We can set up direct API submissions right from our system into yours.

PM me if you are ready to go.

Literally every broker has hundreds of these. Banks have 50X the applications they can handle. There isn’t a way to monetize these. Try to get them 7(a)s.

[fundingsmbs]

and an article today said bankers are hitting their refresh button every 15 minutes as the systems aren't working.

[fund it]

Why would you be advertising to accept ppp applications, if you do not even have a partner bank or fintech to submit the files? There is a good chance there are 10-30 businesses that are trusting you and not submitting them to their bank. Now they are guaranteed to get nothing.

[MCA]

Does anyone know what level the SBA underwrites the bank/lender submission for the PPP?

Merchant of mine said that his bank approved all the docs he sent in and confirmed they submitted to SBA, he asked me do I know if the SBA does additional UW on the submission or do they rely on the bank/lender to do that and basically just auto approve it once it hits their system or do they re underwrite the file before approval/decline?

[inacio]

Ill take them. It was a bad struggle sending complete files at the beginning, Corp, LLC Sole Prop, Self Employed Independent Contractors. Much smoother now.

[Michael Slabitcher]

Literally every broker has hundreds of these. Banks have 50X the applications they can handle. There isn’t a way to monetize these. Try to get them 7(a)s.

Who's accepting applications for 7(a)s?

[Yankeeman07]

Michael - Sent you an email

[Yankeeman07]

Ill take them. It was a bad struggle sending complete files at the beginning, Corp, LLC Sole Prop, Self Employed Independent Contractors. Much smoother now.

You will take them where?

[inacio]

You will take them where?

IvyLender or send them yourself
https://www.ivylender.app/s/?vLeadSo...naciodomniguez

[WestCoastFunding]

IvyLender or send them yourself
https://www.ivylender.app/s/?vLeadSo...naciodomniguez

Who is this company sending them to?

[Michael I]

Just spoke with a lawyer that applied with a bunch of random broker for ppp that sent an email of we will get you approved.This lawyer told me he does not think this late he will get it but he applied to sue when he does not.
Be careful on your wording making clear that you are not the new target of tcpa ........ that will take advantage of this

[Kevin Henry-Seacoast]

Just spoke with a lawyer that applied with a bunch of random broker for ppp that sent an email of we will get you approved.This lawyer told me he does not think this late he will get it but he applied to sue when he does not.
Be careful on your wording making clear that you are not the new target of tcpa ........ that will take advantage of this

TCPA is the least of people's problems not doing the right thing regarding PPP. DOJ and the USSS is watching this like a hawk.

[Michael I]

TCPA is the least of people's problems not doing the right thing regarding PPP. DOJ and the USSS is watching this like a hawk.

Kevin I am referring to the lawyers (like the tcpa guys)looking to capitalize on this

[Yankeeman07]

IvyLender or send them yourself
https://www.ivylender.app/s/?vLeadSo...naciodomniguez

That page is a landing page for someone that is using Sales Force plus there is an error in the coding:


https://www.ivylender.app/s/?vLeadSo...naciodomniguez

We can't launch this flow because of a variable error. Send this error message to your admin. The value null is being provided for variable vLeadSource but isn't compatible with the variable's data type (String). Check the places where you implemented the flow ‒ such as through a Lightning page or a custom button ‒ and make sure that all provided values are compatible with the variables' data types.

{"descriptor":"communitySetupLabel","value":"Salesforce Setup"},"myAccountLabel":{"descriptor":"myAccountLabel","value":"My Account"},"homeLabel":{"descriptor":"homeLabel","value":"Home"},"filterName":{"descriptor":"filterName","value":"MyCases"},"logoutLabel":{"descriptor":"logoutLabel","value":"Logout"}}}}]}}}}]}}}}]}}}}]}],"hs":true,"av":"48.0","cc":"$A.componentService.addComponentClass(\"layout://siteforce-generatedpage-Inner.c39\",function() {\nreturn {\n \"meta\":{\n \"name\":\"siteforce_generatedpage_Inner$c39\",\n \"extends\":\"markup://siteforceageLoader\"\n }\n};\n});\n"},{"xs":"PP","descriptor":"markup://ui:autocompleteOption","st":


BTW: No need for any merchant to use a 3rd party Broker to submit an EIDL -

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.
​https://www.sba.gov/funding-programs...rgency-advance

[Quick Funding Solutions]

Participating lenders have delegated authority. The SBA does not do any backend underwriting.

[fundingsmbs]

if the supply chains allowed their brokers to participate in PPP like ODC, I think the broker community could have made some money during this. What we have seen is, the companies in our space have jumped on the opportunity but cutout their supply chain, the broker, from participating and helping their customers.

[ADiamond]

if the supply chains allowed their brokers to participate in PPP like ODC, I think the broker community could have made some money during this. What we have seen is, the companies in our space have jumped on the opportunity but cutout their supply chain, the broker, from participating and helping their customers.

You either need to be a lender that's set up to process SBA applications or "broker" / "agent" of one directly (if not another form of an agent for the customer - cpa, lawyer, etc). I suppose any co-brokering would have to be worked out between the brokers, although I think it's frowned upon.

Only reason a lender would not accept brokered apps for PPP or the like would be because they have the volume, they have the process - they simply do not need / or can not handle more.

Otherwise, what's to stop a SBA lender taking on a broker with 100+ signed apps like the OP?

If it's just one clown of a broker/shop submitting random apps as they come in signed like MCA's - then I suppose it really doesn't make sense.

[WestCoastFunding]

You either need to be a lender that's set up to process SBA applications or "broker" / "agent" of one directly (if not another form of an agent for the customer - cpa, lawyer, etc). I suppose any co-brokering would have to be worked out between the brokers, although I think it's frowned upon.

Only reason a lender would not accept brokered apps for PPP or the like would be because they have the volume, they have the process - they simply do not need / or can not handle more.

Otherwise, what's to stop a SBA lender taking on a broker with 100+ signed apps like the OP?

If it's just one clown of a broker/shop submitting random apps as they come in signed like MCA's - then I suppose it really doesn't make sense.

Yes, you can cobroker. But there isn’t a single lender hurting for apps. Therefore, why would they want to split their fees with a broker.

[inacio]

Thats my link Ivy Lender, seems to be working fine for me.
https://www.ivylender.app/s/?vLeadSo...naciodomniguez

PPP was a bit of a nightmare for me. I started with southend with an agent agreement commission.
After 7 days applications not going no where Southend sent an email to me stating they wer not going to proceed with my applications, i didn't have no where to turn. Then Ondeck my current loan provider got approved to be a broker sending the PPP apps to their Lenders. They told us no Commission. At that point i didn't care i just wanted the applications to be funded so i sent my PPP apps to ondeck. So far so good all the merchants are getting correspondence and updates on status. with some looking like funding any day now. Then Ivy Lender came into play with a small commission for PPP.

Just trying to make it work and not wait for a handout.

[Yankeeman07]

On Deck was only approved last week - and there were zero funds.

Monday April 27, 2020 - @ 10:30 a.m. SBA started accepted applications.
So you are stating that in less than 24 hours you had PPP applications approved & funded thru OnDeck?

That is sure an amazing feat since on their web site they states the following:

If you have not already been approved for a PPP loan, you can apply now through OnDeck, even if you have put in a PPP application elsewhere. Applying for a PPP loan with OnDeck will not impact the status of any prior PPP applications you may have submitted. Please note that additional SBA funds for PPP are not yet available. We will begin submitting applications to the SBA once funding has been approved and released. Applications from existing OnDeck customers may be prioritized over non-customers for submission to the SBA.

This article was posted on DeBanked:
https://debanked.com/2020/04/online-...-be-refreshed/