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  1. #1
    Senior Member Reputation points: 2256
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    EIDL Loan for brokers

    Any Brokers receive the EIDL loan ?

  2. #2
    Senior Member Reputation points: 15867
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    Apr 2019
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    i got denied but received the grant.

  3. #3
    Senior Member Reputation points: 57862
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    Apr 2015
    Location
    Louisiana
    Posts
    292

    got the loan funded this week for EIDL

  4. #4
    Received EIDL last week and PPP last month

  5. #5
    Senior Member Reputation points: 29702
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    Dec 2017
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    Quote Originally Posted by LYC View Post
    Received EIDL last week and PPP last month
    Who did you apply though for the PPP?

  6. #6
    Senior Member Reputation points: 35252 brokerCompany's Avatar
    Join Date
    Aug 2015
    Location
    CALIFORNIA
    Posts
    813

    We received both through wells fargo. But we have been banking with them for years. Submitted as business consulting services

  7. #7
    Senior Member Reputation points: 53129
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    Florida
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    EIDL is a direct application - takes about 5/10 minutes

    https://covid19relief.sba.gov/#/

    Sole Prop = SSN
    Business Entity = EIN - "Applicant is a business with not more than 500 employees.

    PPP - Utilize your bank (if lobbies are closed) make an appointment

    or - they are alternative resources to apply SBA such as Community Banks, Square, etc.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  8. #8
    Quote Originally Posted by mrmrg View Post
    Who did you apply though for the PPP?
    We applied with Chase and Lendio. Lendio moved quicker than Chase did and we received the funding through Ready Capital. I was literally laughing when I found out that the underwriters from Knight (since Ready owns them), were participating in the underwriting for PPP loan applications

  9. #9
    Senior Member Reputation points: 2256
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    Quote Originally Posted by sigmundpannu View Post
    got the loan funded this week for EIDL
    Awesome, Just got approved how did you describe your Business to the loan officer when they asked?

    We are a Broker not a funder , that's why I ask . Thanks

  10. #10
    Senior Member Reputation points: 2256
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    Quote Originally Posted by sigmundpannu View Post
    got the loan funded this week for EIDL
    Awesome, Just got approved how did you describe your Business to the loan officer when they asked?

  11. #11
    Senior Member Reputation points: 2256
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    Quote Originally Posted by brokerCompany View Post
    We received both through wells fargo. But we have been banking with them for years. Submitted as business consulting services
    Business Consulting services seems like the perfect description , just was trying to find another description of business besides Broker for MCA's .

  12. #12
    Business Services.

    EIDL was a very simple process directly on SBA website

    - 10 minute application
    - No payments for 12 months
    - 3.75% for 30 years
    - Funded 48 hours from completed docusign

    GOD BLESS AMERICA

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