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10-22-2020, 08:16 AM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,502
PPP-Question
Were alternative finance companies prohibited from applying and receiving PPP?
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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10-22-2020, 12:20 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,981
Dave 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
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10-22-2020, 12:51 PM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,502
How the hell did one get upwards of $300K????? It was also under the wrong SIC Code.
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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10-22-2020, 01:01 PM #4
I'm pretty sure they were originally prohibited. Factoring companies were on the restricted list by name. But then companies on this list started suing and the courts were ruling the restricted list was unconstitutional. I don't know how binding that was. There are ones that got more than $1 million in PPP.
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10-22-2020, 01:16 PM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,502
Sean,
I have seen several finance companies in the PPP list that received funds listed under the wrong SIC code. Some are sole props.
KHKevin 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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10-22-2020, 02:17 PM #6
- Join Date
- Jun 2015
- Posts
- 3,326
it seems like they went by sic more than what they actually do.
Happening in new york red zone now, they dont care what the store sells just by what their sic is
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10-22-2020, 02:27 PM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,502
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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