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12-28-2021, 11:24 AM #1
- Join Date
- Jul 2015
- Posts
- 215
Smartbiz Loans
I funded about 15 million in PPP round 2 deals through them. They still have yet to pay out on about 800k worth of funded deals and they haven't responded in over 2 months to me. Anyone have similar experience getting paid by them or a decent point of contact I can reach out to over there?
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12-28-2021, 11:45 AM #2
- Join Date
- Jun 2015
- Posts
- 3,326
same experience ,totally ghosted me for months , randomly sent me money that does not add up to what they said they will pay
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12-28-2021, 11:49 AM #3
- Join Date
- Jul 2015
- Posts
- 215
Yea. Noticed their reviews went from 4 plus stars to 2.2 stars on google. Guess its a write off and only a matter of time before they close up shop completely. Now I regret not confronting them at debanked in ny.
Last edited by Oxforddan; 12-28-2021 at 12:34 PM.
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12-28-2021, 12:37 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,995
The issue may be that the PPP Loan was not or is not being totally forgiven.
Initially, underwriting was very liberal, since their was a rush for the Treasury to push cash out the door,
now the actually audit begins.
Another issue is that the some Banks that made money from PPP are not necessarily passing that $$ on to the brokers that brought them business.
**I'm not defending anyone - just providing info on what is occurring.
To put it mildly, PPP is a big mud puddle when it comes to business owner forgiveness.
https://www.sba.gov/funding-programs...an-forgiveness
https://www.sba.gov/funding-programs...er-informationDave 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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12-28-2021, 12:43 PM #5
- Join Date
- Jul 2015
- Posts
- 215
Forgiveness has no bearing on Smartbiz paying a referral fee to a broker that sent them the deal. While you are correct it has zero to due with the issue at hand.
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12-28-2021, 01:23 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,995
I have no clue what Smartbiz is doing , BUT - if they are not getting paid their fees, it makes sense that commissions are not being paid.
Happy Reading:
https://www.federalregister.gov/docu...s-requirementsDave 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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12-29-2021, 04:24 PM #7
Yep! Just stopped responding many are experiencing the same problem. smells like a class action coming?
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12-29-2021, 04:25 PM #8
- Join Date
- Jul 2015
- Posts
- 215
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