[Olderguy]

I thought MCA companies and other lenders were ineligible from receiving EIDL/PPP???

I was able to get them an added a letter of explanation for change in business activity code.. None of the lender's brothers were in the industry. Going fintech from lender was pretty reasonable at the time as lending was pretty much cooked.

[Kevin Henry-Seacoast]

I was able to get them an added a letter of explanation for change in business activity code.. None of the lender's brothers were in the industry. Going fintech from lender was pretty reasonable at the time as lending was pretty much cooked.

So the company is a "large MCA" company and you were able to get them a letter of explanation to change their business code.

[Olderguy]

So the company is a "large MCA" company and you were able to get them a letter of explanation to change their business code.

A lot of these companies were doing multiple business functions, one of which was fintech. Providing an explanation and sample allowed them to be accepted into the program using the fintech naics business code.

[Kevin Henry-Seacoast]

A lot of these companies were doing multiple business functions, one of which was fintech. Providing an explanation and sample allowed them to be accepted into the program using the fintech naics business code.

So you were able to alter an NAICS code so they were able to obtain a EIDL they otherwise would not qualify for?

[Olderguy]

So you were able to alter an NAICS code so they were able to obtain a EIDL they otherwise would not qualify for?

Not alter - use one that fits with what they do that is within the guidelines. Companies can operate under different naics in actual operations. Only one shows on the tax return. Lending declined and fintech filled in supporting revenue to keep the business operating. And LOE with specifics does that.

[Kevin Henry-Seacoast]

Not alter - use one that fits with what they do that is within the guidelines. Companies can operate under different naics in actual operations. Only one shows on the tax return. Lending declined and fintech filled in supporting revenue to keep the business operating. And LOE with specifics does that.

Similar to a case that was just closed in the South East. The business owner used another NAICS code to obtain less than $5,000 in PPP claiming that the NAICS code was "part of his business". He's now serving 7 years for bank fraud and defrauding the govenment....felony. Another similar case the "advisor" also went to jail for conspiracy to the fraud. He aided the business owner in obtaining to funds for a fee.