Results 26 to 50 of 65
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04-30-2020, 06:08 PM #26
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This is a typical lawsuit by an ambulance chasing Attorney / Law Firm. "Only a Democrat would use the wording "Unfairly Collected" - Treasury Department set forth fees for processing SBA Loans for the Banks to underwrite and then they have to collect data from merchants within a short time to verify that the LOAN will be forgiven.
Less than 90 days from now we will start learning how many "Loans" are not forgiven.
That will be a new round a gnashing of teeth from merchants.
Kevin from SCB may be able to answer this question - when the merchants loan is NOT forgiven, who is responsible for collecting the monthly payments and collections?
As has been stated for the last several weeks on this Forum - there is Zero Money for brokers within the EIDL or PPP Program.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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05-01-2020, 06:17 AM #27
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- Mar 2015
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- Boynton Beach
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- 3,472
Dave,
If and when these PPP loans start to default the liability is on the company and banks to prove they used the money for intended purposes, but ultimately the defaulted loans will be the responsibility and liability of the banks. Many banks have to increase their loan loss reserves because of the PPP loans which directly impacts their balance sheets and earnings when loans start to default. There is a TON of liability for all of the banks and they will likely eat a large portion of the defaults. It will be interesting to see the default rates vs. fees earned by the banks. I said this months ago.... This is not a way for anyone to make money. It i a huge liability. 1% in fees means the default rate on these loans has to be much less than that just for the banks to break even on the loan. This does NOT include the money spent by banks processing these loan for THEIR customers or the opportunity cost as most bankers have been working 14-20 hours a day 7 days a week processing PPP and not putting out new commercial loans. This has and will upset commercial lending and SBA lending at most banks.
Example: I have been waiting 3 weeks to get a pay-off letter from a regional bank so we can close a much larger working capital facility for their client. The bank has refused to increase their line and has been unable to provide the payoff as they have been trapped in PPP processing land.
Another thing that is NOT helping. There have been some institutions that have been allowed to participate in this round of funding that have been flooding the Fed system with incomplete applications/packages that if underwritten properly by banks would have never been submitted from the get go. This has clogged the pipe and causing delays for small businesses that did the filed properly with their bank and was approved by their bank for the program. All those that are blaming system delays on banks are barking up the wrong tree.
Best,
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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05-01-2020, 11:11 AM #28
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- Naples, FL
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- 472
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05-01-2020, 02:05 PM #29
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FYI....Bank fraud is a *****......
The Justice Department has opened an investigation into companies that applied for emergency loans under the Paycheck Protection Program, and businesses that provided misleading information could face jail sentences, experts say. The new government program aims to help small businesses hurt by the coronavirus crisis. “Whenever there's a trillion dollars out on the street that quickly, the fraudsters are going to come out of the woodwork in an attempt to get access to that money,” Assistant Attorney General Brian Benczkowski told Bloomberg News Thursday.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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05-01-2020, 02:54 PM #30
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- Oct 2016
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05-01-2020, 03:39 PM #31
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- Feb 2018
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does anyone have the scoop on all the tweets about ready capital, lendio and customer bank? did customer bank takeover the ppp lending for ready capital?
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05-01-2020, 03:59 PM #32
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 472
Seems to read like people are raising hell on Ready Capital (Knight's parent company) for processing Lendio PPP applications... but not actually funding them. Also seems like they've started to sell applications they were supposed to fund (as some people claim Docusign's are in there inbox), to Customer Bank (who is sending out new loan docs to them).
Reads like a cluster****.
(edit Found this link: https://medium.com/@jkci/lendio-read...t-18a19719feafLast edited by Steven_O; 05-01-2020 at 04:02 PM.
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05-01-2020, 04:05 PM #33
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- Feb 2018
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The NACLB chose Ready Capital as their go to thru Prime Commercial Capital and the experience has been sloppy at best with no guidance since NACLB launched this initiative to promote PPP's thru their selected lender. NACLB has not updated anyone to my knowledge that Ready was transferring loans to customer bank, but, if thats the case maybe we can learn quickly. Also, does this mean Knight will have access to clients information?
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05-01-2020, 04:48 PM #34
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05-01-2020, 05:29 PM #35
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100% your client info will be out there . People will be sitting on who knows how much data and will monetize it .
Naclb ,knight,ready,bank . When you can not know exactly where a leak is from,you will have a flood.
I have been approached by lead resellers that are basically saying the new ucc list we all will be calling is the ppp list.
Time will tell
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05-01-2020, 06:18 PM #36
- Join Date
- Jan 2019
- Posts
- 25
I don't typically participate in DF discussions, but I thought my input might be valuable in this case to some of you out there that have unknowingly helped me with your posts. I worked for Lendio up until July of last year and then I left to open my own business as the earning potential was much greater working for myself (Lendio typically pays out 10-25% in commissions). As such, I still have many contacts there and they have kept me in the loop with Lendio's PPP activities. During the 1st round, they processed most, if not all, their files for a network of small banks under the conglomerate Jack Henry & Associates as those banks don't have the capabilities to process the flood of applications they knew they were going to get. I'm not sure if they sent many applications through Ready Capital in round one.
On this second round of funding Lendio has widened its network to include other lenders like BlueVine, Kabbage, etc. In fact, I applied for the PPP, as I am a 1099 contractor, through Lendio after Chase Bank (where I have my business account) told me they didn't think they could get it done due to the number of applications in front of me in their queue; I applied with Chase on April 14th. Lendio sent my application to Bluevine on the 27th where it is still in process...Surprisingly, Chase sent me an email at 12:02 AM this morning stating that my application was approved and I just received funds in my account a couple of hours ago. They didn't even ask me to sign any paperwork.
Also, I applied for the EIDL on the 1st of April and didn't think twice about it as I was pretty sure my application wasn't going to go anywhere. Without any notification of any kind $2,000 showed up in my account on Monday morning April 27th. (There are only two of us in my company so I guess we got $1,000 apiece.)Last edited by Guilds12; 05-01-2020 at 06:27 PM.
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05-01-2020, 06:37 PM #37
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- Aug 2014
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- 194
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05-01-2020, 07:41 PM #38
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05-01-2020, 07:42 PM #39
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05-01-2020, 11:35 PM #40
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- Aug 2014
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Last edited by MCA; 05-01-2020 at 11:39 PM.
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05-03-2020, 12:38 PM #41
It's possible that they left that language up there and forgot to change it or that they are still brokering out some apps and not doing 100% by themselves, but they were approved to be direct near the end of PPP Round 1: https://www.bluevine.com/newsroom/bl...ction-program/
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05-03-2020, 01:14 PM #42
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- Florida
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Read the wording / disclaimer on Bluevine web site:
https://app.bluevine.com/signup-crb?...ion-program%2FDave 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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05-03-2020, 10:33 PM #43
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- Feb 2018
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- 1,349
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05-04-2020, 05:44 AM #44
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- Mar 2015
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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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05-04-2020, 11:15 AM #45
- Join Date
- Aug 2014
- Posts
- 194
Applied for PPP Loan through our bank (WF) and Paypal, paypal sent us an email yesterday stating after submitting to SBA they were informed we have already been approved by another lender, assuming this is WF. However we have not received any type of approval from WF.
So if this is true WF has SBA approvals in hand for clients and have not sent out the loan docs yet to their customers. Talk about a cluster ****
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05-04-2020, 02:09 PM #46
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Cool! My Mother received her $1200 stimulus check today! She passed away in February of 2018. It actually says deceased on the check!
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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05-04-2020, 02:59 PM #47
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05-04-2020, 03:10 PM #48
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05-04-2020, 03:10 PM #49
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05-04-2020, 03:20 PM #50
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seems like most i speak with got it for the w2 but not the 1099 employees