Yes. Frankly, I reached out to 4 relationships at different banks, and only they even got back to me. The average American Banker has not slept in the last 2 weeks and has ticked off many good clients to boot.
The banks are getting .25-1% of these loans, hope the bankers are making bank on this and not just their employers...
SBA will pay lenders fees for processing PPP loans in the following amounts:• Five (5) percent for loans of not more than $350,000;• Three (3) percent for loans of more than $350,000 and less than $2,000,000; and• One (1) percent for loans of at least $2,000,000
AP dead or Obi dead?
Actually 1-5%
He’s referring to what the agents (brokers) are entitled to. The truth is it’s pennies, as the average loan was under $140,000 the average fee is $1,400. The guy who took above average loans did not need to use an agent. So I have no idea why the agents found this program worth the brain damage. Take our community for example, Eastern Union spent quite a bit of money on marketing something their fee was only 100 bips and was probably pushed to the bottom of the lenders pile.
Eastern Union spent quite a bit of money on marketing something their fee was only 100 bips and was probably pushed to the bottom of the lenders pile.
Right, my bad. At 1-5% the banks are making a killing. JPMC’s ROI on this one must be epic.
Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.
Back of the envelope figures of 74% of loans under $150K and average loan of $206K yields around $11B in lender fees. On a risk free note as good as a T-Bill. And tradeable tomorrow morning. Who doesn’t see 2008esque bank bailout in this all over again....?
At this point shouldn't banks and governments be able to figure out what amount of money is needed to fund this for all businessesChase seems to have a number It still needs to cover 26b
Pretty sure you are not allowed to apply at more than one bank (and the application asks).
How can i know of I'm scheduled to receive the eidl up to $10k grant?