Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535563 times)

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #500 on: April 29, 2020, 12:14:24 PM »
I did not initially apply for the EIDL and have been watching it to see if they would open for new applications but so far nothing.  I did see on one of the news sites to fill out an application and it would be submitted as of yesterday they were opening for new apps.  Filled it out and got to the last page, a request to debit my account for a fee.  I emailed the company and this is what I got in response

We bill at an hourly rate of $300 with most small businesses taking 1-2 hours.  There is a $100 deposit required for us to start the review process of any application.  Our fee is not contingent on loan approval.  The document you sign with your bank information is for the application - not to be charged.  We will reach out in regards to billing.

 
Please let me know if you are interested, as I will assign an agent to you.

Anyone know if these guys have a way of submitting an application that isn't open to the public?

Sounds like scammers to me

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #501 on: April 29, 2020, 12:29:07 PM »
I did not initially apply for the EIDL and have been watching it to see if they would open for new applications but so far nothing.  I did see on one of the news sites to fill out an application and it would be submitted as of yesterday they were opening for new apps.  Filled it out and got to the last page, a request to debit my account for a fee.  I emailed the company and this is what I got in response

We bill at an hourly rate of $300 with most small businesses taking 1-2 hours.  There is a $100 deposit required for us to start the review process of any application.  Our fee is not contingent on loan approval.  The document you sign with your bank information is for the application - not to be charged.  We will reach out in regards to billing.

 
Please let me know if you are interested, as I will assign an agent to you.

Anyone know if these guys have a way of submitting an application that isn't open to the public?



THis is where you would apply for the advance. No other site is needed or even helpful. They are not currently accepting applications.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Feelings don't care about your facts

Offline mgarfin

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Offline chff

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #504 on: April 29, 2020, 02:00:26 PM »
https://twitter.com/stevenmnuchin1/status/1255552376645324800
WEBANK PROCESSES THE APPLICATIONS FOR PAYPAL

WebBank
Concentration:   Commercial Lending Specialization
FDIC Cert:   #34404
Charter Class:   Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Website:   www.webbank.com
Total Assets:   $960,730,000, ranked #847

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #505 on: April 29, 2020, 02:01:16 PM »
Cross River Bank started in 2008 with its headquarters in Teaneck, New Jersey. It has $1 billion in assets and $1 billion in deposits, making it a medium-size bank.

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #506 on: April 29, 2020, 02:16:37 PM »
https://twitter.com/stevenmnuchin1/status/1255552376645324800
Should be a G-dsend for anyone with a relationship with a SMALL bank.

I wonder how Kabbage stacks up.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #507 on: April 29, 2020, 02:25:00 PM »
Should be a G-dsend for anyone with a relationship with a SMALL bank.

I wonder how Kabbage stacks up.
I think they are also thru cross river

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #508 on: April 29, 2020, 02:28:23 PM »
Should be a G-dsend for anyone with a relationship with a SMALL bank.

I wonder how Kabbage stacks up.
Small banks have been the way to go since day 1. Percentage wise I am sure, the large banks have failed terribly. This makes no sense. Their are plenty of small business applying thru large banks.
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #509 on: April 29, 2020, 02:43:47 PM »
https://twitter.com/stevenmnuchin1/status/1255552376645324800

Sigh. Already applied through Chase, Kabbage, PayPal and Bluevine.

I guess I will apply through Dime just in case?

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #510 on: April 29, 2020, 03:05:46 PM »
Sigh. Already applied through Chase, Kabbage, PayPal and Bluevine.

I guess I will apply through Dime just in case?
Aren't they well over 1bn as well?

Keep in mind, this is for today only

"There are approximately 3,862 commercial banks with assets of less than $1 billion, according to regulatory data as of 2019, although many credit unions and other small community lenders would also be small enough to use the new reserve window."

https://www.reuters.com/article/us-health-coronavirus-banks-lending/big-u-s-banks-to-be-temporarily-locked-out-of-small-business-lending-program-sba-idUSKBN22B2UH
« Last Edit: April 29, 2020, 03:09:31 PM by Zalc »

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #511 on: April 29, 2020, 03:14:02 PM »
Aren't they well over 1bn as well?

Keep in mind, this is for today only

"There are approximately 3,862 commercial banks with assets of less than $1 billion, according to regulatory data as of 2019, although many credit unions and other small community lenders would also be small enough to use the new reserve window."

https://www.reuters.com/article/us-health-coronavirus-banks-lending/big-u-s-banks-to-be-temporarily-locked-out-of-small-business-lending-program-sba-idUSKBN22B2UH

You're right. I did a quick Google search and apparently there is a Dime in PA  with 500 million in assets. The Dime community bank has over 6 billion

Online hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #512 on: April 29, 2020, 04:49:25 PM »
Just got a call from Capital One about missing forms. I file a 1065 and have no payroll employees. According to the rules you have to disclose line 14a Net Income from Self Employment as your annual payroll number. When I advised her of that and told her I dont have 940 or 941s or NYS form 45 she couldnt understand. I just told her to put it in the application notes and pass it on to the SBA. They will figure it out. Too much of a headache at this point for the size of loan I may get.
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Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #513 on: April 29, 2020, 05:06:01 PM »
. I just told her to put it in the application notes and pass it on to the SBA. They will figure it out. Too much of a headache at this point for the size of loan I may get.

I think the SBA is relying on the bank's verification of payroll expenses, not doing the verification themselves.

Online hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #514 on: April 29, 2020, 05:12:43 PM »
I think the SBA is relying on the bank's verification of payroll expenses, not doing the verification themselves.
Its basic information. Dime got it right. Lets see if my application gets processed by them.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #515 on: April 29, 2020, 05:57:57 PM »
FROM MY DIME BANKER

Unfortunately, SBA has paused applications until 12am. :-[

Offline zh cohen

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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #517 on: April 29, 2020, 06:58:16 PM »
You can say what you think when you think what you say.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #518 on: April 29, 2020, 07:01:51 PM »
And Dime is?

Yup.

You're right. I did a quick Google search and apparently there is a Dime in PA  with 500 million in assets. The Dime community bank has over 6 billion

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #519 on: April 29, 2020, 08:24:35 PM »
From Chase


I am pleased to let you know that we sent your PPP application to the SBA for processing. We’re working closely with the SBA as they’re receiving a tremendous response this week.

We don’t know timing yet, but we’ll email you as soon as the SBA notifies us of their decision on your loan.

I’m proud that our teams worked tirelessly to deliver more than 220,000 applications – including yours – to the SBA this week. And we’ll continue to process and submit additional applications until PPP funds are exhausted.