Indeed, apparently commissions went up. Commissions for larger loans are a smaller percentage of the loan amount, and might be capped, but it’s probably still significant.
Is it even legal for the lender to share their commission with you? If it is, please let me know where I can get in on this as it effectively means more PPP money for using that lender.
This is what banks were/are getting:
In the CARES Act:A .5% fee on loans below $350,000.00
A .3% fee on loans between $350,001.00 and $2,000,000.00
A 1% fee on loans between $2,000,001.00 and higher
In the Response and Relief Package:A 50% fee on loans below $50,000.00 (capped at $2,500)
A 5% fee on loans between $50,001.00 and $350,000.00
A 3% fee on loans between $350,001.00 and $2,000,000.00
CRAZY increase.