Lawfirm in AZ working with SBA lender for PPP- do not have to be in AZ

Finance
1

I learned of a small law firm here in AZ working with a small bank who only does SBA loans. At no cost to us, they will walk us thru the whole app and once submitted, takes 2 days for approval and 5-7 to fund. They will also help on the back end making sure we have all the right documentation to ensure we get the forgiveness. That is huge!

Here is the link. Do not have to be in AZ. https://www.keystonelawfirm.com/sba/
Being a lawyer they gave me this to share:
Go sign up IF these couple things are true…" and then give them these bullet points.

  1. They were in business on or before Feb. 15, 2020 with principal place of business in the US.
  2. Were paying payroll at that time (either formal payroll to staff, to 1099 contractors, or to themselves as owner)
  3. Have 500 or fewer employees.
  4. No owner has defaulted on prior SBA loan.

If all those are TRUE, then yes, you should sign up with us.

2

Not sure why we need lawyers to facilitate SBA loan. How can they guarantee you will get funds within 5-7 days after application is submitted. If they charge no fees, how do they make their money?

3

They get paid ‘agent fees’ by the bank. It doesn’t cost the applicant anything.

Although the banks won’t want to pay these commissions, they might be happy getting higher quality applications.

4

Thanks Chip. I’ve applied for application through my 5/3 Bank and have had no response as to when they will contact me to actually complete the application.

Dr. N

5

The squeaky wheel is going to get the grease and you can be sure they’re working even today on Easter Sunday. Pester them relentlessly. I am afraid that if you aren’t already approved by the feds, the first trough is empty.

6

Thanks Chip. I’m thoroughly disappointed in my bank’s poor response.

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7

I hope that’s not true because I still don’t have my application in. I’m working with Chase and the online application won’t let me in. My local branch is working on the problem but who knows how long that will take.

8

Although I could easily be wrong, I can’t imagine how the original $350b will
be enough. We’ve heard - here on the forum and elsewhere - many stories about
some banks making it happen and others making it difficult.

I expect that one take-away lesson from the COVID experience will be about
keeping it local and personal. Most of the banking success stories I’ve heard
so far are from practices who have a strong relationship with their local banks.