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Just PPP. From Treasury:
How will lenders be compensated? Processing fees will be based on the balance of the
financing outstanding at the time of final disbursement. 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.
Lenders may not collect any fees from the applicant.
On point one, a lot of loans were disbursed on day 1, all you need is a SBA # to disburse monies. So it’s an incorrect statement to say that RC got money without a SBA #. The second wave started a few days ago and the SBA system crashed again.
I am all for bashing banks when they are in the wrong, this is not one of those instances. The big banks wanted to sit this one out. They joined reluctantly for optics. Still it backfired.
I think that’s just for the PPP. Not stimulus checks
Stimulus checks are direct from IRS, so no intermediaries to pay
And that money isn’t deducted from the PPP loan proceeds. It’s paid separately.