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  • Applied for 7A SBA loan the bank which is a preferred lender never processed.

    updated 11 months, 1 week ago 0 Member · 1 Post
  • Katie

    Member
    October 30, 2021 at 10:58 pm

    The bank stated that because they are a preferred lender they have authority to approve the SBA loan themselves. We were told to contact the CPA that works for them to package the loans to get them approved. The bank failed to process the loan and suddenly we have a $5k fee from the CPA to “package” the loan for the bank. Is this legal? Is this ethical? There was zero discussion of fees or a contract. We assumed that since we were not afforded the opportunity to submit our own package from our own CPA that the bank was paying their CPA to do the legwork for the 7A. Thoughts? Extra frustrating since the failure to process caused us to miss the benefits under the CARES Act. – by /hq/jjjaded6 – –

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