Post a new topic
    1 2 3 Previous Next 381 Replies Latest reply on May 5, 2020 5:19 PM by buddy2005

    SBA approval timeline and experience

    bsweat Tracker

      I'm sure many of you are watching the news of the PPP loan approvals, and that Bank of America had already received like $36 billion in loan requests by Monday.  I wanted to share my timeline and experience.  I think it would help to know that thousands of other SMBs are going through the same anxious process.


      I filled out the BofA loan application at 8:15am (Central) on Friday.  I received the Intralinks email on Sunday at 12:41pm (over 2 days later).  I submitted the required documentation at 1:45am on Monday morning.  I haven't had any response as of Wednesday at 10 am (2 days later).


      I submitted BOTH the 2019 reports and the "last 12 months" (4/1/2019 - 3/31/2020) requested by Bank of America.  The conflict between the Treasury Dept (2019 data) and the SBA (last 12 months) is frustrating.  I also deducted the average monthly federal withholding and payroll taxes (both employee and employer portions) as directed by the SBA and Bank of America's example.


      It's frustrating because "payroll costs" definitely include the my portion of FICA and FUTA.  However, that was specifically excluded in their formula per the SBA Interim Final Rule.  See section g3 on page 11 of


      Payroll costs are 80% of our total monthly expenses.  We are a perfect candidate for the PPP loan, with sales dropping off a cliff and we plan on keeping all employees.


      UPDATE: We finally got funding on Wednesday, April 29th!


      Message was edited by: Brian Sweat

        • 1. Re: SBA approval timeline and experience
          nfsolutions Wayfarer

          I didn't realize my request to upload documents went to my spam folder so I am just now uploading my documents. I did the "drag and drop" method and can see my documents in that folder. Does that mean I am done? It didn't say anything about "received" or "thanks for uploading your documents." How do we know they got them? Did you get an email from Interlinks indicating they received your documentation?

          • 2. Re: SBA approval timeline and experience
            hoopitz Adventurer

            Hey bsweat - thanks for sharing your experience! Here is mine -


            I received the email to upload my documents on this past Tuesday 4/7 at 5:15 PM. I uploaded my documents the very next day, Wednesday 4/8 at 1:24 PM. I'll update this post when I hear back.


            The frustration for me is because in 2019, I only had (1) employee and the rest of my staff were 1099-MISC contractors, who won't be applying for PPP themselves. Additionally, those contractors have become employees as of the beginning of 2020. Since the form only asked for salaries and wages as shown on the 2019 Form 940, my monthly average didn't include any of these employees, who I intend to keep on payroll. The amount I applied for was about 30% short of what I actually need so that I can continue paying everyone.


            With all of the other documents that they required, I also uploaded a "Read Me" explaining my situation. I'm hoping that someone looks at it and reaches out to me for some guidance. This whole process is really tough, when there are so many different interpretations of how this program is supposed to work, and you can't actually talk to anyone.

            • 3. Re: SBA approval timeline and experience
              bsweat Tracker

              I got a call from BofA this afternoon to let me know there are new documents on Intralinks for me.  The original PPP Addendum and loan amount template (from Sunday) are gone.  The new formula is MUCH better for us.


              It looks like they went back to the Treasury Dept's definition of payroll costs and removed the current withholding and payroll tax deductions!  The new application is based on 2019 financials only, none of this "last 12 months" confusion!


              I just deleted all of the documents I had previously uploaded, then replaced them with another set this afternoon.  I hope they can submit to the SBA quickly now.


              THANK YOU, BANK OF AMERICA!!!!

              1 of 1 people found this helpful
              • 4. Re: SBA approval timeline and experience
                mimi55 Adventurer

                Hi, I uploaded my documents to Intralinks and received a confirmation email from intralinks saying "new documents are available in ....." and it lists my companies assigned number. I then called the help line at intralinks and spent forever on hold but I did get to speak to someone who confirmed that the documents had been uploaded and BOA was notified. They said BOA would contact me soon. Yesterday, I also got one of those strange phone calls from a commercial lender for BOA located in Rhode Island. he said he just wanted to make sure I uploaded my documents. He didn't seem to have any information at all. He told me BOA gave him 20,000 phone numbers to call and check in. I think it was on the up and up. Hope that helps!

                • 5. Re: SBA approval timeline and experience
                  nfsolutions Wayfarer

                  Well that is interesting.....interesting that you received a call from them, too. We have one employee whom we 1099 and myself who is a 1099. We don't file a 940. We utilized the formula with two employees, keeping in mind the maximum for each of us, and then dividing by 12. I guess we will see if we did it correctly or not. I uploaded copies of 2019 1099's and our Schedule C from 2019......who knows.


                  I wonder if they ran out of money yet, and congress doesn't seem to be able to pull themselves together enough to add additional funding.

                  • 6. Re: SBA approval timeline and experience
                    bsweat Tracker

                    Wow!  I didn't think to ask how many phone calls he'd made.  He didn't have any specific information on my application, but he answered a few questions and confirmed the lack of communication (so far) was normal.


                    I'm sure they have a bunch of people making these calls, but my experience was really good.  He was so nice!

                    • 7. Re: SBA approval timeline and experience
                      mimi55 Adventurer

                      Yes - my BOA call guy was very nice too! Said I could call him anytime. : )

                      1 2 3 Previous Next