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We finally got funding!
On Monday we received the "Good news - You've been assigned a SBA loan identification number " email at 3:36pm.
It's funny because the first bullet in that email says "You'll be getting an email to complete and sign the attestation and promissory note", which we did on 4/17. Someone else in the forums mentioned that perhaps the bank sent out some promissory notes and attestations before actually receiving the SBA loan number through e-tran. Who knows.
Nothing yesterday, other than a little more anxiety and stress.
Today, we received the "Your Paycheck Protection Program loan has been approved" email and the "PENDING CREDIT ON 04/29" appeared in online banking as a "Processing" transaction! Just in time for 5/1 payroll and bills.
Congratulations to all! What a long strange trip it's been...
It appears we are behind you all lucky ones in line. Our confirmation number starts with 36... I got the 'submitted to the SBA' email on Monday and nothing since. Has anyone whose confirmation starts with 36 received an 'assigned an SBA loan application' email yet?
Is Intralinks still in the picture? Do the Promissory Note and Legal Attestation docs appear there?
I have a very similar, almost identical story bsweat with the timelines and everything. Unfortunately, i have not heard anything with respect to the possibility of receiving funding at all. On Tuesday, April 28 I received the following and last communication that I received......
Thank you for completing all the steps needed to submit your application for the Paycheck Protection Program. We have submitted your loan application to the Small Business Administration (SBA), which began accepting applications again on April 27, subsequent to the re‒funding of the program by Congress.
We're waiting for additional guidance from the SBA on how long it will take the SBA to process your application and approve your loan. There is a significant backlog of applications from borrowers at thousands of lenders, which developed during the period that the SBA was not able to accept loan applications for approval. When we receive information about the status of your application from the SBA, we will update you promptly. There is no additional action needed by you at this time................
I had my original loan application in by 9:45 EST on Friday, April 3. As I mentioned I earlier, I followed the same steps and timeline as bsweat, and I uploaded all the documents needed, and did so accurately. I think B of A might just be too big to take care of small businesses like ours. Every single one of my friends in our local small business groups all go funded. It just so happens they each went through a community bank. I think we are just overlooked, or not cared for int he same way. It will be interesting where I take my business, and who I will entrust to help us if we don't get funded because of this debacle.
I wish each one of you the best, and I will continue to pray for you, to keep fighting the good fight on behalf of your business.
Congratulations Bsweat....that is awesome..thanks for starting this thread
On Thu, Apr 30, 2020 at 9:57 AM bsweat <
I received the email that says "Good news - You've been assigned a SBA loan identification number " on Tuesday. Since then I have received no further emails with the Promissory Note or Attestation to sign. Does anyone have any insight?
I just got an email from intralinks saying I was missing information and that my "Paycheck Protection Program Application Addendum" was missing but it's already in the intralinks folder. Any advice?
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Bsweat- Thanks for starting this thread. Was so helpful and I was able to solve some of the problems related to my PPP application from everyone's feedback. I was assigned a SBA loan # this am around 5.20 am got an email. Promissory note 8.20 am and just now got an email loan approved and I see pending credit for the $$ on my bank account. Hope everyone gets their SBA loan # and approval soon. Good luck !
I believe they are throttling new applications to the SBA. If they really sent 200,000 applications to the SBA, and if each one was for $150,000 of less (which is what the SBA has been saying most loans have been for), then that would be $30 billion. Fingers crossed for everyone who received the your application has been submitted email on the 28th.
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In reply to taca2020:
We're in batch 38, and same as you, but slightly behind, as you would expect if the batch numbers are correct: bulk "submitted to SBA" just afternoon Tuesday, and then nothing since then.
I've seen several people asking how to find the batch number: if we're guessing correctly, these are the numbers on the top Intralinks folder that reads, e.g., "CARES YYYYMMDD XX", where I think the eight digit number is the date that they entered the original application (so, e.g., 20200405) and then the XX is the batch number (hence my guess that I'm in batch 38)
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Here's timeline of my PPP experience:
4/3 Attempted to apply early AM. Response from BOA was "Based on our records, your account doesn't qualify to apply for a Paycheck Protection Program Loan through Bank of America".
4/4 Again applied but this time I was able to successfully apply.
4/8 Received an email from Intralinks to create a login and password, which we did and then immediately completed ALL PPP Intralinks forms and correctly uploaded ALL required PPP documentation.
4/10 A random BOA Rep called me to confirm the receipt of the PPP docs, however, the rep wanted me to know that he can't see or access our docs, knows nothing about any status regarding our application, and knows nothing about any potential timeline for any further communication.
4/10-4/28 Countless calls and emails on my part to BOA and Intralinks to get any type update or status, however, no substantive information was given by anyone. Nothing.
4/29 Received email from BOA stating, "Your application to the Paycheck Protection Program is complete", "Thank you for completing all the steps needed to submit your application for the Paycheck Protection Program. We are ready to send your request for a loan to the Small Business Administration (SBA)."
4/30 Received the below email from BOA stating all of below:
Good news - You've been assigned a SBA loan identification number
We'd like to share this update with you on the status of your application and let yo know you've been assigned a loan identification number by the Small Business Administration. This represents one of the last steps in the loan disbursement process. We'll be reaching out to you over the next few days to complete the process.
What you need to know
- You'll be getting an email to complete and sign the attestation and promissory note; failing to complete this step promptly could impact your ability to receive funds under the Paycheck Protection Program.
- If all your information is correct and accurate, your loan funds will be deposited into the account provided on your application within 1 - 2 business days after you've signed and completed the attestation and promissory note.
- Information about your application status will NOT be available through our financial centers or contact centers - due to the nature of this loan process and the steps involved.
We'll provide updates to you as soon as possible. We know how important this federal financial relief program is to small businesses in need, including your business, your employees, and those you serve.
Today's (4/30) Final Thoughts: I was 99% sure we were not going to get funding from BOA, so clearly I'm beyond thankful we have been assigned a SBA loan identification number. Regardless, my hope is that every BOA PPP applicant will get funding during this current second round of funds; if not I'm hopeful Congress will provide another round of funding for all.
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i have 30 after the date. if that's the batch #. I applied on April 3rd and submitted docs on April 7th. I rec'd email on 4/28 that app is submitted to SBA for review. No update or loan # assigned. SBA doesn't have anything for my PPP as of this morning.
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 https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL_0.pdf
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