2 of 2 people found this helpful
Finally funded BUT through a small bank via Fundera. Filled out app on 4/22 and funded today though a bank in PA ( Customers Bank) - B of A way worthless
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How do you check that the SBA does or doesn’t have an update on your application?
Sent from my iPhone
Just a word of advice. I got an email from intralinks prompting me to go check intralinks. In it, I found a form called "Action Required Regarding your Bank of American PPP Application". The pdf basically told me I was missing Addendum #4 (which I wasn't). So it seems like this was overlooked when they checked my intralinks, so I basically looked at who uploaded this document into my intralinks. To find the name of representative who is handling your application, check the "Added By" column in intralinks. Let's pretend her name was Jane. What I did next was upload a Word Document called "Note to Jane (or insert rep name)" so that she could see it. Within my word document, I added a note explaining that my addendum#4 was already uploaded in my intralinks and she should check the portal again. I also called BoA yesterday (just main number) and was able to get ahold of a super nice representative and I asked the rep to message Jane who was charge of my application. Remember, I got this name from the "Added By" column in intralinks. She was nice enough to message Jane. I think internally they use skype or some other kind of internal messaging system. Jane told the rep (that I was on the phone with) that I was missing the addendum and I told her no it's uploaded and to please check again. Then this morning, I got the email that looks like the one below. I hope this helps anyone who is having the same issue.
I think the issue was that I had the Addendum version 2 and version 4 uploaded ( I was an early applicant who had seen version 2 of addendum). My advice is to only upload version 4 to avoid any confusion. She probably only saw version 2 in intralinks and assumed version 4 was not uploaded which made her send me the "Action Required Regarding your BOA PPP Application". But if you are having other issues and need to point a file out, maybe upload a Word document so the assigned rep can see it.
Good news - You've been assigned a SBA loan identification number
1 of 1 people found this helpful
Thanks for this info! I sure wish I knew about it last week. I have applied through 4 different sources now -- this is so frustrating.
Interesting about the batch number... I have a 14 behind my date
Thanks BSweat for this thread it's been very helpful.
My quick timeline
Applied for EIDL on 30th
Applied for PPP through BOA on the first Sat, couldn't on friday due to not having a cc with them.
I've held my business accounts with BOA since 2007, I run a small architectural firm staff of 4.
Followed this thread which was extremely helpful.
received the phone call to confirm docs where uploaded.
received the email and checked intralinx on 4/22 that some docs where missing
it was one doc they never asked for before a 940/941 from feb 15th -30 or something
uploaded right away
money ran out
round 2 opens
received app complete last monday the 27th but never received app submitted email
Rewind to when i first applied i logged in online and had a popup to verify business profile, when i looked they where listing my ssn as me EIN number.
I tried calling and they said there was no way to fix over phone, and my local branch is closed due to covid.
Yesterday i figured let me give sba another call and they confirmed the reason i didn't receive my initial 1k per employee is because they where unabvle to confirm me ein with bank or records dont match.
I immediately set up a meeting with a BOA branch this morning and went a few towns over to meet with someone in person and they updated there system and said someone from the back office would fix asap.
10 mins after i walked out of the bank i received this email, coincidence??????????
You're one step away from receiving Paycheck Protection Program funds
You must complete and sign the attestation form and promissory note before we can approve your loan and disburse your Paycheck Protection Program loan funds.
What you need to do:
- · Sign into small business online banking using the same account credentials you used to submit your application.
- · Do not delay in completing this final step, including electronically signing the promissory note. Failing to do so promptly could impact your ability to receive funds under the Paycheck Protection Program.
What you need to know:
- · If all your information is correct and accurate, your loan funds will be deposited into the account provided on your application in 1-2 business days.
- · 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 know how important this federal financial relief program is to small businesses in need, including your business, your employees and those you serve.
Thank you for being a valued client.
Seems different from what others posted i never received the app submitted email and the promissary note is now a popup when i log in
Also they cut my loan down by 5k for some reason
Congrats!!! I received the same email that it had been sent, but not yet supplied a number. What batch were you in?
Mine was 0404 -- batch 14
so wanted to see how far behind I am.
I’m not sure the “batch” number priority makes any sense. Supposedly, then, I would be in batch number 2, but I received the submitted to SBA email on Tuesday (4/28), and nothing more since (other than the form “we’re working hard on your behalf” emails).
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