and one more tip, when i received the last email, which again issues the promissary note sort of through a popup in your regular business banking sign in (not intralinx) i kept getting this page is unavailable on a pc. (maybe popup blocker). I grabbed my iphone and it loaded right up and just filled all the info out there.
I received the same "application submitted to SBA" 4/28 nothing since.
Start 4/5 -loan completed updates 4/8 complete 4/20 sent to SBA 4/28 now crickets..
Are we sure the batch # isn't employees? Anyways hope to hear something
soon. Good Luck everybody-I've only filed with BOFA.
Just received the email that I've been assigned an SBA loan identification number. My application was submitted to the SBA email was received on Tuesday at 4pm, so just under 3 days. I hope everyone who received the email on Tuesday has similar success.
I JUST got the email below!
initial application 4/3
all the phone calls & emails in between
part of the bulk email - 4/28
Good news – You've been assigned a SBA loan identification number
for anyone who has made it to this step - how long was it before you received the promissory note?
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An update for my fellow applicants. Applied 4/3, in batch 3. Much confusion over getting someone else's Promissory Note and Attestation through round 1. Received an email on 4/25 telling me that my application is complete and would be sent to SBA when Congress refunded the program. On 4/28 another email informed me that my application had been sent to the SBA. Nothing further until just now when an email informed me that I've been assigned an SBA loan number. I thought, after seeing others sent to SBA after me get loan numbers and funding, that I didn't make it through the SBA process. There appears to be some randomness to the process but I'm glad to have finally moved this far along in the process and I have renewed hope that I'll succeed in this effort. Hang in there...
I have an 11 after the date and just received the SBA Loan Number Assignment email. Seems like things are starting to move.
Got a loan number! I know that next is supposed to be an email with promissory note, but is the promissory note found in intralinks or your BoA online account?
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I just today recvd an email and was assign a SBA Number
My timeline was for review:
Completed Upload to Interlinks 4/13
Then 5 thousand emails "We haven't received all your docs" which as we know in high-sight was a system error...
4/23 Your application is complete Email
4/28 Application Submitted to SBA Tuesday @ 4 PM EST
5/1 You have been assign a SBA Loan ID Number aka the golden ticket @1.42 PM EST
Good luck to everyone really.. thx you to the people who help me along the the way here in this community God Bless...
same, I haven't received my email with the link for the promissory note yet.
after a month of waiting, i just received email from BofA that I was finally approved by SBA and assigned a loan number!
Hi this has been my timeline, I just hope you applying through 4 different sources does not hurt you as it may create more confusion with the SBA.
Original Application - April 6 2020 ,went through all the stress like most in the chain until
April 25 2020, my application is complete and be forwarded to the SBA and then today
May 1 2020, Good news – You've been assigned a SBA loan identification number
So waiting on next steps, I honestly don't think I would have succeed so far, if it wasn't for our Federal Govt, Bank of America and all you wonderful people. Thanks.
NB-please suggest any next steps.
Update on our correspondence:
Today at 10:45AM Pacific got the: "Good news – You've been assigned a SBA loan identification number" email. (as per prior posts, we're batch 38 and had the "Submitted to SBA" email at 1pm on Apr 28.)
i still didnt receive promissory notes. Its been 4 days since April 27 i have received the "Good News sba loan # will be assigned" email. Did u receive your PN yet?
Looks like we are on the same timeline. Please post when and where you see the promissory note and Ill do the same
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