Submitted our application on 4/3 at 8:43 EST.
Signed PN on 4/15.
Learned on 4/22 that BofA never submitted our application even though were were in "batch 1."
NOW Just waiting now for the email about being assigned an SBA loan identification number as THAT is the golden ticket.
Received this email 4/28 at 4pm EST:
|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.
It is your obligation to be informed of the latest guidance from the Treasury and SBA related to the Paycheck Protection Program. This guidance can be found at Small Business Administration website, U.S. Treasury's page on Assistance for Small Businesses and the U.S. Treasury's Frequently Asked Questions page.
All borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.
If you would like Bank of America to continue processing your application for submission to the SBA, you do not need to do anything further. By proceeding with your application, you acknowledge that you, as an authorized representative of the Applicant, have read the Paycheck Protection Program Frequently Asked Questions on the U.S. Treasury's Frequently Asked Questions page, including specifically FAQ #31, and (ii) the Applicant remains eligible to receive a loan under the Paycheck Protection Program established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) and the rules and SBA guidance (including FAQ #31) relating thereto.
Purpose of Paycheck Protection Program funds
These funds are made available under the federal Paycheck Protection Program and disbursement is subject to its conditions. As of April 2, 2020, the Small Business Administration has stated in an Interim Final Rule, available at U.S. Treasury's page on Assistance for Small Businesses, that Paycheck Protection Program loan proceeds can only be used for:
The Small Business Administration (SBA) has stated that if you use the funds for unauthorized purposes:
There is nothing further that you need to do right now. We know how important this federal financial relief program is to small businesses in need, including your business, your employees, and those you serve.
We will contact you as more information becomes available.
Thank you for being our client.