1 of 1 people found this helpful
My application process was a little bit different but just as nerve wracking and stressful. I was finally funded this morning after applying on April 3. I will spare everyone all the twists and turns, including the multiple emails from B of A asking for docs I had already submitted or that didn't apply to my business.
The reason for my post is that I never received a "I'm Ready" email, never received any emails about getting a SBA loan number or having my loan sent to the SBA. The promissory note was on an online form that I had to fill out through docusign and it wasn't a download or a document that went through Intralinks. I got the email for attestation form and promissory note yesterday, filled it out immediately and logged into my account this morning to see the money sitting in my account.
The end was almost anti-climactic.
Here's an update on my timing in case it helps anyone. Today just past midnight, I got an email saying to log into my business account to sign the promissory note, which I just did a few minutes ago.
4/8 Intralinks request to upload information
4/15 BoA email to sign into online account to complete "I'm ready" questions, which when I signed in, I didn't get that prompt
4/16 Finally able to create business only online account (since I applied with joint account) and completed "I'm ready" questions
4/22 BofA email "Application Addendum" posted to Intralinks. Got message that my Form 940 and 941 were missing, which I uploaded on 4/8. I logged in and realized when I uploaded on 4/8, they were both password protected since they originally came from my CPA who puts passwords on everything. So I had to print out, scan and upload again.
4/22 Concerned no progress had been made with my application because of the upload error and BoA's various issues, I worked with another lender to submit a new application
4/27 New lender submits application
4/28 New lender informs me that they could not pull E-Tran number for me because another lender had already submitted my application
4/29 BofA email saying my application is complete and would be submitted to the SBA (although based on the New lender's communication, application had already been submitted??)
5/2 (just pass midnight) BofA email stating the PN is ready, logged into my JOINT online banking account and filled out. The PN did not show up in the business only account I had set up to complete the "I'm ready" questions, which is a similar experience to what others have said. After filling out PN, the message is your loan will fund in 1-2 days if your information is correct.
Please note I never received an email my application had been submitted to the SBA and no email yet that I've been assigned an SBA loan number. Accordingly to many, getting a SBA loan number is key so I hope that is next. Also, my "batch" number is 95. So I agree with others that I don't think that number has anything to do with it since mine is so much higher than everyone else's on here.
I'll update if and when I actually get funded. Good luck everyone!
1 of 1 people found this helpful
Jmgordon, I just received the email and it was exactly like you said. I clicked the link in the email and filled out the promissory note and attestation and after submitting received a pop-up message that it was successful and if everything was accurate and complete my loan would be funded in 1-2 business days. I had received an email last week saying everything was complete and ready to be submitted to the SBA as soon as they started accepting applications again. I never received any emails indicating it had been submitted, and I never received any emails with a loan number from the SBA. The amount of my loan was decreased on the promissory note. Instead of using my Feb-June avg payroll submitted, they used 12 months of 2019. I only had 11 months of payroll, and my payroll increased throughout the year, so my loan won't be quite enough to cover 8 weeks of payroll, but I am happy to get anything before the funds run out.
1 of 1 people found this helpful
Did you just got the email? If so, that brings the hope that things are moving over the weekend as well and there is still hope for some of us pending approval. All i got was email on 4/28 stating that it's submitted to SBA and nothing since then.
Mine was straight forward... No pop up, no emails looking for docs, and no email saying approved or anything like that. I did call in and worked my way through to a representative that noticed my industry description was blank. But that was it. I just kept checking intralink and one morning the promissory note was sitting there... Signed, loaded and funded a day later.
I received my email about being assigned a SBA Loan Identification Number on 5/1, but have yet to receive any updates on the Attestation or PN. Anyone else in the same boat as me?
thanks for sharing!
we Applied by 9AM ET on April 3. we received the intralinks request for documents on April 8 and uploaded within the hr of receiving. On April 30 we received notice that our application was complete. today (May 3) we received an email asking us to sign the promissory note. Our business was approved for the full amount we’d applied for (under 50K). I’m shocked.
For reference, we never received an email stating our application had been submitted to SBA, nor did we receive an email stating we’d been assigned an SBA #.
We were ready to switch banks after BofA botched the first round, but it would appear they‘re keeping their word this time. Good luck everyone.
Quick update - After signing the promissory note online using BoFA link, I see funds in my account as "pending" - Good luck for every one and keep trying and don't lose hope.
When I log into my business account, I get a note pop up saying ' I need to locate email for my promissory note to sign.
I checked all my email folders but cannot find it. Anyone having same issues?
After getting letter stating our loan had been submitted to the SBA on the 28th and that it had been received, calling Bank of America 4 times to update our information because it wouldn't take it (corrected one error; still didn't take. Entered again with BofA employee on phone-still work. Still got pop-up to update file.
He had me try in different browser deleting all pre-filled data, completely log out and lot in again. Didn't work.
He entered the info and tried - still didn't accept it. Still got pop-up.
He called in business banker and they enetered info which it took but it would take 24 hours before it would accept changes since they did it on the back side.
Checked 24 hours later - still pop-up so I waited til end of day to check again figuring that would help.
Logged in at ;7 pm... NO POP-UP!
Received email we would be receiving PN/attestation.
Saturday morning received email with link to sign PN/attestation through BofA business account.
This morning....funds in account!
This email only covers the re-submit period. Not the countless hours for first go-round. Submitting and resubmitting then resubmitting under correct form names.
But its done! WOOHOO! Good luck to the rest of you!
Had trouble with it to. What worked was to log into online banking and then click on the sign forms button. Opened a new online banking window and there they were. Completed on Friday evening, approved this morning (Sunday).
Sent from my iPhone
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