Thanks for sharing your experience! I applied Friday 4/3, and received the email to upload docs on Sunday 4/6. I uploaded them on Monday 4/7 and have not heard a peep. I noticed that on 4/8 they changed the instructions/documentation list, so I added a few more items on Thursday 4/9. Will update if/when I hear back.
I wish you could tell where the application is in the process and how many steps are left. I got a phone call, too, but I didn't think to get his name and number! Shoot. Hope I don't need him! It was nice to get the phone call, but it he was asking me if I had applied... it was just because I have a business account that he called.. he had no idea that I had applied and already loaded documents. So the call did not mean that BoA had received or done anything with my application yet. Did you get a different feeling when you spoke to your rep?
I believe I am at about the same step. I did get a quick call from BOA asking if I had seen the email and upload documents. I also have not seen anything new since the PPP Application Addendun 4 and the Loan Template 4. I am constantly checking the Intralink portal to see if there in anythng new - hoping to see a promisary note for signature.
We are unable to locate the link to Intralinks on this website, is it located elsewhere? I downloaded the process but can't find the access point to get to Intralinks.
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Thanks for sharing! Glad to hear the radio silence is normal. We got a call Friday and he left a voicemail. We also submitted our app within first 30min it was up and updated numbers for the new templates. No other BofA correspondence on our app since then except the check-in call.
I received a voice mail from someone saying they were from B o A too. But I haven't called him back yet. Is there a purpose to the call, other than they are confirming receipt of the uploaded documents? Are we sure the calls are legitimate; i.e. not part of a scam? I thought the entire approval process was to be on-line in a secure portal.
Same here Jw00. We applied just as timely and updated in similar time frame as you. We received two phone calls from Business representatives.... but nothing new since then and no funding. Would you post when you receive funding or another kind of notification? I will.
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