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UPDATE AND FUNDING.....
So I received my Promissory note and Legal Attestation on 4/17 and signed immediately. My account just showed open since then. I have called BofA everyday since. I was constantly told everything was ok. I clicked on the pop up and said I submitted my docs.. Yesterday I just asked for the CARES rep to escalate my concerns that I think I am "stuck".. by the end of the day, I called again since I didn't hear back yet. I had a great rep who contacted a Manager who escalated my request again. I received a call from a Manager 10 minutes later and low and behold, i did not check the box above signature on the Promissory note that states:
By checking this box, you acknowledge that:
I use a Mac and the box did not appear.. she mentioned this to me and I hovered over and I got the "hands sign", which on a mac shows something is there.. I clicked it and re-uploaded. She stayed on the phone with me until she saw it in my Intralinks. Within minutes, i received an email You've been assigned a SBA loan identification number Then within 1 hour I received a second email Good news - Your Paycheck Protection Program loan has been approved. I checked my bank account and the $$ was there.... It was a miracle. If I was not persistant with calling I would not have gotten the $$ .. KEEP CALLING. When you call and it prompts what you are looking for, stay "SMALL BUSINESS LOAN".. I got through every time.. Many reps are helpful, but tell them there is a glitch or the system is stuck.. ask to be escalated... Before the money runs out.. Good Luck.. and THANK YOU for this post.. I would have never called...
FYI the SBA regional offices is having web conference sessions to discuss your questions on the SBA pandemic response and programs. I suggest that you look at the local SBA regional office for your event. They are covering the PPP, EIDL, UI.
This never happened for us - never got the pop-up. I had to call (called through app and only waited 5 mins). Only thing needing updated was what type account we had (general, payroll or one of 2 others). Maybe that is why we didn't get popup - but got it updated none-the-less. She was very helpful!
Yes - I called through phone app and wait time was only 5 minutes last week.
We first applied Apr 3 - got new forms on Apr 8 - got instructions and renamed forms as they listed Apr 14. Apr
22 got email application was complete. Apr 28 got letter that it has been submitted to SBA like all of you. Also received funds from EIDL same day! No notice or anything since we received notice around 14th that they had received our application (the one submitted through SBA not BofA) it was just there. Now we wait for PPP like the rest of you (This was just a brief recap - doesn't include waiting all day on phone for Intralinks help; another half day with Intralinks and then only 1 call to BofA to update our information and she was very helpful!)
I logged into Assistance hub and noticed there are boxes to check for; (1) I'm still working on my documents; (2) all of my documents have been uploaded, and (3) withdraw my application. Should I mark box 2- all of my documents have been uploaded? Or is that not necessary. Since my application has been submitted to the SBA, I would assume all of my documents are uploaded but I don't want to miss any steps this close to the end. Thanks!
The number posted for district is a mobile number and it is not accepting calls at this time LOL
Monica I’m in the same boat as you. I went ahead and submitted thru the Square and they were super fast. But BofA just came back to say an SBA loan number was assigned. And I should hear from them for the next step in “a few days”
Just received "Application is Complete" email today (4/29) from BofA. Language includes the following:
"Thank you for completing all the steps needed to submit your application for the Paycheck Protection Program. We are ready to send your request for a loan to the Small Business Administration (SBA). "
and"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. " Along with updates about qualifications.
- original app on 4/3
- submitted and confirmed documents on 4/9
- BofA email "application under review" on 4/22
Never received any other documents to sign or upload since original four. I don't know if I still need to receive those before application actually gets submitted to SBA.
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