After very little communication from Bank of America, I received my SBA loan number, then this morning, 05-01, my promissory note. Problem- it was calculated off of my net profit, not my payroll amount or my 1099 amounts. It is less than 25% of what it applied for. I contacted SBA and they said it was a bank error and it is up to them to fix it. I am not sure how long I have before I have to accept this much much lower amount or lose out completely. I did reach out someone at the bank and they said they are looking into it. SBA did say that Bank of America is not alone in getting the loan amount wrong.
I received email this afternoon that I have been assigned an SBA number! It has been a long, stressful process, but I am so grateful to be here .
Here is my timeline:
4/4- applied through BOA
4/7- uploaded docs through Intralinks
4/20- received ready to send to SBA email
4/28- received email docs submitted to SBA
5/1- received email that SBA loan number is assigned.
I hope that this helps others that are still waiting, and it can possibly set your mind at ease that there is still hope. Best of luck to everyone.
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For anyone interested in mine I was 0405 5
Congrats! I as well just received my SBA #.
Thanks for the info dsgnjnki. Mine is 0404 5 and the last email I got was "Your application is complete" email on 4/27. I'm still hoping. I don't think the batch number really means anything.
4/3 - Applied first thing in the morning
4/6 - Added all documents to Intralinks
4/8 - Received a call to make sure I uploaded documents, but they didn't inform me that the documents were updated.
4/16-4/18 - Received all of the "You're missing files" emails.
4/17 - Uploaded lots of documents. I was actually missing a required document and my filenames weren't correct as I put my company name at the end of them instead of the _4.
In the last two weeks, I've made several calls to BoA to make sure my company info is up to date. Each time I call, they seem to ask for a bit more info, but the last time I called on 4/28, they reassured me that everything is in.
Other than the email on 4/27, I've heard nothing. Very nervous because it seems like mine hasn't been sent to the SBA yet.
Fingers are crossed. Good luck to everyone!
I could not apply til 4/6/2020 because we did not have the bogus requirement for a business cc and a business loan that Bank of America started out with, but my Intralinks number is 20200405 all the same, followed by 85. Perhaps 20200405 is the batch and the 2 digits following are the batch loan marker... like loan 85 of batch 20200405.
We also applied on the 6th... Do you mind telling me what the last 2 digits are please? Ours are 85 and my boss keeps asking me if i think we will actually get the PPP...
I got my Promissory Note documentation email at 6:15PM (Pac) today (Friday May 1) and was able to return it online.
One trick with the note (at least on a mac with Safari) is that I had to log into my account on BofA and then go back to the email and click on "Sign Your Forms" button at the bottom of the email. Just logging into BofA didn't automatically bring it up - I was slightly confused and panicked for a couple of minutes, but it then all worked out
in your bofa login not the link
I'm in the same boat as some of you who received the email that your PPP application has been sent to the SBA. I have not been assigned a loan number yet. I am in batch 25.
Our BofA - SBA loan experience. . . what a roller coaster ride!
4/4 - 10:44pm Pacific - Applied for PPP loan
4/5 6:30pm Pacific Uploaded all documents to Intralinks
4/7 7:14pm - BofA sent up an updated Loan Amount Template, PPP Application Addendum 4 and Required Document Sheet
4/7 9:24pm - Re-submitted updated BofA documents to Intralinks
4/7 to 4/17 - Received endless BofA emails saying we hadn't submitted updated documents - We had - see above
When to our local BofA - closed, along with 3 others - went to next town over several times to try and get someone/anyone to look at Intralinks to see that all documents had been submitted
4/13 - Finally reached BofA PPP employee in Houston TX (We are in California) who noted on our file that all documents had been uploaded. Don't ask how I found him. . . I called everywhere!!
4/15 - Received Document Technology (another company in Mass I believe) promissory note and legal attestation in my Intralinks folder - called Document Technology back East to see if somehow our Promissory Note and documentation was somehow swapped with theirs. Discovered BofA had somehow shared Document Tech promissory note and documents with all companies on Intralinks. Yikes! Sigh. . .
4/17 - Funds have run out - figured we're out-of-luck for funding Ugh!
4/20; 4/21, 4/22, 4/23 - I called Houston TX person multiple times - He was very kind to a harried small business owner. I am persistent
4/23 - BofA email received - your application is complete Yah!
4/28 - BofA email - your application has been submitted to SBA Fingers-crossed
5/1 10:41 Pacific - BofA email - You've been assigned a SBA loan identification number
And now I/we wait. . . Some have talked about batch number. . . . If this helps others - our batch number is 0404 3
Does anyone know how long before promissory note and legal attestation arrives?
I am praying our application gets funded before monies run out and pray for success for all other small business owners here on the community link.
BTW, Bank of America has been great in comparison. We own a 2nd business and our 2nd business accounts are with another large national bank. 2nd business applied for a PPP loan with this national bank but not for several days as they created a process. Finally able to submit application on the day the 1st round of funds ran out. Ugh. And even today, the only thing we know is that the application was received by the bank. No confirmation that application is complete, no knowledge if submitted to SBA or anything. . . I don't hold out much hope that our 2nd business will receive funding or will survive.
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