Thanks to Brian Sweat who started this post and all who posted timeline and all tips how to works on PPP Loan process.
4/3 Submitted initial application (California 3:45 pm PDT)
4/8 Received email that Intralinks is ready for receiving documents
4/9 Submitted all 4 documents via Intralinks, also recieved an email from Intralinks that 4 new documents received, batch number 68 (I don't think this will indicate loan priority)
4/10 Received a call from B of A to check if documents has been submitted
4/15 Received email from B of A that Additional needed for your PPP application, then go to online banking for "I'm ready" to update profile.
Patiently wait for the next step, and learned that the first round of PPP loan money has depleted.
4/22 Received email from B of A saying that "Your application is complete", but need to wait for the next round of PPP funding.
4/28 Received an email from B of A saying that "Application submitted to SBA"
5/1 10:40 am Received an email from B of A that "You've been assigned a SBA loan identification number, but there was no ID number shown on the email.
5/1 5:45 pm Received an email from Online Banking B of A that "You're one step away from receiving PPP funds. Just follow instruction on an email to log in our Company online banking account and filled out and submitted both Promissory Note & Legal Attestation via online banking.
Loan amount shown on Promissory Note is the same amount as requested and submitted to Intralinks.
5/3 3:08 am Received an email from Online Banking B of A saying that "Your Paycheck Protection Program Loan has been approved.
5/3 10:00 am Checked Company online banking account and PPP Loan had been funded.
This PPP is very helpful and just in time to pay my employees for the month of May.
Hope everyone here will get funding very soon, good luck to you all.
@dkw201 I called SBA and asked to search PPP SBA number by Federal ID. They had info about my EIDL but not for PPP
I rec'd promissory note from BOFA yesterday and signed it today. Hopefully, i get funds by tomorrow or next day.
Keep trying. I also tried paypal and they send me signed doc in two days. I signed with BOFA since i have been with them for last 30 years.
Hope all is well. We just received the email regarding signing the promissory note from BofA on our PPP application. We run payroll twice a month ( 15 th and 1 st of month) , based on that 8 weeks calculation will if I sign promissory note today the 8 week will end on 05/28th and will miss my last payroll date 06/01. Therefore, the question is should wait till 05/06 to sign promissory note so that I pay the last payroll on 06/01 and meet 8 weeks requirement ?
If so, concern is that if I wait ti ll Wednesday(05/06) to sign promissory note and what if PPP runs out of funds?
Appreciate the guidance on this.
To all of us who are truly the "real" small business owners, there is hope. I am the proud owner of a very small Montessori Preschool. I applied for my PPP Loan on April 3 - Apr 5 BOA received - Apr 9 - uploaded documents - Apr 19 email "missing documents" - Apr 23 resend documents in a Zip Folder - Apr 27 note they received update folder - May 3 @ 4:30 am I got my "Promissory Note" ..... I sign it and returned back...I am truly grateful and pray and hope all of us who are truly the small Mom & Pop businesses receives theirs.
The next emails , docs and approval, come from a different email address. Check your spam for sure.
Stack ‘em High Inc
A follow up to my timeline
Friday morning received one step away email
Friday evening loan has been approved email and a few hours later money was in account
Whew that was easy!!
I haven't on this thread for a long time because of what happened to me. I applied on April 3rd the first day and received confirmation from BOFA that they received the application. Since the, I heard nothing. I believe this was because my online account had access to both my business and personal accounts (fyi-I have been a BOFA business client for 25 years now,, have a line of credit and credit cards). I spoke to my BOFA Client manager (CM) and tried everything to separate my account into t business only account. However, because I was a preferred customer through Merrill Lynch, I could not do anything. That is when I learned that there is a different kind of account called a Cashpro account with BOFA for business clients only. I started pursuing that eventually got a cashpro account opened. This are accounts that the client managers have direct access to. I made a new application, uploaded the documents and waited. As a backup, I applied with a small bank that I had a SBA guaranteed real estate loan with.
Last Tuesday, my CM told me my cashpro loan application was submitted to the SBA. Friday, my client manager called and said my application was denied and she thought it was because I may already have a loan approved by the other bank. Last night, my other bank confirmed my loan was approved and gave me a SBA loan number. I just got my loan docs now and I was told I would get the cash within 10 days .
So, if anyone has online account with both personal and business accounts, you need to do something else or you may not get your loan approval
I also wanted to tell everyone that I think almost everyone will get funded this time since I heard there is still almost $150 Billion left in the PPP fund this time around.
Good Luck everyone!
Can you share the email address you received this communication from? So we can earmark it so it doesn’t go to spam.
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