Post a new topic
    9 Replies Latest reply on May 2, 2020 11:20 AM by hellonewman

    Finally - Application Submitted to the Small Business Administration

    nfbd Adventurer

      Submitted our application on 4/3 at 8:43 EST.

      Signed PN on 4/15.

      Learned on 4/22 that BofA never submitted our application even though were were in "batch 1."

       

      NOW Just waiting now for the email about being assigned an SBA loan identification number as THAT is the golden ticket.

       

      Received this email 4/28 at 4pm EST:

       

      Your application to the Paycheck Protection Program has been submitted to the SBA
      Thank you for completing all the steps needed to submit your application for the Paycheck Protection Program. We have submitted your loan application to the Small Business Administration (SBA), which began accepting applications again on April 27, subsequent to the re&#8210funding of the program by Congress.

      We're waiting for additional guidance from the SBA on how long it will take the SBA to process your application and approve your loan. There is a significant backlog of applications from borrowers at thousands of lenders, which developed during the period that the SBA was not able to accept loan applications for approval. When we receive information about the status of your application from the SBA, we will update you promptly. There is no additional action needed by you at this time.

      It is your obligation to be informed of the latest guidance from the Treasury and SBA related to the Paycheck Protection Program. This guidance can be found at Small Business Administration website, U.S. Treasury's page on Assistance for Small Businesses and the U.S. Treasury's Frequently Asked Questions page.

      All borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.

      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. By proceeding with your application, you acknowledge that you, as an authorized representative of the Applicant, have read the Paycheck Protection Program Frequently Asked Questions on the U.S. Treasury's Frequently Asked Questions page, including specifically FAQ #31, and (ii) the Applicant remains eligible to receive a loan under the Paycheck Protection Program established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) and the rules and SBA guidance (including FAQ #31) relating thereto.

      Purpose of Paycheck Protection Program funds
      These funds are made available under the federal Paycheck Protection Program and disbursement is subject to its conditions. As of April 2, 2020, the Small Business Administration has stated in an Interim Final Rule, available at U.S. Treasury's page on Assistance for Small Businesses, that Paycheck Protection Program loan proceeds can only be used for:
      Payroll costs (as defined in the Small Business Act).
      Costs related to the continuation of group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.
      Mortgage interest payments (but not mortgage prepayments or principal payments), rent payments and utility payments.
      Interest payments on any other debt obligations that were incurred before February 15, 2020.
      Refinancing an SBA EIDL loan made between January 31, 2020, and April 3, 2020.

      The Small Business Administration (SBA) has stated that if you use the funds for unauthorized purposes:
      They will direct you to repay those amounts.
      If you knowingly use the funds for unauthorized purposes, you will be subject to additional liability such as charges for fraud.
      If one of your shareholders, members or partners uses Paycheck Protection Program funds for unauthorized purposes, the SBA will have recourse against the shareholder, member or partner for the unauthorized use.
      If you wish to withdraw your application, please go to our Assistance Hub.

      There is nothing further that you need to do right now. We know how important this federal financial relief program is to small businesses in need, including your business, your employees, and those you serve.

      We will contact you as more information becomes available.

      Thank you for being our client.
        • Re: Finally - Application Submitted to the Small Business Administration
          pkandra Adventurer

          You may want to truncate your post.  The email includes a link to the Assistance Hub...not sure if it's specific to your company.  I didn't click any links in my email other than the FAQ to review item 31.

          • Re: Finally - Application Submitted to the Small Business Administration
            gfs Adventurer

            Yes I agree with your description of the GOLDEN TICKET as we finally received that email about the same time.  How can you tell what "batch" you are in?  I just hope that we are all fortunate enough to receive the approval and the funding.  It will be a huge blessing - so stressed out over this.  Good Luck to you!

            • Re: Finally - Application Submitted to the Small Business Administration
              judyr9999 Adventurer

              Can you please explain what you mean by "email about being assigned an SBA loan identification number" - Are we expected to receive email from SBA or our lender ? is this the next step ?

               

              Some people mentioned that they signed promissory note - Is this the next step or receiving email from SBA the next step ?

                • Re: Finally - Application Submitted to the Small Business Administration
                  nfbd Adventurer

                  judyr9999 When BofA actually obtains a loan identification number from the SBA, that is when funds are actually reserved for your company. While signing of promissory notes SHOULD happen after BofA has secured a loan identification number from SBA, this process got out of order for many of us and we were requested to sign promissory notes with BofA even though BofA had not submitted our applications to SBA and received a loan identification number.

                   

                  In short, promissory notes are an important step but the GOLDEN TICKET is when BofA has obtained a loan identification number from the SBA for your application. You will receive an auto email from BofA when that happens.

                   

                  It looks like this:

                   

                  Good news - You've been assigned a SBA loan identification number

                  Good news - You've been assigned a SBA loan identification number

                   

                   

                   

                  We'd like to share this update with you on the status of your application and let you know you've been assigned a loan identification number by the Small Business Administration. This represents one of the last steps in the loan disbursement process. We'll be reaching out to you over the next few days to complete the process.

                  What you need to know

                  • ·  You'll be getting an email to complete and sign the attestation and promissory note; failing to complete this step promptly could impact your ability to receive funds under the Paycheck Protection Program.
                  • ·  If all your information is correct and accurate, your loan funds will be deposited into the account provided on your application within 1 - 2 business days after you've signed and completed the attestation and promissory note.
                  • ·  Information about your application status will NOT be available through our financial centers or contact centers - due to the nature of this loan process and the steps involved.

                  We'll provide updates to you as soon as possible. We know how important this federal financial relief program is to small businesses in need, including your business, your employees, and those you serve.

                  2 of 2 people found this helpful
                • Re: Finally - Application Submitted to the Small Business Administration
                  drrujvi Adventurer

                  How long will it take to receive promissory note email, after we receive email of SBA assigned loan number from BoFA?