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    2 Replies Latest reply on Apr 30, 2020 4:56 PM by pkandra

    PPP LOAN TIMELINE....HELP

    fbradley Newbie

      So I applied for the loan on 4/17 with same results as almost everyone else receiving the emails that all paperwork was not submitted for days after days. So I went back to my account and changed the names back to how it is originally in the instructions folder. I am a small business owner with an LLC. I uploaded the addendum as well as the 1040 schedule C and that's it because based on my business that's all I needed to complete. I did get the pop up when I signed into BOA online banking and completed everything it asked as well as the industry code. I received the email finally on 04/25 stating that they had everything needed to process my application, but I haven't heard anything else beyond that. I'm not sure if I'm missing anything or if anything is missing. I read a couple of discussions where some received the promissory note after they received@ the email stating they have everything or even a SBA loan number. But I haven't received anything except for the email stating they have everything. Can someone enlighten me PLEASE?

        • Re: PPP LOAN TIMELINE....HELP
          rgali1 Adventurer

          Same like you. However, just got the email that I have a loan number mins ago. I never received the are you read link ( used the link someone posted here) Never got the "your file is complete email" or the "we submitted your loan to SBA". The only emails i received, 6 of them, that my file is not complete. Yet here I am. Just be patient I guess and keep up the hope.

            • Re: PPP LOAN TIMELINE....HELP
              pkandra Adventurer

              If it helps, I received these emails (details in the second one have been truncated).

              I originally applied on 4/3 and uploaded all required documents in a timely manner, but never received any of the pop-ups others have mentioned.  I did call in throughout the process (when posts about the pop-up started appearing) and made sure my info was correct.


              4/22:

              Your Application to the Paycheck Protection Program is Complete

               

              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) when Congress provides additional funding to the program and the SBA is able to accept applications again. 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.

               

              4/28:

              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‒funding 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.