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    26 Replies Latest reply on May 13, 2020 3:37 PM by danz

    PPP loan lower than requested

    sds03d Wayfarer

      After waiting for weeks, I finally received an email saying that BOA was ready to disburse our PPP loan funds. But, when I logged in, the loan amount was only 10% of what I submitted.

       

      I am self employed and had a few employees help with small tasks last year whose pay was reported via our 2019 940. They are no longer on payroll so when I submitted my request, I just used my Schedule C income. BOA required me to submit the 940 and that was what they used to adjust the loan amount. They didn't process any funds for my Schedule C income but only provided a loan for the small amount of 940 payments.

       

      Has anyone else had a loan smaller than originally requested? Anyone at BOA that I can contact? Should I go ahead and except the small amount and be thankful I received something??