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    4 Replies Latest reply on May 6, 2020 5:15 AM by trusty

    PPP Proposed Loan Amount is 1/3 of what it should be. How do I fix it?

    casnev Wayfarer

      Hello,

       

      I received the notice that my PPP loan was approved at the SBA and to sign in and accept.  Whne I sign in, the loan amount is about 1/3 of what it should be.  My business started payroll in Sept of 2019.  Per the SBA guidelines I used Jan and Feb 2020 to calculate my average monthly payroll.  I put thi all of the BofA applications, uploaded all of the supporting documents, etc.  What BofA did was divided my 2019 940 total wages by 12 and that is the amount they are offering.  That makes the loan significantly less that the amount needed to keep employees on.  I can pay them for one payroll then its gone.  I cant find a way to TALK to someone about this.  Is there a way?

       

      Thank you,

       

      Chris