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    0 Replies Latest reply on May 2, 2020 2:01 PM by palomamedina

    If your PPP application had a mistake, can you "cancel" it instead of signing the promissory note?

    palomamedina Wayfarer

      I got word from BofA on May 1st that I've been approved for the loan but it is for 14% of what I should qualify for. Based on the SBA requirements the loan should be between $17,000 and $21,000 (I have three employees and am a sole proprietor LLC).  I am scared and don't know what to do, but here's what I think might have happened:

       

      • I submitted all the required documents (form 940, 941, etc). But I kept getting emails that they were still missing documents, but the "uploaded documents list" was exactly what they were asking for.

      • Bc there was no way to get a hold of BofA for this, nor the SBA,  out of desperation I added my schedule C in hopes that was what was missing. Upon uploading it, they sent me an email saying they received all my documents.  I've since found a BofA community forum where folks said they just ignored the original "We're still missing documents" email from BofA and still got approved. OMG.

      • I am now wondering if they ignored all the 940 and 941 forms in my application and just considered me "self-employed" with no employees bc they saw a Schedule C, and thus just looked at my profit from my Schedule C and gave me that loan amount.

      What I need advice on: I am now at the stage where I can accept the loan and sign the promissory note, but it gives me the option to hit "Cancel" if I do not want to accept the lower loan amount. Should I:


      A. Hit "Cancel" and reapply with another lender and hope to get the full amount?

       

      B. Don't hit "Cancel" but still reapply with another lender anyway?

       

      C. Just accept it and take the $3,000 as better than nothing?

       

      This is so painful any any advice would be so helpful.