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    0 Replies Latest reply on May 3, 2020 9:37 AM by agminstitute

    BOA Cut out 2/3 of the Average Payroll Amount

    agminstitute Newbie

      Hi Folks,

       

      I have received PPP funding last night and BOA cut out more than 60% of my company's monthly average payroll. I do not understand why it happened. My company can only survive for a month with this amount of funding. Is this BOA's mistake? I do not think I have made any mistakes where all documents including 941 and 940 with all W-2 copies were submitted at the beginning and they sent me an email saying that their review of the application is completed to be ready to send SBA.

       

      I feel like I have been cheated unfairly and please let me know if any of you have the same situation as me in the round two or one. We can arrange the class action possibly where all the documentation are based on the truth evidences based on CARE Act and they have to abide by the law with the correct amount. I am appreciative of PPP, but NOT the way BOA has conducted the application process at all.