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    8 Replies Latest reply on May 7, 2020 1:59 PM by vietsb

    PPP loan funding

    tomkim2008 Newbie

      I received the attestation of the loan funding with the initial page showing the loan amount. The only problem is the loan amount only included the employee payroll and did not include the sole proprietor amount that I have applied for (all forms and both 940/941 and Sch C was uploaded). Has the rule change or BofA is only funding the employee payroll portion without including the the employer portion?  Is anyone seeing the same issue and what you did about it? Thanks

        • Re: PPP loan funding
          Bank of America SB Team Guide

          For questions related to a Bank of America account and the Paycheck Protection Program, clients can contact us at PPP_Help@bofa.com.

            • Re: PPP loan funding
              juliaj Wayfarer

              I received intralinks April 8th, and uploaded my documents, received a call on April 16th for additional documents, and uploaded again. The PPP Loan status is still "open" today. not heard from the Bank of America any more. I applied via Square Capital on April 26th, approved for twice amount of Loan from them on April 27th, sent to SAB on April 28th for approval, but was rejected yesterday May 4th, because I have application with Bank of America first, which is still "open". Any one has the same problem? Sent emails to "ppp_help@bofa.com", have not heard anything yet.

                • Re: PPP loan funding
                  vietsb Adventurer

                  Thanks for posting this juliaj.  We were in the same boat as the OP and had started a loan elsewhere but after calling BofA Small Biz CS line and not mentioning PPP Loan in the automated system, we were routed to an Associate who escalated our issue and 1 biz day later we actually got a call to our office number and the BofA rep said they would take care of adjusting the loan amount to what was correct and requested.  We had to call again the next day since the loan amount showed as corrected, but the actual promissory note was still wrong/old, and they got even that fixed that same day.

                   

                  The other loan app outside BofA was progressing in parallel but still ran into a similar loan amount snag (seems few companies properly handle SP+employees PPP loan amounts via their automated systems), so your post convinced us to continue and finalize with BofA even after the troubles.