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    21 Replies Latest reply on May 14, 2020 5:39 PM by chesterinvinc

    Loan calculation incorrect - PPP

    brendon2309 Adventurer

      Hi all,

       

      I'm posting to see if anyone else has had the same issue.

       

      I uploaded our form 940 for 2019 (Loan Amount_Template_4) onto the Intralinks site as I see many of you have as well. The issue is, our from 940 for 2019 does not reflect our current payroll as our current payroll Jan - April 2020 is about 10 times higher.

       

      When I received my promissory note on May 1, 2020 the calculation is solely based on the 2019 940 and the amount doesn't even cover 2 weeks of payroll at our current state, let alone 2.5 months.

       

      Has anyone else had this issue and if so, have you tried speaking to someone at BofA to get this corrected? I understand you can't apply twice as we now already have a registered E-Tran number with the SBA, I'm worried that if we reject it and try again funds will run out before we have a chance to be considered again.

       

      I appreciate your feedback, as we really don't know what to do at this stage.

       

      Thank you in advance,

      Brendon

        • Re: Loan calculation incorrect - PPP
          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.

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            • Re: Loan calculation incorrect - PPP
              brendon2309 Adventurer

              Hi!

               

              I finally got someone at the normal help line to respond to me after escalated the above issue to Small Business Banking customer service over the phone. Had a very helpful Associate that got a loan processor in FL to call me back the next morning.

               

              He readjusted it to a higher amount which I accepted over the phone and let me know that a new e-mail would come through by today with the adjusted amount and that I needed to sign it immediately. The e-mail came through and the amount is correct on the first screen but once i get to the promissory note it still has the old amount. I'm trying to get that solved as we speak.

               

              That's my experience thus far, hope it helps!

              1 of 1 people found this helpful
                • Re: Loan calculation incorrect - PPP
                  palomamedina Wayfarer

                  This is helpful to hear you somehow got through -- I've emailed  asking them to fix my amount as well since no phone number is listed. Let us know if you have any other tips for getting this fixed Good luck!

                    • Re: Loan calculation incorrect - PPP
                      stephenshb Wayfarer

                      I managed to get through to an associate that helped me escalate my case and have it reviewed by a loan processor. Hopefully they will call me back tomorrow. You can try calling (888) 287-4637.

                      • Re: Loan calculation incorrect - PPP
                        vietsb Adventurer

                        brendon2309 did the right thing by calling the Small Biz Customer Service line (my suggestion, don't answer yes to any 'is this regarding PPP?' questions in the automated flow and keep asking for an associate to get a Small Biz associate), then mentioning clearly what happened, and ask to have this escalated to the right folks dealing with loan amount concerns and escalations.

                         

                        We were fortunate and got the call back within 1 biz day vs the 3-4 they quoted.  As with Brendon, we also had our loan amount fixed/corrected after talking to the very helpful escalation person (Robert was the person we spoke with), but the promissory note was the old/wrong amount so we didn't proceed.  Talking to Robert the next day (5/5), he said this was a systemwide problem with folks getting the same loan amount adjustments and they were getting the promissory notes corrected.  Sure enough, over night we were able to complete the transaction and received the confirmation e-mail that just waiting 1-2 days for funding.

                         

                        A bit nerve-racking no doubt but done and hope everyone else can be made whole as well.

                        2 of 2 people found this helpful
                          • Re: Loan calculation incorrect - PPP
                            brendon2309 Adventurer

                            Thanks for the feedback, that's reassuring! We are still waiting on the escalation call back but I'm sure this will happen and that it will get resolved much like yours did.

                             

                            For all of the people this is happening to as well, call the small business customer service line and ask to speak to the PPP team, it's been newly set up and isn't being widely publicized! Good luck out there everyone!

                            1 of 1 people found this helpful
                            • Re: Loan calculation incorrect - PPP
                              trusty Adventurer

                              Hi Viet,

                               

                              Was your first calculation an error due to the exact reason as Brendon's? That is, they first went by 2019's 940 form and ignored 2020?

                               

                              Did they fix based on the "way" higher payroll for 2020 for which we will be held accountable for 75% and other guidelines?

                               

                              Thank you.

                          • Re: Loan calculation incorrect - PPP
                            simofford Adventurer

                            I had the same thing happen to me.  Amount was corrected on the screen when you initially sign in, go through all of the checkboxes, then get to the Note and it is the old number still.  Let me know if you have had any luck getting the Note fixed.  I have called and been told it is being escalated, a second time.

                            2 of 2 people found this helpful
                              • Re: Loan calculation incorrect - PPP
                                brendon2309 Adventurer

                                Will do! Hoping to hear back by tomorrow.

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                                  • Re: Loan calculation incorrect - PPP
                                    simofford Adventurer

                                    Ours was finally corrected.  I called BofA everyday, some people seemed to try and help, others hung up on me (and not because I was being rude in the slightest) and others would say it was being escalated.  I do not know if my pestering helped, but as of last night the note was fixed, after I talked to someone and asked they discuss with a supervisor, who told me they would be sending a new notice out by the next day, and today the funds are pending in our account.  So, there is hope.

                                    1 of 1 people found this helpful
                                    • Re: Loan calculation incorrect - PPP
                                      trusty Adventurer

                                      Hi Brendon,

                                       

                                      My error was exactly like yours. They used 2019's 940. And my 2020 is 10x higher. I have explained to them why it will take me to noncompliance if I accept the lower amount.

                                       

                                      Would love to know if you have the new funding now, with the higher amount. With that, we can explain to my contact that this is a legit case to be fixed...

                                       

                                       

                                      Looking forward to your update....

                                       

                                      Thank you.

                                        • Re: Loan calculation incorrect - PPP
                                          brendon2309 Adventurer

                                          Hi!

                                          So, since I last posted, things have changed again. I escalated to the new phone PPP team 3 times last week that the initial calculation screen and the promissory note were out of sync, each time I was told that someone would contact me within 24-48 hours.

                                           

                                          Two things happened:

                                           

                                          - On Friday of last week, I got a call from the original loan officer that changed my amount initially (he didn't remember me which is fair enough though, he's making 100 calls a day). He then told me that he had good news, he did an additional calculation and now the calculation included the 941 from this year with the far higher payroll and that we now qualify for 3 x the amount it was changed to on Monday of last week! I accepted the new amount of course, he said it would change on the first screen within 24-48 hours. Still waiting for that happen, as of the time of this post it hasn't yet. On that note, the loan officer also mentioned that the promissory note being amended/changed to reflect the correct amount is an SBA thing, not a BofA thing. So once the calculation has changed I'm going to see if I can get my E-tran number and call the SBA to get it changed if it doesn't happen in a timely manner.

                                           

                                          - On Friday evening, I got a call form a completely different loan officer that received one of my escalations asking if it had been resolved. She was speaking about the second, corrected calculation. I told her that I had another loan officer tell me we were getting an even higher amount and that it was in process. we left it at that.

                                           

                                          I'll update everyone again once the next round of calculation hits, it's been a wild ride

                                           

                                          Hope this help!

                                          B.

                                          1 of 1 people found this helpful
                                            • Re: Loan calculation incorrect - PPP
                                              brendon2309 Adventurer

                                              Hi everyone,

                                               

                                              I have some good news! As I mentioned in my post before, the last status was that a loan officer called me Friday of last week and let me know he was adjusting it to a higher amount commensurate with our actual average monthly payroll.

                                               

                                              On Monday of this week around 12 pm I got an e-mail, logged in and both loan calculation and promissory note were correct! I completed the paperwork and got funded within 24 hours so we're good to go!

                                               

                                              All I can say is: Keep calling and escalating as many times as you need to if nothing is happening and someone will get back to you to support your change.

                                               

                                              Best of luck to all of you that are still going through what we did, I'm confident it will work out with perseverance.

                                               

                                              B.

                                  • Re: Loan calculation incorrect - PPP
                                    pkandra Adventurer

                                    I believe you were able to choose a different payroll period when you applied to cover this scenario.  Say you applied on 4/3, you could have used 4/1/2019 to 3/31/2020 as your payroll year.  Seasonal employers were also able to use different time frames.

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