Bank of America PPP seemingly approved!

[keyn000]

@lovehopejoy2011 BoA is swamped. I thought they would be a better portal to getting loans than small banks. I was wrong.

 

[lovehopejoy2011]

@keyn000 So far, I'm not happy or impressed with them. With most of the standard loan requirements removed and just simplified documentation required, this whole process should almost be a rubber stamp. In the end anyway, it would be the companies on the hook for any amount over the grant. So just open the floodgates!

 

[sikasil23]

@lovehopejoy2011

by asking for my business address. I confirmed that they were uploaded already and he said he's going to have the underwriter review it then. He did say that he usually works on home loans and was transferred to this dept. Seemed a complete wreck and heavily caffeinated, poor guy. Must have been working round the clock!

I renamed the docs, now thinking maybe I should've reuploaded

 

[tahoe]

@lovehopejoy2011 After I read your comment yesterday, I checked the file names I uploaded and discovered that I had renamed one of the files also. I also added "completed" to the addendum. I then did what you did. I deleted that file and replaced with one that had the original name. I submitted my application on the 6th and got a phone call to verify that I had uploaded the docs. That was on Thursday a week ago. I've not heard anything at all since them. I'm freaking out worrying about whether I screwed the process or that they have turned me down. Sure wish there was some way to find out if the app is still "in process."

 

[lovehopejoy2011]

@tahoe Well, I never got approval or confirmation that funding was forthcoming AND SBA ran out of the money today. So it doesn't matter what I did. They gave the money to other people first.

 

[lovehopejoy2011]

OMG! So after getting a promissory note on 4/15, not hearing anything back from them AND checking intralinks, etc every day (pretty much every hour, without any sleep). I get an email on Sat 4/18 that the PPP was approved, like 30 min ago. I checked my checking account and the Credit for the amount is pending and sitting in my corp checking account!

THANK YOU BofA and all people that made this happen!

So if you guys received a promissory note and signed it, especially it seems before 4/16, you've probably already been approved by the SBA and BofA are just waiting to go down the list to get the funds into your account.

Hang in there everyone!

 

[kanbei85]

@lovehopejoy2011 Any idea if the SBA approval is received by BofA prior to releasing the Promissory Notes? We received the promissory note on 04/15 like you but hasn’t seen the approval email yet. We returned the signed copy within 10 minutes. Wondering if they ask for SBA approval after receiving the promissory note, which could get us in a bind since the funds have now run out?