Bank of America PPP seemingly approved!

[bless2b]

I just got an email from Intralinks that new documents were posted. It is the promissory form and a legal attestation form. Everything is straight forward, 6 mos deferment, 1% interest. forgivable. etc.

So it looks like the calculation they are using is a bit different from what Gusto (my payroll provider) provided in their report, and different from the amount calculation form that I submitted. The amount was about 10% less from the latest report from Gusto, and 20% less than the figure as calculated on their form. Regardless, I am thankful its moving and I held my entire staff at full pay though revenue went to 0. So I will have no issue getting it forgiven.

Details

Business Type: LLC with S Corp Taxation

Number of Employees: 5

Amount:

 

[amitruly_saved]

@bless2b Great news. Waiting on BoA as well.

 

[destin19]

@bless2b We are waiting on BOA as well! So happy to see they are working on the weekends! Do you mind telling us when you applied and uploaded docs?

 

[bless2b]

@destin19 Yup I updated my post above to have more detail

 

[destin19]

@bless2b Thank you and congrats!!! That’s our EXACT timeline in terms of applications and uploads. I have one business that needs 20k and the other that needs 150k but I applied for both of them within minutes. I’m praying we hear something today. Very happy for you!!

 

[bless2b]

@destin19 Thanks! I have another business as well that is in queue. That one didnt have a credit card or lending relationship with BOA, just checking. I applied 2 days later on that one. And processing exactly 2 days behind this one. So there seems to be an orderly process. I will update the thread when the funds are deposited, or any other updates.

 

[destin19]

@bless2b Thank you!! We actually have four restaurants but two of them didn’t have credit lines with BOA so we went with a local bank for those. Haven’t heard on those either. I’m thankful they’re are going in order. We had to close the restaurants this week because CT is in its apex right now so this will help us tremendously. Praying we get something this weekend!

Thank you for the updates!!!

 

[moolong]

@bless2b I applied on the 3rd, uploaded on the 7th ... then re-uploaded on the 8th with a seemingly refined list of documents. Sole Proprietor with a business checking account and card with BofA. I've heard nothing. My documents are just sitting there.

My question is ... you state that your second business is processing exactly 2 days behind the one that was funded. How do you get a sense that it's "processing"? My folder just seems stagnant ...

 

[bless2b]

@moolong I am basing this off the timing of the first application on the website then the link to upload doc and then the phone calls and document review. All of these steps were started 2 days after the first company, and they have been occurring 2 days later than the first. So I am hopeful come monday or tuesday of next week we will get promissory + legal attestation. Will update if it all stays on track

 

[bless2b]

Also, be sure you check your messages on the phone listed on the app. Both times it showed up as spam on my cell phone but I answered anyway and it was BOA rep, and they confirmed their identity and such . One time it was from NY and the other time a different call center.

 

[onebananaontheloose]

@bless2b I got this call Wednesday afternoon. At first, I thought it was a scam so didn't pick up but then they called a second time within minutes. We ended the conversation by him saying "good, we will be pushing your application through". Well it is now Saturday afternoon and haven't seen a single movement on Intralinks.

 

[moolong]

@bless2b Thanks! I did get a phone call, but was dealing with a family emergency and missed it. I'm hoping that didn't knock me back to the end of the line. Yes, please keep updating. It's encouraging.

 

[bless2b]

@moolong Try to call that number back! The rep said the call was an important step to push the documents to the next step. They seemingly need us to say "yes all the files are there and ready to be processed"

 

[moolong]

@bless2b I was unable to. The woman left a message with her name, but the recording was very garbled and the first 6 numbers were cut out of the recording. I spent HOURS on hold with BofA to get that number, but no one seemed to know how to get back in touch with the woman that called. I sat for hours with the Intralinks chat, which would count down to my turn, then just restart. I uploaded a note with the woman's name in the filename, as well as emailing the group running the show through Intralinks. No response from anyone/anywhere. If my business tanks because of a garbled phone message ... I may rampage quietly in my living room...

 

[moolong]

@bless2b Actually ... if you have a return phone number, please PM me and I'll try to reach out. I would be eternally grateful. It looks like Intralinks has removed their email address and their chat now says to just read the FAQ.

 

[bless2b]

@moolong Will hit you in PM

 

[kevin_67]

@moolong Can you please PM me the phone number to PPP loan Dept

 

[flores]

@bless2b Could you please PM me the phone number for the PPP loan team at Bank of America? I applied on 4/3/2020 but have got no call from them so far. Thank you so much!

 

[jona58921]

@bless2b Great to hear BofA is finally starting to process loans. Did the new documents show u p in your Intralinks "Instructions" folder? I received the "did you upload your docs" call on Thursday, but still have not heard anything back yet since then.

 

[lovehopejoy2011]

@bless2b No promissory note yet, but here's my timeline:

Fri 4/3: Tried to apply but didn't have a lending relationship.

Sun 4/5: Finally Managed to apply pretty much at 3am PST, then got email confirmation at 7am PST on 4/5 that they received my application.

Tue 4/7: Got email from Intralinks to upload required documents. Confirmed first through searches that it was spam. These were the _v4 docs. I did stupidly rename them because there were NO instructions sent out (added _COMPLETED to the file name).

Wed 4/8 or Thur 4/9: Noticed that there was the upload instructions file sent, but didn't get any notice in my inbox of that new file. Go figure. I just happened to log into my Intralinks account. Didn't do anything though. Holding pattern.

Fri 4/10: Got 3 calls from BA (thought it was spam) within 30 min of each other. Finally checked my voicemail and called the BA rep back. He just wanted to confirm that my docs have been uploaded. He authenticated me 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!

Sun 4/12: Realized the BA docs were renamed, so I deleted the existing the ones, uploaded the same files, without renaming them. No notice from BA or Intralinks prior to this, no promissory note, etc. I doubt "underwriting" had even gotten to my documents yet. I did keep my 940 and 941 files the same so those weren't changed.

Based on everyone's input so far, I'm expecting them to modify the loan amount downwards. However, I'm hoping nothing got messed up by uploading the correct files and deleting the other ones (the figures didn't change, just the filenames).

Will provide updates as I get them!

EDIT TUE 4/14: No emails, calls, status change on Intralinks. NOTHING

EDIT WED 4/15: Received my Promissory Note and Legal Attestation. Signed it and uploaded it. Had to upload it with _COMPLETED at the end of the files, since there's no way to delete the original ones in the folder.

As expected, they did knock down the amount requested, but if they do convert it to a grant for the full amount, I'm happy to accept it. If they don't and have me repay even 50% of it, at 1%/yr I'll probably use it and just pay them back that amount sometime after the 8 week period.

Now we just wait to see if it ever gets funded.

EDIT: Sat 4/18: Got an approval email from BofA, checked my corp checking account and them money is sitting there! This was after the 4/16 announcement that SBA ran out of funds. However, I did get the promissory note on 4/15 and signed it on that day. So it seems if you have a Promissory note from BofA, and signed/returned it, you WILL get funded!