Has anyone had any luck with this application process? We use Bank of America and have several deposit accounts but no credit cards, loans or lines of credit with them. Thus they are denying our application. Hoping these restrictions relax a bit or other option open up.
Our primary bank is regional to New England and is overwhelmed by SBA applications but said to try www.kabbage.com because they thought we could get processed and approved more quickly than going through them (meaning our primary bank). Kabbage.com does look like they are specifically designed to take candidates applying due to the CARES Act. I went through the process this afternoon and had issues with the web site, but I think once the glitches are worked out, they may be a good alternative…
Thank you, Debbie. I’ll be sure to check that out. I just read that as of earlier today, only Bank of America and Chase are set up to accept these PPP applications. BofA is the only one to require the business checking AND a credit card account. Hoping this loosens up a bit.
Update: I just logged back in to Bank of America and was able to submit my application. The initial page still reads that you need a checking account and a credit card account, but I only have the checking with BofA. I’m hoping they felt some of the backlash and frustration that was evident on social media and other platforms, and reduced their qualifications. Good luck to all of us!
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Mark and Debbie Did you ever get your PPP Loan?
We ended our relationship with Bank of America and SunTrust here in FL over the handling of the PPP loan. We submitted the day BOA and SunTrust started taking applications back in March. After a month of nothing and getting the run around we where told that because the money ran out we had to wait till it got funded again. At that point I started calling my Senators, Congressmen, as well as our governors office. Finally I got a reply from the SBA with a list of lenders in Florida. I started calling and was told that BOA and SunTrust where basically put on hold from lending and we would need to go to a local bank with asset under 1 billion. I got a hold of a small community group that does SBA loans and in ONE week had our money in our account. These guys where rock stars. We still have not heard anything from them on our status to this day. They proved to me they do not care about small business
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Thanks for sharing that, Michael. I had a similar experience with BofA. While they were stalling me, I contacted a smaller local, First Northern Bank and was funded about a week ago through them. What a hassle and eye opening experience! I won’t be keeping much business with BofA after this. Now comes the issue of how to spend the PPP with no work and shelter in place still very active here in CA.
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Your very correct that it was eye opening. The SBA leader we found told me how the banks are asking for more info then they need. If you check the payroll box then all they only need your payroll tax 940 and 941 for 2019. If you check any other box then you have to provide documents to support that. We only needed ours for payroll and BOA and SunTrust asked for everything down to P&L statements. It was ridiculous.
He also explained that the big banks are picking and choosing who they lead the money to based on your account status with them. We found out very quickly how we are not a priority for them.
After all this I have added to my job description “sim pro loan application filer”. I’ve been apart of so many webinars and conference calls on PPP loans I should open my office. I have told my contractors that they need to keep track of every dollar spent. We opened a separate account just for that loan so every dollar is accounted for. I was told that the paperwork for the loan forgiveness is going to be worse then applying for the loan itself. If you have one dollar misappropriated they will deny your forgiveness application.
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