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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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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