Friday, April 3, 2020
Hello Small Business Clients,
It appears that the only bank accepting online PPP Loan applications at the moment is Bank of America (This is per a webinar I attended this morning). I received the following information this morning from a client who Banks with BofA:
"I talked to my Bank of America banker a few minutes ago and thought I would share what he said. He's the connection point to a lot of tech companies here in SV.
There's a lot of noise on Twitter about people not being able to submit their account if they don't have at least a credit relationship with the bank they're trying to submit with. You may have received this error message. We have a bank account at BofA and have a significant relationship with them over the last 3-years and we can't even see get the form because I use Chase credit cards. My other business on the other hand already got through and submitted this morning.
He said based on internal chatter, that this would likely get changed very soon, maybe over the weekend. It's part of the regulations so Washington probably needs to amend. People are going nuts on Twitter so it's got to happen fast imho.
He said that BofA is prioritizing the loans based on the relationships with customers not the time of submission. So if you have a relationship with the bank, call your contact and get them to put notes on your file and try to move you to the priority spots in the line.
Sounds like nothing is getting reviewed or paid out yet. They're just working through the madness of submissions.
He said he thought that actual payouts would begin on Monday April 13. This wasn't a guarantee, but his feeling of how long it would take to approve and get the transfer.
Who knows if any of this is correct, but at least it's a little more info from someone on the inside."
I was able to find out that applications can be submitted through Fundera. You can access their PPP Loan Application HERE. I am not recommending that you use this resource. I just want you to know it is available as a backup option, if your particular bank is not accepting applications.
Keep in mind that if you are a sole-proprietorship (Not a Corporation, s-Corporation, or Partnership) your application window begins 04/10/2020. If you are a Sole Proprietorship, your monthly payroll amount is equal to 1/12 of your 2019 Net Profit. (Please contact me if you need help with this)
Once again the link for the EIDL Loan and 10k grant can be found HERE.
Wishing you all the best!