Anyone gotten PPP via BOA to go through?

[eamyrick]

Wife filled out the PPP documents on the Bank of America website. The process wasn’t very user friendly and she hasn’t heard anything back in a week. Anyone have any insight that used BOA?

 

[Poser]

A good friend of mine has had a BOA business account through the same branch for 29 years. He submitted their PPP application at 8:59 am the first morning you could apply and is only just now (6 weeks?) getting the initiation rolling.

 

[tt_johnsclist]

I did one through my local bank. The PPP application was easy, my banks paperwork a little more work. Supposed to have the money tomorrow. The whole process about 10 days.


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[elkyinzer]

One client of mine did and the money just showed up in his account one day. I've dealt with a few dozen businesses advising them through this process and the local banks have been multitudes better at this than the big boys.

 

[menhaden_man]

One client of mine did and the money just showed up in his account one day. I've dealt with a few dozen businesses advising them through this process and the local banks have been multitudes better at this than the big boys.

That was our experience (working with a local/regional bank)... we're a small biz (24 staff) and ours showed up back on April 15.

 

[Titan]

I have heard from 4 or 5 clients that they had issues with BOA and their PPP loans

 

[Gunnersdad49]

We went with a local bank, not BOA, but were approved for a percentage of our initial request within 2 weeks.

 

[elkyinzer]

I also built a forgiveness calculator in excel if anyone is interested shoot me a PM with your email.

 

[2ski]

Choose a different bank. The big boys seem to be a hassle. The company I work for tried our local bank that is large in the state only. It was slow. We ended up going with a bank in another state that a company we use for consulting recommended. Only a couple days that way.

 

[MikeG]

My local credit union even called me late one evening to finalize things, payment went through the next day. Super easy. Sorry you're having trouble. I've had a much more enjoyable experience with the small outfits.

 

[mikechek1212]

I spoke with a banker at a large bank and he said applicants applying for smaller loans should go through a smaller bank for a PPP this second round. Ten billion dollars of the total PPP funding this second round were set aside for smaller institutions. The larger institutions have automated systems that can submit thousands of applications per hour. The smaller institutions don’t have the resources to automate it and have to enter the applications manually so the $10B allotment is going to get used up much slower than the funding accessible to the big banks. Further, BofA and other large institutions prioritized the larger loans because it’s less work on their end. They would rather have one loan at a million dollars than ten loans at $100k to save work on their end. And that’s been my experience after talking with several small business owners who applied via small and large institutions.

This is all what I’ve heard from reliable sources but if there’s anyone in the industry who can chime in I’d be interested in hearing their input.

 

[elkyinzer]

It's not really the big banks "fault" either so to speak, just that smaller banks were more equipped to scale up which almost seems counter intuitive, but its the way it played out. I have a couple friends that I've talked to that work in different large national banks. Their systems and people are not equipped to handle the incredible volume. A lot of their processes are so automated they ended up prioritizing the money out to larger customers not by human decisions but the computer algorithms. One friend told me they practically have the janitors working in lending services at this point and they are still absolutely drowning in it. Total fiasco all around but everyone is doing the best they can.

 

[eamyrick]

Thanks for the input. Not great news. Not sure how they expect the system to work if your small business owner who has a BOA/Chase/Wells Fargo Business CC but no local lines of credit doesn’t have a preexisting local bank relationship.

 

[2ski]

Do you know a business that has a relationship with a local bank that can help with an introduction?

I guess if people learn from this, its shows how important to have relationships with multiple entities. Some things are more easily done with a credit union or small local bank. Sometimes you need the big guy. Even if all it is, is an account you use to pay a small bill regularly.

Lastly, have you just asked a local bank for help? You may not have a relationship but you have a credit score. And if you haven't built business credit there is a great podcast called Get Fundable that can help you. Because personal and business credit isn't the same.

 

[MattB]

Do you know a business that has a relationship with a local bank that can help with an introduction?

I guess if people learn from this, its shows how important to have relationships with multiple entities. Some things are more easily done with a credit union or small local bank. Sometimes you need the big guy. Even if all it is, is an account you use to pay a small bill regularly.

Lastly, have you just asked a local bank for help? You may not have a relationship but you have a credit score. And if you haven't built business credit there is a great podcast called Get Fundable that can help you. Because personal and business credit isn't the same.

Having spent the past 24 years in banking, the issue has nothing to do with a credit score, it has to do with know your customer/anti-money laundering regulations. Most big bank compliance programs cannot validate that for a new client in the timeframe required under PPP.

 

[COwineguy]

Sorry to hear about your issues. We have been with Wells Fargo for the 6 years we have owned our business and the business has been with them since 88. They have always been a gigantic pain in the .... So luckily we had started to change over to a local bank who we had worked with personally since moving here in 2007. They were amazing. We are working towards moving everything to them. The big banks have gotten to a spot where they don't really care. My last loan from Wells kept coming back as denied when I worked with the Small Business Banker I called Skippy. Even though I was putting down over 50% and had an existing line of credit with them for more than I was asking for in equipment. After dealing with Skippy for 3 months and almost losing my equipment I finally got to talk to a regular business banker and was approved in less than 24 hours. When PPP came to be I didn't even try with wells and went directly to our small bank and got the loan during the first round. I am done with Wells. Good Luck

 

[eamyrick]

2 weeks and no luck with BOA and zero communication. My wife is refilling today with someone smaller.

 

[Mosster47]

2 weeks and no luck with BOA and zero communication. My wife is refilling today with someone smaller.

My wife is a banker at one of the big boys and is dealing with PPP applications full time right now.

I would strongly suggest your wife makes sure someone from BOA halts the process on their end of you're going to get double paid and you have to go through the process of giving it back and from what I've heard that's a much more strenuous process.

Also, make sure you wife is staying aware of the regulations surrounding it. Like with every government program for "free money" the fine print changes constantly and a huge number of people get blindsided by it because they listened to the media over actually reading the details. The civil servant/educator student loan forgiveness comes to mind.

 

[Beendare]

OP, you may or may not know the banks prioritize these requests.

If you do s lot of business with them...you are golden...if not they treat you like a red headed step child.

Keep the pressure on is all I can tell you.

____

 

[fmyth]

I applied for the PPP with Chase in mid April received the deposit on May 1. My brother applied with a local credit union and received it within 10 days.