“My guess is all the banks will be hitting on all cylinders somewhere around Tuesday and Wednesday,” Consumer Bankers Association President and CEO Richard Hunt said.
The process definitely makes you wonder if they have forgotten you along the way! Step 1 was at 10 a.m. this morning and as of 5 p.m., still waiting for Step 2. Best of luck everyone -
My gut tells me many banks are taking the applications now but waiting until next week to actually process them after the figure out all the parts to the puzzle, etc…but what do I know?!?
I discovered the AAP had partnered with Bankers Healthcare Group and FundEx Solutions to provide PPP loans. I had to look when Bank of America said I did not meet their qualifications despite business banking with them for 35 years. I did not have a loan or a credit card with them. This afternoon they removed the qualifiers after a deluge of complaints.
We have been trying to log onto the Bank of America site all day and we have an LOC and business banking and online account and password and we still are being told online that we dont fulfill criteria. They say they are serving their small business clients but they arent’ with their online only application. Our bankers say there’s a “glitch” even though we have all the criteria - it doesnt recognize that we fulfill their criteria. I called tech support 5 hrs ago and they “escalated” it but we still cant login and over 200000 apps have been processed by BoA. So frustrating!
We applied on Friday through Bank of America- we reached out to the client manager assigned to us earlier in the week, and he emailed me the link to sign in and apply- Here is the link I got:
you sign in with your existing account and password and follow the instructions there.
If that doesn’t work maybe try finding who your assigned client manager is and ask for help? Good luck with this everyone!
Thanks Robin or is it Josh? We finally got our application for PPP in to BoA this am. I know it’ s just the application but I feel relieved we are in “line”. 8 wks of payroll is great but will there be enough work for a full staff in 8 wks.
Glad you were able to apply! Maybe the link will help someone else-
Has anyone had success with any bank other than Bank of America?
We bank with 5/3 and they are not accepting applications until Monday or Tuesday.
We switched to BofA over past few months. They won’t take our application because our accounts weren’t active as of 2/1/20, despite us having spoken with our acct rep earlier in week who said it would be fine, and despite the fact that they have all of our financials already because they recently approved us for a build out loan and line of credit.
Still have account with our former back, which had been a small locally based bank, but it got bought out by a regional bank and customer service plummeted. They won’t be ready to take PPP applications until late this coming week, by which time I fear it will be too late.
The bank that the AAP is partnering with is no longer accepting applications due to changes in the regulations per their website.
This is so frustrating…,
Our local bank, Busey Bank, received our application on Friday. They have been pretty upfront about the uncertain timeline
Live Oak is a SBA lender and processed loans more $300 mil over the weekend. They are taking their existing customers first then working “would be borrowers” from this list/queue. Here is the sign up link
We were finally able to submit our application today. Our bank, Heritage, was very particular about what they required to accept the app. We will see if it goes anywhere.
I applied through SunTrust/Truist. I was sent a link from my bank contact last week that allowed me to sign up for email updates once they were ready to begin accepting applications. I got an email on Sunday evening with the link to the application website. I filled out the application and uploaded the documents the same evening. They sent an email saying my application was received immediately after that but I haven’t heard anything since then.
We received a further communication from Heritage stating that our app is still in the queue (yay!) but that many applications have been rejected because they were deemed incomplete. Fingers crossed.
Very excited to say we have been approved for the PPP loan! Worked with our local bank after PNC was taking forever to figure out the process.
My local bank Synovus kicked out my application because I didn’t have an open checking acct with them for the past few years. I have to re-apply after the account is open for 3 days.
I did put an application in through KABBAGE. I had not used them for anything prior. Their website was very robust with the application. Unfortunately, once I completed the application and submitted all my documentation, I read in the fine print that they are not yet and SBA approved lender. SMH.
We submitted our application on April 6. We still have not received our PPP loan. I am concerned we may never receive it. Has anyone received their PPP loan? Thank you!
Wish we would have worked with a different bank instead of PNC. Great move!