Bank of America Says Only Fraction of 184,000 PPP Applications Have Been Funded
Bank of America said earlier this week it had sent 184,000 applications for rescue loans to the Small Business Administration. Yet only 1,000 of those have received loan numbers from the SBA, according to a bank spokesperson CNN Business reports. The bank also has 48,000 more client applications ready to submit.
Loan numbers from the SBA are required for the loans to be funded. Once a loan number is received, funding usually comes in the next few days.
The SBA told CNN Business that it doesn’t comment on specific issuers, but in total it has approved over 500,000 loans valued at over $55 billion as of Tuesday afternoon.
Payroll Protection applications resumed Monday, in a second round of funding from Congress that injected another $310 billion for the program. The first round of funds were ecaushted within two weeks.
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I sent in all the paperwork To Bank of America on April 3, 2020.. I got a response that the paperwork was received and in order.. After that, NOTHING… I called them daily.. No response or status
I read on one of these blogs that the blogger was frustrated with the progress of the loan process with the large bank he initially applied with. He applies with a small bank and approval to funding was within 3 days. You can apply to more than one bank, you just can’t accept more than one loan.
After several days of “We have submitted your application to the SBA and are waiting for an SBA application number. If approved, the application number guarantees funding from the SBA but is contingent on a successful loan closing. Please note that the process is taking longer than expected, and it may be several days before the number is received,” USBank now says: “We have submitted your application to the SBA and are waiting for an SBA application number. If approved, the application number guarantees funding from the SBA but is contingent on a successful loan closing. Please note that the process is taking longer than expected, and it may be several days before the number is received.” Am I naive to think this is progress?
I applied to BofA for the PPP loan on 4/3/2020. Was contacted on 4/6 to download docs and recontacted on 4/15 for additional docs. Received email the app was complete on 4/24 and was submitted to SBA on 4/28 and assigned an SBA ID# later that day. On 4/29 signed affirmation and final loan docs and funded into BofA account on 4/30 in the a.m.
“Loan numbers from the SBA are required for the loans to be funded. Once a loan number is received, funding usually comes in the next few days.”
I’ll call out that inaccuracy. I’m in no rush (hoping to delay the start of my 8-week “forgiveness” period), but I received my SBA loan number on April 16, signed final loan docs April 27, and here I am on April 30 without funding.