[Kevin Henry-Seacoast]

SO first this is like nothing in our lifetime. second the government is not deploying the funds, the 100s of approved lenders and banks are. 3rd, yes im skeptical since BofA already said they have 10k apps, but its first come first serve. First ones will get money relatively quickly and last ones will be SOL.
This isnt FEMA or SBA processing. The longer wait will be on back end to get the loans forgiven and how business owners go about proving they use money correctly.

Only 10K applications. BofA is massive. We are a bank with 7Bil in assets and have a whole lot more applications then them. We are also processing applications for or factoring and ABL clients.

[cmarks]

Only 10K applications. BofA is massive. We are a bank with 7Bil in assets and have a whole lot more applications then them. We are also processing applications for or factoring and ABL clients.

10k Already...not total or the whole time, already...

[Kevin Henry-Seacoast]

10k Already...not total or the whole time, already...

Chris said that BofA had 10K. We, a much smaller bank have a lot more than 10K.

[WestCoastFunding]

Chris said that BofA had 10K. We, a much smaller bank have a lot more than 10K.

It seems that BofA will only process PPPs for existing clients who have both a business banking account AND a loan with BofA:

“Eligible clients who plan to apply for the Paycheck Protection Program loan should be aware of the following important items:

You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020.”

[Kevin Henry-Seacoast]

It seems that BofA will only process PPPs for existing clients who have both a business banking account AND a loan with BofA:

“Eligible clients who plan to apply for the Paycheck Protection Program loan should be aware of the following important items:

You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020.”

Most banks are doing the same.

[Winning]

It seems that BofA will only process PPPs for existing clients who have both a business banking account AND a loan with BofA:

“Eligible clients who plan to apply for the Paycheck Protection Program loan should be aware of the following important items:

You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020.”

I have a business deposit relationship but I have never borrowed money from them. So I will report back what I find out when I speak with them.

[WestCoastFunding]

I have a business deposit relationship but I have never borrowed money from them. So I will report back what I find out when I speak with them.

Apparently a business credit card will meet that requirement.

[Winning]

Apparently a business credit card will meet that requirement.

WtF! Never signed up for that either! I use Platium Amex Business.

Any other ideas... Who would have thought by not using credit cards and having a loan with them would come back and bite me in the ass.

[cmarks]

Apparently a business credit card will meet that requirement.

Rubio just lit up banks for these types of restrictions, its the banks that are doing this, not the law.

[golf2014]

Got off the phone with the bank..its a mess. If the loan is forgivable to merchant the bank doesnt get reimbursed unless it goes on the balance sheet.

[cmarks]

10k Already...not total or the whole time, already...

how many applications do you have in the system already? and when did you start them? cause the final revised application was posted last night as well as Interim FInal Rule doc