[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]

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.

goto any other sba lender or bank and ask them if they are accepting apps from nonclients. Seems Finwise will be once they get all requirements resolved and their system updated.

[Winning]

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.

Bank of America Changes Paycheck Protection Program Rules After Criticism.

Bank of America ended up changing its position with Chief Executive Brian Moynihan telling CNBC Friday that applicants no longer needed an existing lending relationship with the bank to access the funds.*

Bank of America says that it has already received 60,000 applications with paycheck protection program loan requests totaling over $6 billion.

Meanwhile the U.S. Small Business Administration said that 5,218 loans valued at more than $1.8 billion had been received.

https://www.thestreet.com/investing/...fter-criticism

[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.

[WestCoastFunding]

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

They just don’t want these. It’s not worth it for them. Theyll essentually process them as a courtesy, but once you factor in manpower and other resources used, they probably don’t make a single dime or even lose money.

[Kevin Henry-Seacoast]

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

Rubio's pissed because he has ****ty credit and no bank in their right mind would loan him money.

[WestCoastFunding]

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

Why do you think the banks are doing this? Just to be punitive. The fact that banks don’t want these tells the story, don’t you think?

[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