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How To Check The Status Of Your SBA Paycheck Protection Program (PPP) Loan Application

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Jason Vissers

Jason Vissers

Jason Vissers is a writer and cereal chef from San Diego. He graduated with a Political Science degree from San Diego State University in 2001. He's been writing about website builders, crowdfunding sites, online lenders, and credit cards for Merchant Maverick since 2015. Additionally, Jason can't eat raisins.
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65 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Tiffany

    I signed loan docs with Wells Fargo 8 days ago – Sunday May 3 – but have yet to see the funds appear in my account. I read they have 10 days but I am wondering what’s taking so long! I am ready to rehire my employees but want to see the funds in the account before telling them. I am starting to get anxious about the loan.

      Mary Irwin

      I submitted my application through a portal. I could not print my application for ppp but thought I will contact the bank and get a copy. I have called the bank and the sba continuously and cannot get a copy of application. What can I do?

        Jessica Dinsmore

        Hi Mary,

        I’d suggest trying to contact your local SBA office directly. I sure hope they can help you!

          Latoya Butler

          I applied for PPP loan for my non profit business and for my profitable business. I applied for the nonprofit business first received an email in April 25 that when congress sign another bill and SBA start accepting applications my application will be submitted. It’s May I contacted Bank of America and no one can tell if my application was a Submitted since new funds was approved by Congress on 4/27. It makes me feel Bank of America is selecting which application to submit to the SBA for approval however my smaller business ppp was submitted after and received approval because it was only for 20k it’s appears to be f

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            Elaine S

            I applied for the PPP the very first day that Wells Fargo open their portal. Nothing happened on the fist round, so I applied with a small bank in Utah that a colleague had used successfully and was very pleased with the time frame. The Utah rep was wonderful even though my load would not be a huge asset for them. On May 1, the Utah rep notified me that they had withdrawn my loan because it had been granted through Wells Fargo. Now it is the 5th and I haven’t even gotten notified by Wells Fargo that I was given the loan, let alone been sent a letter or a promissory note. I have employees waiting to come back to work when this has funded. How can I find out where my loan is?

              Jessica Dinsmore

              Hi Elaine,

              The second round of funding was applied to the pending applications that had already been submitted, so there was no need to re-apply- though this wasn’t made very clear and many people did reapply. You’re not alone! However, the SBA only accepts one approved application per person, as we understand it, so your application is still in Wells Fargo’s hands from the sounds of it. Good luck to you!

                Jackie

                Hi Elaine,
                I’m in the exact same boat. Recently, two other banks tried to process my loan but were rejected because an approval had already been issued to Wells Fargo. I finally received a secure (Voltage) email from them on Friday (5/8) asking for WF account # and to attach the supporting loan docs again.
                Have you heard from Wells Fargo since your post on 5/5?
                Thanks and I hope you were approved!

                  Braath Waate

                  I started with Wells Fargo, submitting an “expression of interest” 10 minutes after they opened their portal on Saturday, April 4. About a week later they let me fill out an application. I also submitted applications with Kabbage, Square, Bluevine, and Capital Velocity. Sometime later I received a letter from Wells Fargo dated April 14 saying the application was conditionally approved, but requiring a signature on a Promissory Note that I never received. I contacted Wells Fargo customer support, they could not help, so they set up a meeting for me with a branch banker, who also could not help. I then submitted an application with Western States Bank (WSB) on May 3, which attempted to submit an application with the SBA, but got an error message stating that the loan was approved at another bank. I do not know which bank approved the loan, so I sent an email to the SBA to find out which bank and the SBA loan number, but haven’t heard anything. Now I am worried that I will never be able to complete the process with the original non-responsive bank and the “approved” loan will expire unfunded. I really wish that the SBA would not reject an application until the applicant is actually funded.

                    Jessica Dinsmore

                    Hi Braath,

                    It looks like it would be that conditional approval from Wells Fargo that’s blocking the other loans. Our understanding is that the SBA only accepts one approved application per person, so I’d definitely dig deeper within Wells Fargo and your spam box to try to find the Promissory note. Good luck!

                      SUSANNE HERNANDEZ

                      I applied through Wells Fargo on 4/16 and also Ocean Bank, Ocean Bank sent me an email for additional info from my taxes that I did not have so I was told that my company was ineligible. Wells Fargo sent me a couple of email requesting more info and an email everyday saying they were working on my application. Then the funds ran out but I received an email stating that some money had come back in, perhaps from the companies that were required to pay the money back because they did not qualify. Sunday 5/3 I received an email from Wells Fargo to sign documents from DOCUSIGN. I am now waiting to see if I will receive the funds or not. It has only been 2 days so still praying.

                        TerriMarie

                        I am in the same boat. I cannot login to my bank to see if it comes. Prayers to you sister…

                        Every company was once a small business…support us!

                          KSp

                          Same exact situation.
                          I bank with Wells Fargo. First round, WF ran out of funds very quickly due to Gov imposed lending limits on WF from their shady fraud issues. I missed this window.
                          2nd round, I was able to apply with WF, and they sent me an email on 5/3/2020 saying our loan was approved and sent me Docusign doc to execute.
                          I immediately received a confirmation that the document was signed.
                          Since then, nothing…. no updates, no email, nothing in my bank account from SBA/Govt.

                            Ksenia

                            hello, we also signed on sunday but didn’t get it yet. have you received it?

                              Daniel

                              Hi, This is great information thank you. I was luckily approved for a PPP Loan from Citi bank. The money was transferred into my account this morning, but only 1/6th of the approved loan money was transferred.
                              I’ve been searching high and low for any information on what to do. My bank said go to the sba.gov but I haven’t found anything there.
                              Has anyone else faced this and do you know an email or number I can use to find out more? I’m at a loss.
                              thank you, Dan

                                Jessica Dinsmore

                                Hi Dan,

                                If you haven’t already, you should be able to contact your local SBA office directly.

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                                  Anne

                                  I applied with PNC on April 10th because self employed individuals were not allowed in to apply until the 10th. A week later the money ran out and most of us know the criminal way in which the funds had been divided. For this round, according to PNC, my application is in the queue. I just spoke to someone from the bank and learned that “a ton” of people got contacted over the weekend in order to docs-sign to complete their loan process. They were all folks that had applied on the 3rd. She said that they had 60,000 applications and that they are going in first come first served order. She then reminded me that I – as a self employed – didn’t apply until the 10th. Now that is something, to deliberately hold back a segment of your loan population for an entire week and then act as though you are so fare as to apply a first come first served rule. I have seen no mention of this anywhere.

                                    Cathy

                                    BOFA approved my loan but for less than what I requested. They didn’t even cover our health insurance premiums. We have an application in with another lender do you think we should wait for the other lender or just approve the loan as is (with the reduced amount).

                                    Anyone else been through this?

                                      Jessica Dinsmore

                                      Hi Cathy,

                                      I’m really sorry to hear that, but unfortunately, it’s our understanding that the SBA only accepts one application per person. Based on other comments posted here, it sounds like the second lender will get a notification that the loan has already been approved by the first lender, and won’t get processed.

                                        JOHN H ONEILL JR

                                        “…funding within 1 to 3 days of their credit being pulled”….ahhh thats BS…as the loans are NOT personally guaranteed and having credit pulled is not only NOT required its AGAINST THE NEW LAW. so I don’t know how you got that information.

                                          Shannon Vissers

                                          Not all lenders are checking credit for PPP loans, and it is not required by the SBA. But many applicants have reported their credit has been checked for PPP loans or even that they were denied based on their credit. For example, PayPal/Loanbuilder is checking credit through TransUnion. Lenders are generally allowed to add their own requirements for SBA loans, and that is apparently what is happening here. They could even be checking credit just to verify your identity/prevent fraud. As mentioned, your PPP lender is more likely to check your credit if you do not have a pre-existing relationship with them.

                                            Jodi Glimpse

                                            I first applied with BofA on 4/3, uploaded docs on 4/7, then nothing for weeks. After getting the run around from my business bankers, I sent an email to upper brass at BofA to vent my frustration with the way BofA was handling the applications. I got a call from someone a couple days later to get my application finalized (squeaky wheel paid off). On Thursday 4/23, we got notice the application was ready to be sent to SBA once the funding was restored. On Tuesday 4/29, I got a call from BofA that my application has been submitted to SBA. Since then, nothing!

                                            I tried calling SBA as recommended in the article but after being on hold for 30 minutes, the person I spoke with stated that they have no information on PPP or EIDL loans. Do not waste your time – they can’t give you any information. I reached out to BofA – they have no information at this time either. It’s all about waiting – sounds like BofA only got a fraction of the applications got processed by Tuesday despite nearly 200K being submitted. Hopefully we are not hurt by applying thru a large bank! Anyone else have info on how to get updates on loan application once it’s been sent to SBA?

                                              Robert R

                                              Applied for PPP very early through Centennial Bank. Received SBA “approval” from Centennial more than 2 weeks ago and still have no funds deposited. The bank is unable to tell me anything other than that they are working as hard as possible. Can’t seem to get any info. Thoughts?

                                                Jessica Dinsmore

                                                Hi Robert,

                                                Unfortunately, you are in good company. Most people commenting here are having a lot of difficulties getting any helpful information from their banks or the SBA. I’d suggest you try the methods we’ve recommended in this post, and just be persistent and patient. I know that’s a tall order, but it’s really all you can do right now. We will definitely update the post if more helpful information becomes available. We sincerely wish you the best of luck!

                                                  Lindsey

                                                  Just because you received a approval email doesn’t mean the funds will automatically be deposited. You have to sign documents like a promissory letter ect. Then after that it can take up to a couple days for funds to be deposited.

                                                    Victoria

                                                    I’m in the same boat, got an online notice from my lender that I was approved and how much I’d be getting, but they are waiting to verify documents. A second lender I had also applied with says that they were told I had been approved for a loan from the SBA, still no funding has come my way!

                                                      Kurt Wagner

                                                      I have received repeated messages of not giving up, even though I have an SBA Application and number.
                                                      I also had to wait additional 2 weeks for the EIDL I received. This however looks worse. After the “signal”, that the LA Lakers got 4.6 mil and ONLY returned after being caught, it is obvious these network connections are being hacked, the money rerouted and the explainations are weak as heck!

                                                      The moxy in which we delivered security in the 70’s and 80’s is gone. The Moral code to watch over our belongings and our money is suspect. Now we know some borrowers are trying to use MULTIPLE businesses names, phony documents and even “countries” (yes, hackers live in foreign countries). The U S Government is far too embarrassed, especially the ODD answers coming from the U S Sec. of the Treasury ( he should be outraged, and using a big hammer, instead he is cool, very little reassurance, lack of detail of what the U S Secret Service will do for the offenders, should include All (even colleges, sports teams, etc.). No exceptions!!!

                                                        Steve Lembo

                                                        Understand all the frustration. It’s a government program so there will always be fraud, abuse, favoritism etc.
                                                        Question, if your bank accepted the forms & said they had received & it was being sent for final approval to the SBA & you never heard anymore, does that mean if there were no SBA funds left (I assume that’s where our business stands) then are we automatically in the cue for this next funding or do we need to re-apply?

                                                          Jessica Dinsmore

                                                          Hi Steve,

                                                          As far as we know previous applicants should still be in the queue. Best of luck!

                                                            Daniel Hoisington

                                                            I signed all the documents and my banker told me funds would be available the next day its bee a week and a half ….nothing i think this is a big scam

                                                              Dave Palla

                                                              Im a Sole P and applied thru Peoples United Bank ( Local Bank ) on the 10th they requested more info,
                                                              additional info submitted on the 12th, got an approval email on the 15th ( email posted below ) since then nothing but crickets.

                                                              I replied to the email 4 days later asking if they had any word from previous loans / customers on the time frame from 1st approval email to funding, no response.

                                                              My other concern was I received the approval email on 4/15/2020 at 530pm EST. As of 4/16/2020 8am no funds left so where does that leave me ?

                                                              I have read that once approved your funds are allocated to your loan but who knows I can’t get an answer form anyone. The SBA also states that funding must be accepted within 10 days of approval well If thats the case I have less than 48hours to finish this process. Not to sure that’s gonna happen.

                                                              Here is the copy of my Approval email:

                                                              Congratulations! Your application for a Paycheck Protection Program loan has been accepted by the U.S. Small Business Administration.

                                                              Additional documentation is required to accept the Paycheck Protection loan and you must electronically sign these documents. You will soon receive a separate email from OneSpan Sign to assist you with the completion of this documentation.

                                                              People’s United Bank will deposit the proceeds of the loan into the People’s United Bank checking account you specified at the time of your Payment Protection Program Loan application. Details on the timing of that funding will be included in that email.

                                                              Thank you for being a customer and we are pleased to assist you in this challenging time.

                                                              People’s United Bank, N.A.

                                                                Jessica Dinsmore

                                                                Hey Dave,

                                                                If you haven’t already, make sure to check your spam folder. You could also try going to the OneSpan Sign website and see if you can get access to the documents from there, and/or try calling them to find out what they need from you. I’d also say try getting ahold of your bank to let them know the situation. Don’t give up, become a nuisance until you get somewhere because the 10-day acceptance is worrisome.

                                                                  Niccole

                                                                  Hey Dave, I was approved yesterday for the PPP but still no email almost 48 hours after being approved (the bank let me know I was approved) how long did it take you to find out you were approved by email? And did they ever send you your papers to sign?

                                                                    Mike V

                                                                    I applied through Lendio.com and received an email today saying I was either missing documents or did not complete my application, but when I log in to Lendio, I get this message that I am copying and pasting

                                                                    Your application has been approved
                                                                    SBA
                                                                    Congratulations!
                                                                    Your Loan Application Was Approved.

                                                                    Your application has been approved by the SBA

                                                                    It has the SBA logo and the graphics that id not paste properly

                                                                    I am cautiously optimistic.
                                                                    Has anyone else got this message n the Lendio website?

                                                                      Jessica

                                                                      I am in the same boat. Received the “SBA confirmation number” and then nothing for 10 days. I have applied through 3 places. Still nothing,.

                                                                        tami vasa

                                                                        I applied for PPP at Bank of america on 04/04/20 at 6:30AM. They send email to update application and upload document on 4/8. I uploaded all documents. on 4/20 they send email to update again. I did on 4/20. Now there is no way to communicate with any body to get information on loan. Applied on the same day load opened, still not getting any thing from Bank of America. Very poor service. Will move account to small community bank.

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                                                                          Greg Simpson

                                                                          We’re a small catering company in NC with 8 staff. I completed my app for the PPP and submitted my info on 4/4 through LENDIO. Rep advised later in the day advised it was submitted to lenders. On 4/9 rep said “they” needed a correction on my app. 4/13 rep said the lender needed a color copy of my DL. Got the email on 4/15 that my app had been submitted to Ready Capital. Crickets since then. Submitted my EIDL loan and advance request on 3/29 via short form on SBA.gov (application # 33003xxxxx. Got the generic email from SBA on the 13th. Credit checked on 4/17 by SBA. Nothing yet. Advice?

                                                                            Jessica Dinsmore

                                                                            Hi Greg,

                                                                            It’s really just a (nerve-wracking) waiting game. You can try checking your PPP or EIDL status through the portal links we’ve provided, but it sounds like a lot of people are having difficulty.

                                                                            The SBA pulled my credit. Does that mean I’m going to be getting a loan soon?

                                                                            When checking your credit history, you may notice that the SBA has pulled your credit. While some borrowers have reported receiving funds a few days after their credit was pulled, others were still waiting on their funds despite their credit being pulled. In other words, this shouldn’t be used to gauge whether or not your loan was approved or will soon be funded. Wait for communications from the SBA, and don’t forget to check your business bank account.

                                                                              Frank moy

                                                                              What’s your FICO score?

                                                                                Karen E DaSilva

                                                                                I’m a practicing physical therapist and owner/founder of a Physical Therapy Clinic in Issaquah, WA since 1998. As an essential healthcare business, we’ve remained open and have been providing care to our critical need patients and many front-line responders in the COVID-19 crisis. Located in King County, we’ve been struggling since the original outbreak in Kirkland, WA only 6 miles away.

                                                                                We applied through Bank of America for the Payroll Protection Plan within three hours of the process opening online on April 3, 2020. We uploaded our supporting documents within four hours of the email request for them. As of today, we’ve had no response from BOA and can only assume we won’t be receiving any Federal assistance through this program as it’s now out of funds.

                                                                                In order to safely stay open, we continue to go to extreme measures to find and purchase appropriate PPE for our providers (at over four-times regular cost). I cannot even find sterile wipes for our facility and have been making them with 70% alcohol and paper towels in my kitchen every night. Our providers are reusing their masks for up to five days in order to conserve them.

                                                                                We continue to serve our critical need patients and provide care for many of our local hospital workers, fire-fighters, and police so they can return to their critical roles on the front lines. Because most hospitals have closed their outpatient PT departments, we continue to treat this population, even though there’s an increased risk to our therapists. And yet we still have no way to get any COVID-19 tests for our therapists/staff. We’ve also been providing first contact medical intervention for our seniors who’ve been too frightened to go to their doctors. We’ve been here to catch strokes, heart arrhythmias, post-op infections and other life-threatening illness beyond COVID-19.

                                                                                I’m not sure what future opportunities may arise to fill this critical gap in funding for small businesses, but as a front-line health care provider, I certainly hope some priority will be given to businesses like ours.

                                                                                  Shawn Smash-Jett

                                                                                  I totally understand. So many of our clients are having the same timeline. I pray this new round of loans reaches your business. I will share with you that I have found a place that has plenty of sanitizers and disinfectant. Let me know how I can help … I love helping people..

                                                                                    Jocelyn Davis

                                                                                    Hi Karen,
                                                                                    My name is Jocelyn Davis and I am certified hand therapist in private practice in Redmond that I founded in 1999. Like you, we applied for the PPP through the Bank of America (our business bank for 21 years) on day one and did not end up getting any funds. All along the way it seemed there were delays on their end. We would jump whenever they requested information but then days would go by before we would get another email. Eventually the money just ran out and we were out of luck. There is no one to give us any information. Now learning that BofA funded some larger business that used up millions instead of the small businesses like ours makes me really upset. I’m not optimistic about having any chance the second time around either. We are still open seeing the few patients we still have coming through our doors, but we are losing thousands every week. I wish small medical practices would get some priority for helping people on the front lines but I really have my doubts at this point. Wishing you luck and good health.

                                                                                      Lindsey

                                                                                      That’s just awful. I feel terrible for you. I think this was a huge wake up call for everyone that we need to be better prepared for emergencies. Hospitals and all medical care need to have the essentials stocked up. It’s sad truth that the government let us all down.

                                                                                        Mark MacDonald

                                                                                        Good Article, that said it is frustrating, we are dealing with a “small bank” which we have a loan with (Not SBA) and getting information has been absolutely painful. We applied that day the apps came out then we were given new apps we filled out then we were asked a week in to provide back up. I finally hear from my banker and his remark is we continue to underwrite for round 2. So the employees we have been paying got the money plus their $1,200.00 We get it up the back side.
                                                                                        I can tell you if we don’t have confirmation by the end of the week, 50% will need that $1,200.00. Im glad the hedge funds all got paid, typical government crap the ultra wealthy end up on top!

                                                                                          Sheila Fante

                                                                                          We applied for the PPP loan through chase bank, we thought this would be a better choice then our local credit union. (We have a lending and consistent relationship with both) . We were under the assumption we HAD to apply through our local lender not the SBA itself. When we first considered the credit union they told us finds were limited to 100k, that made a easy decision to go through chase instead considering we qualify for approx 305k. Chase makes you email a request for application process, then the turnaround time to allow the application process was almost 72 hours! We finally got to get the application in, chase gave no update option’s to check status, sent no inquiries to us in regards to the application process. The day after the announcement hit the funds were exhausted Chase sent us a email stating our loan was not approved based on: inconsistent information and the inability under federal law to distribute funds to us!! Keep in mind we used our CPA to crunch all numbers, these formulas are 100 % accurate, I crunched the numbers as well during the waiting period considering I am the CFO of our company. ( they were spot on). We contacted our CPA, they stated they have recieved a big handful of these messages from other clients and suggest this is complete BS! Here is the kicker of all, there is no way to contact Chase to find out what they based this inconsistency on, no address, no email address, nothing…only a message ” do not contact customer service, they have no knowledge of these loans”. We have a right to know what this decision is based on. If you look at the Chase website, the CEO explains that more then 60% of the loans went to businesses under 25 employees, more then half loans were LESS then 100k. If this was the intention of chase they should have pit a disclaimer out..only lending less then 100K. We feel blind sighted and cheated. Does anyone have a reccomendation on how to resolve this for a potential second round of funds?? Can I reapply at my credit union? Can I actually contact someone who does how why the application came back this way? Was it entered in SBA system by Chase and thrown aside because we have 26 employees and quailfed for over the intended given amount. We are a small manufacturing business with annual revenue of 3 million a year. Please excuse any spelling errors, typing this message on a cellphone.

                                                                                            Jessica Dinsmore

                                                                                            Hi Sheila,

                                                                                            There is still a lot that we don’t know, unfortunately, so we don’t have answers to all of your questions. I wish we did! What we do know is that yes, federally insured credit unions are eligible to make PPP loans, but you’d have to check with yours specifically to make sure. And if you’re hoping to get loan forgiveness, you’ll want to have your payroll tax filings, and UI insurance filings handy to make the process go more smoothly. We wish you all the best!

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                                                                                              Robert Childers

                                                                                              I submitted my application through Bank of America on 4/7/2020, and received an email from them immediately requesting additional documents. I completed those documents & uploaded on 4/8/2020. A BofA representative called me a few days later informing me that they had received my application but was unable to give me any loan status updates, or to even verify that I had included &/or uploaded all required information. I know several business associates who have received their funding, all but 1 of them who applied on a later date than I, and ALL through smaller banking institutions that had REAL LIVE PEOPLE they were able to talk to. The greatest frustration is the inability to speak with ANYONE who can tell me anything except ,”be patient, you will be notified at a later date.” It sounds like the size of BofA & the number of requests overwhelmed them and their ability to process loan apps as quickly and efficiently as smaller lenders. I have been with BofA for 47 years, way before they were BofA, or Nations Bank, or C&S, or whoever they were before that, mainly because of the number of branches they have to make it easier for my employees. Their ‘non-personal’ approach and lack of response to my many calls & emails for help concerning this matter has left a sour taste that will certainly result in switching to develop a banking relationship elsewhere after this mess is over, if not sooner.

                                                                                                alex

                                                                                                We are in the same waiting as you , BoA are dealing with so much people , I shouldn’t do it with them.

                                                                                                  Nicole Thomas

                                                                                                  Naomi is correct! They never should have included business of 500 or more and limited how much people could get (a CAP). Like she said, if you get Millions you are NOT a small business. The REAL SMALL businesses were passed over in favor of the large business AGAIN (don’t believe me- just wait.
                                                                                                  it will come out in the news. I contacted SBA.gov on the phone and it was unofficially confirmed to me that the bigger business got priority). FYI we only asked for 10K. The CEO of BoA spends more than that in one day on the golf course. Naomi and Scott probably also applied for a small amount. How many small businesses could have been saved had they done bottom up instead of top down???
                                                                                                  Doubt even if funding is restored we will be able to get anything. I applied on 4/4 with Bank of America- yes waaay before any of the other banks were even getting their crap together. I have no idea where we stand, cannot have us go on unemployment or we cannot get this loan, could not go to any other bank. Amy your suggestions for loans is insulting to us. Why should we not get our share of grant money that came from US the taxpayers??? Why should we have to have loans to pay back when the bigger companies that make a ton of profit could have done so with your ‘reasonable rates’ loans. That is a slap in the face to those that need it the most and are most vulnerable AND pay our taxes.
                                                                                                  I agree with Naomi- SHAME ON THE GOVERNMENT AND SHAME ON THE BANKS

                                                                                                    Rebecca

                                                                                                    I’m in the same boat as you Nicole. My loan is for $10,800. I am truly a Small Business. Why couldn’t they start by processing loans for $50k or less. Thousands of small businesses could have had their loans funded instead of 1 large, profitable, publicly held corporation. These corporations have access to other funding. We don’t. This is it. The low interest loans that are available have huge minimums. We don’t need $100k or more, we need a measly $10k to get our businesses through the next 8 weeks.
                                                                                                    I finally received an email from Bank of America on Sunday, saying my application and documents were complete, had been reviewed, and would be submitted to SBA as soon as they started accepting applications again, and they would send another email at that time. Well, it’s been almost 4 days now and I haven’t heard anything else, which I imagine means they haven’t submitted it to the SBA yet. I am terrified the funds will run out and wonder if I should try applying through another lender, like Intuit/Quickbooks or even Paypal. I checked with my credit union at the beginning, but didn’t qualify since I don’thave a business account with them, and because I am on the West Coast. I’m afraid that because I bank with Bank of America, I’m going to miss out. I’m also worried that if I apply somewhere else, it will turn out that BofA did submit and I’ll get flagged for fraud and neither application will get approved. I don’t know what to do, this whole experience has been extremely stressful and beyond frustrating!

                                                                                                      Leslie Dechaunac

                                                                                                      I submitted all the required applications & paperwork 2 weeks ago on the correct site.
                                                                                                      I got an acknowledgement that it was received.
                                                                                                      Included in the application was our business bank account #.
                                                                                                      Now I get an email from B of A that for the PPP applic. to be completed I need to update my business acct. Just click on the prompt, “I’m ready”. There is no prompt that says “I’m Ready”.
                                                                                                      Is this in fact the system of delay that excludes as many people as possible?

                                                                                                        monica bice

                                                                                                        SHAME ON YOU BANK OF AMERICA! Applied 1st Day for PPL Loan. All documentation submitted and confirmed. Then NOTHING! After 30 years as a small business banking customer we are DISGUSTED! Enjoy the $18 Billion you will make while screwing your small business clients!

                                                                                                          Trish B.

                                                                                                          We applied through our back Flagstar online. They approved us in 2 days but told us that now they have to wait for SBA to approve our application. Huh? That was on April 9th. Way before they ran out of money. How does this work? Aren’t the bank authorized to lend the money? Why do we need a second approval? They said that the SBA would be the one to give us the money not Flagstar. WHAT? We went through Flagstar because we have existing stuff with them. My accountant even told me later that that isn’t how it’s supposed to work. The bank gives the approval and the money and then gets it from the SBA. Got an email from the bank 7 days after being approved that the SBA has ran out of money and that they will be submitting our application the next time. Meaning? You didn’t submit this time after you approved us??? What is the real process of getting the PPP loan after you submit an application?

                                                                                                            Jessica Dinsmore

                                                                                                            Hi Trish,

                                                                                                            We have a post that explains how PPP loans work, at least in theory. Unfortunately, it seems that even some bank and SBA employees are a bit unsure of the process, but at this scale it’s understandable. The PPP program has been refunded and our understanding is that all previously submitted applications are in the queue for the second round of funds. So be sure to check with your bank again to see where your application stands. Best of luck to you!

                                                                                                              David

                                                                                                              We have been BOA customers for years. We began to study the PPP as soon as the cares act was passed. We had many questions and could not get feedback from BOA. We started to work with a Academy Bank the week before applications were being accepted. At the last minute on Friday April 3rd BOA open there application to clients with lending histories so we changed gears again and applied with BOA on 4/3 in order to make sure we were at the front of the line. We submitted our docs the following Tuesday as soon as we were directed to do so by BOA. There is been not contact since then and when we ask questions the response is always that BOA has no information and that we will be notified by email of what the next step will be. Our loan amount would have been just over $200,000.

                                                                                                                Naomi

                                                                                                                This PPP is such a farce on so many levels.

                                                                                                                We applied early with CHASE, tried to check on the status and was told that they aren’t in charge of approving the loans and don’t even have access to the applications. Essentially they said that the applications automatically go directly to the SBA and the SBA reviews the applications.

                                                                                                                When we called the SBA, they told us the exact opposite. That the bank approves the applications and likely didn’t get to ours before the funds ran out – essentially that it was just sitting there for two weeks! The SBA, like CHASE, said that they don’t have access to the applications.

                                                                                                                … wow… so who’s telling the truth? I’m not really sure. If CHASE does process the application then we were immediately at a disadvantage over someone who banks with a much smaller approved lender.

                                                                                                                The process generally has just been unbelievably inequitable from the start and not transparent.

                                                                                                                Also, if you look at the pdf that was put out by the SBA 30% of the applicants took 85% of the funding. .3% of the applicants took nearly 10% of the funding WTF. If your 2.5 month payroll exceeds 5 million you are NOT a small business.

                                                                                                                Shame on the US Government.

                                                                                                                  John Yates

                                                                                                                  I totally agree. I had the applications filled out and submitted on day one. Looking for under 150000. Needless to say, I didn’t get a dime for my employees and cannot get any feedback on where the application got to. Disheartening to read the sizes of loans given out to large businesses.

                                                                                                                    Kim Vuncannon

                                                                                                                    Well said! I went through the same thing. Waiting, wondering, worrying… no answers then BAM the money is gone. Then to hear Chase and the SBA gave millions to businesses that, no doubt, have countless resources at their disposal. Resources that actual small businesses wouldn’t even qualify for. Shame on Chase and shame on the SBA as well.

                                                                                                                      Lee

                                                                                                                      Our government has scammed us! I applied to Chase for a SBA loan during the first week. Our banker walked us through it. A few days later, he finally answered, after texting and calling him constantly. He said the program ran out of money, so our application was in a “queue” for the next release. Then, today, I heard that Shake Shack got $10 million! They have way over 500 employees! I can’t wait until November! I will vote for Biden, Cuomo, or basically anyone but Trump!

                                                                                                                        We've done in-depth testing of each and confidently recommend them.

                                                                                                                        David

                                                                                                                        Applied for PPP 2 weeks ago through Bank of America. I expected a slow and painful process and I could not have been more wrong. The process was laid out and smooth. An actual loan officer called me from the mortgage side to just touch base and make sure I read instructions and had everything in. Got the promissory note and Attest today and signed and sent it back. I assume it goes to SBA for approval and I don’t know how long it will take. If Bank of America has anything to do with it I will be done shortly.
                                                                                                                        I also don’t know if SBA will make any changes but because of this flawless procedure we might switch all the banking to them.

                                                                                                                          MC

                                                                                                                          I understand that the PPP came with no user manual and is extremely confusing. But it doesn’t excuse some blatant and grotesque approvals of loans to filthy-rich businesses. Take the Los Angeles Lakers as an example. They were approved for $4.6 million, although their estimated value is $3.7 BILLION! Why in the world did they apply in the first place? It’s truly, truly appalling.

                                                                                                                            Scott Dellatore

                                                                                                                            We applied. We submitted the paperwork THREE TIMES and the website failed to upload.

                                                                                                                            We were finally able to upload the documents LAST WEEK.
                                                                                                                            We received a message several days later that a signature was missing.

                                                                                                                            We applied again.

                                                                                                                            We checked the status today, 8 days later — the documents are still under review with PNC Bank! They haven’t been submitted to SBA. This is very stressful. It’s so confusing. Perhaps someone can make a suggestion.

                                                                                                                            Thank you.

                                                                                                                              Jessica Dinsmore

                                                                                                                              Hi Scott,

                                                                                                                              Unfortunately, if you filled out an application but have not yet spoken to a lender, it is unlikely you will receive funds during this round of aid relief. It truly pains me to tell you that. However– we are hopeful that the PPP and EIDL programs will be refunded, and while we wait to find out, you do still have some options. Don’t give up!

                                                                                                                                Scott Black

                                                                                                                                My experience has been exactly the same as Scott Dellatore above. Literally you could copy and paste that and just switch the name of the Bank.

                                                                                                                                  Julie Bracewell

                                                                                                                                  I put in my application on the day PNC finally opened the portal . I received the same feedback from PNC. The bank manager said he’s “out of the loop and the SBA handles all the apps” SBA states that the bank underwrites the apps then submits them. My application was never submitted and stayed in the “review” stage then I received a notice this weekend that PNC was unable to process my application before the funds ran out.

                                                                                                                                  Other business owners that I know received their funds within a few days. I was told that it was because their bank requested SBA allocation amounts ahead of time. I can’t find out any information on how PNC processed their applications. I can only pray they will get mine processed during this second round.

                                                                                                                                    David Uhry

                                                                                                                                    Like you, I went through my bank PNC. I completed the application on 4/10. Then the money ‘ran out.’ PNC, in my opinion dragged there feet in processing my application at the time contributing to the delay. I have been in ‘the due’ for weeks. On 4/29 I was confirmed the they sent it to SBA and was ‘awaiting registration’ as I passed the review process weeks ago. So much for first come first served. My gut feeling is PNC sent in all 44,000 applications at once that were in the que. There is no way of knowing if they really sent in the application or if its just lip service. Their disclaimer is that it maybe ‘some time’ before the application to be reviewed…… So what’s next? If I get a registration number is that an approval? If I don’t get a registration number is there a way of knowing they really did send it and when? Is the registration number just a receipt and not and acceptance? All cloudy issues with no clear understanding of the process.

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