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Apr 3, 2020
1:18
:29
pm
run26
All-American
it's half true
My BOA rep told me there will be a 2nd wave for BOA account holders. But the first wave (today) is exclusively for loan holders.
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run26
Previous username
whoppercougar
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run26
Joined
Aug 23, 2007
Last login
Jan 3, 2022
Total posts
22,369 (337 FO)
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Messages
Author
Time
B of A started accepting PPP apps at 9 Am ET today. Everybody else - stalled?
BYUfan92
4/3/20 9:46am
Since independent contractors can't apply until next week at the earliest...it seems that if this program runs out of
HarlemCoug
4/3/20 9:49am
I've read the same - its an election year, the pressure will be huge to keep
BYUfan92
4/3/20 9:51am
this program is going to run out of money quickly. Any small business would be
BIG XII Coug
4/3/20 9:51am
Secretary Mnuchin specifically said yesterday they would work on adding more
BYUCLA
4/3/20 9:56am
You must have BofA business checking account AND business credit card account
Doogal McCougar
4/3/20 9:51am
Not exactly
TheLoanArranger
4/3/20 10:02am
I have a $500000 practice loan and do my day to day business checking with BofA
AFCougK9
4/3/20 10:16am
Who is your relationship manager?
TheLoanArranger
4/3/20 10:32am
I don't really interact with any single person. The name and number I was given
AFCougK9
4/3/20 11:00am
Are you considered a self-employed person?
jkccoug
4/3/20 10:47am
Nope, I'm an S-corp
AFCougK9
4/3/20 11:01am
nope. you have to have an existing loan with SBA to apply
run26
4/3/20 10:16am
Not true
TheLoanArranger
4/3/20 10:31am
it's half true
run26
4/3/20 1:18pm
Lendio's PPP application is now live
rommeliv
4/3/20 9:54am
So is everybody going to run to them, or wait for our bank? (chase in my case)
BYUfan92
4/3/20 9:58am
I believe lendio will just distribute the applications to banks
Heath Squashwell
4/3/20 10:01am
Chase was supposed to be live at 12 ET.
BGRTHNUMEGO
4/3/20 10:05am
Here's why you're stalled and everyone else
RockyBalboa
4/3/20 10:05am
Zions is supposed to open it later today.
jkccoug
4/3/20 10:06am
Mnuchin just said nearly a (edit) Billion of PPP loan apps already processed. This might end up costing them more than
HarlemCoug
4/3/20 10:30am
He actually said almost $1 billion, not trillion
BYUCLA
4/3/20 10:40am
PPP apps haven't been processed yet. Apps might have been filled out
RockyBalboa
4/3/20 10:41am
Secretary Mnuchin himself just said nearly a billion has been processed already
BYUCLA
4/3/20 10:50am
They can't process an app when funds aren't released. They aren't released.
RockyBalboa
4/3/20 10:59am
The tweet I saw was $875 million an hour ago
TheLoanArranger
4/3/20 10:44am
There's only $349B available.
jkccoug
4/3/20 10:47am
Chase is ready as of 30 minutes ago and site is live chase.com/cares
SanDiegoCoug
4/3/20 11:48am
Hearing US Bank is going live later today
El Paso Coug
4/3/20 11:54am
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