How Big banks manipulated Payroll Protection Program to benefit their preferred client

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by FearlessActions

There are lot of Businesses applied for PPP with proper documents and did not get funds because of non-transparent Bank Process and handling.

Here is my experience. Please share your experience and help others in gaining info.

1.Filled online PPP form on bank of America website.

  1. Got email to upload documents on 6th April and uploaded documents 941, W2 2019s and Payroll feb 2020.

Log into IntraLinks and upload the required documents: • Payroll processor records for the period including February 15, 2020 • Payroll tax filings for 2019

  1. On 15th April , got email from bank

We need additional information to process your Paycheck Protection Program Application.

Log into our Small Business Online Banking using your business login from only your desktop or laptop. You can’t enter this information through Mobile Banking.•After logging in you’ll be prompted to update your business information.•Select “I’m ready”.•Update your information, review, confirm and submit.

4. On bank website, there was no option to view and updated info that were mentioned above until 16th April.

These required information are added by bank , which was already filled in SBA Form

and on 16th April time Funding is exhausted and my PPP application that was submitted on 3rd, never reached to SBA.

 

Disclaimer: This is a guest post and it doesn’t necessarily represent the views of IWB.

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