Help needed for PPP Bank of America issues

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andyandyandy
Posts: 359
Joined: Sat Jan 18, 2014 11:36 am

Help needed for PPP Bank of America issues

Post by andyandyandy »

Gurus,

I need to apply for PPP (paycheck protection for CoronaVirus )loan for my small business.
Most banks are offering loans to only existing customers.
I am a Bank of America Business customer for several years.
However, they have 2 conditions

1) Checking Account with BoFA + Lending/Credit Card with them
OR
2) Checking account with BoFA , +'No'Lending/Credit Card with 'other' banks

I have a credit card with other Bank but not Bank of America.
Other Bank is not offering PPP Loans. So I ma completely stuck. I called them they say they can't help.
Any help guidance is highly appreciated!
dsmil
Posts: 743
Joined: Tue Sep 08, 2009 10:51 am

Re: Help needed for PPP Bank of America issues

Post by dsmil »

Would you be willing to open up a credit card in order to qualify?

My company applied with a bank but didn't have an existing account, so we are opening a bank account with them if we get accepted.
Topic Author
andyandyandy
Posts: 359
Joined: Sat Jan 18, 2014 11:36 am

Re: Help needed for PPP Bank of America issues

Post by andyandyandy »

I am open- But most banks are saying your account should be open before Feb 15th
naples09
Posts: 41
Joined: Fri Mar 04, 2016 1:24 pm

Re: Help needed for PPP Bank of America issues

Post by naples09 »

I'd keep calling other smaller local banks. BofA is bogged down with current requests for clients with TM and lending relationships.

It might be a while before they relax their current conditions.
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Snert
Posts: 53
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Re: Help needed for PPP Bank of America issues

Post by Snert »

I sat in on a National Small Business Town Hall call today with the US Chamber of Commerce and Inc. magazine. One of the panelists said that "fintech" companies (online banks, essentially) would be able to process PPP loans soon. It was suggested that this would provide access to PPP loans for those that hadn't been able to get them through their banks. I do not remember the specific details, but you can listen to the recording here:

https://www.uschamber.com/co/events/vir ... irus-loans
Don't listen to me, I'm just a dog!
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Cubicle
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Re: Help needed for PPP Bank of America issues

Post by Cubicle »

A family member is in the same situation as OP. Business checking at Bank of America (for >15 years no less...) & business credit card through Chase. Neither one wants anything to do with us. Looking at some smaller banks & some of the "fintech" banks.

I understand why they are limiting applicants. But I think Bank of America went too aggressive. Of course they would respond by saying they had xxx thousand applications anyways...
"Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓
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