I am one too. But I will not be applying for any money.
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Bye then. No need to post here.
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Me either. Going to email my banker to see if there is any update.
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Anybody doing theirs through Bank of America? Curious about the process and progress others have made.

My initial app was accepted. About two days later, I got an account/login for their 3rd party system they are running things through with info to again fill out the Loan Amount sheet and PPP Addendum. Filled those out and uploaded them along with my tax/payroll documents yesterday. Seems each step has had about a 48 hour turnaround for next communication.
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I'm self-employed, S-corp, with only myself on the payroll.

Equity Bank could not have made this any easier on me. Started the process on Wednesday this week, and was funded today. Yes, 3 days total, and about 30 min of my time...max.

* Sent me initial application packet with instructions to calculate forgivable loan amount. Had this filled out in about 5 min.

* Needed to provide 2019 Payroll reports and employer match 401k contribution. I had all of this available in my Google Drive already.

* Equity provided me with a simple drop box to upload the application, worksheet, borrower acknowledgement, and 2019 compensation reports. This was done on Wed.

* Received word early this morning that the loan was approved and just waiting for SBA loan number and promissory note.

* Around noon I received the DocuSign for the loan. Clickety-click, done.

* Cash is now funded in the new business account Equity setup for me specifically for this.

So glad I moved away from Bank of America to Equity Bank 4 years ago. EVERYTHING about them is 1000x better, and now with current events happening and seeing the nightmare people are going through trying to get this stuff with big banks, it just further solidifies that I will never bank with a big bank again.

Equity is regional. They know my name when I walk in and greet me with a big smile. When I call their phone number they immediately pick up and are able to help with whatever I need. When I email they reply back or call within minutes.

I have a HELOC with them as well, and that process was extremely smooth.


Can't rave about them enough.
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Just got a response from my banker. He said mine was submitted & accepted this past Sunday. They are waiting on final guidance from SBA on process and they are hopeful to start closing the loans ASAP.
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I wrote that when they thought that the funding would come on the 13th....10 days from April 3rd app date....

They actually funded in advance of that, so they did even better.

With that said, they went through a small bank, and had most of the payroll information and other due diligence requirements in their reps hands early in the week, so when the doors opened on Friday the 3rd, everything was already done except the formal application, which was the first one this bank processed.
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this...and EIDL...
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We've made that exact recommendation to all of our clients as well....I believe that will be very important once the application for forgiveness comes into to play
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We've been beating up our banks three times a day, and still no response to our application. I think the big banks are so inundated with volume that they themselves cannot keep track....

All the more amazing that we have the client that already funded....that is definitely the exception, not the rule, at this point.
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We just got the Step 1 notification that the SBA has approved the loan....but the credit union had no date of when funding will occur.
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That’s fantastic...seems like the smaller banks were the way to go with this thing...
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crickets on the EIDL grants!
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Fuckin funny post Mr. Plow.
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sums it up perfectly....doesn't it!
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