NO they want an existing banking relationship PLUS an existing loan which can be as simple as a business credit card well that sucks because not every business that does their banking at a bank gets a credit card so if you do not have that you CAN NOT APPLY! Even if you generat millions thru the bank.
Yeah....I see the banks are claiming a lot of ambiguity in the instructions from the Treasury. People with great relationships with thier bank are not getting loans approved. Hopefully Mnuchin can get the job done.
Not the SBA or Treasury Secretary fault. Strictly BOA and other big banks adding an unnecessary hurdle. We were able to apply at a small bank online without a prior relationship of any kind. Good effort though. BOA is getting destroyed on Twitter
Wrong again. It's not approved, it's that you can't even apply online with BOA UNLESS you have both a business account and a current loan which can be a business credit card. It's the loan part that BOA unilaterally added and is not a part of the legislation. They are getting destroyed on twitter over this.
I don't think every situation is the same. My response wasn't to your situation. I was speaking to a report I saw on the subject in reply to a comment.
I was hearing that community banks were functioning well. I believe over a billion in loans on the books already. Good luck.
Impossible the guidelines came out last night at 10:00 PM BOA was the first big bank to have the online application process. You weren't able to apply till today.
TRy and figure out how many working parts it will take, to facilitate 350 BILLION in non recourse loans.I watch him live and he was articulate on everything he said.obama took over six months to get funds out. Yeah it will be laborsome, it’s NEVER been done before!
I'm not.
Yes you have more experience than most including me, in banking.
Actually outside the BOA crap that I posted about as the OP applying was easy and straightforward. Can't speak to what happens next.
The guidelines are out. The application is out and banks of all sizes have rolled out their online application software site. The point of this post is that I, and my 3 sons have business checking accounts with BOA and use it as our operating account and BOA ADDED an extra criteria on their online system that said to qualify the bank customer must have BOTH a business relationship (checking) AND a loan in place which includes a business credit card. That meant that thousands of their own business customers could not log into the system because like me, they don't have a business credit card and that is NOT in the Treasury Dept. regulations meaning they made it up themselves. One son of mine had the credit card and applied online at BOA. The rest of us had to hunt for another bank, which we found. We should not have had to do that.
It was a BOA requirement. You need a banking relationship (checking) AND a loan relationship (such as a BUSINESS credit card) not a personal credit card.
First Home Bank St. Petersburg. Easy as pie. No relationship necessary
Your clients need Quarterly 941's for 2019 signed
Good answer thanks for simplifying it for me. I'm gonna go back in time about 1 month and do that.
I’ve been with BOA the longest amongst my banks, and their fees and lower short term savings rates suck. They’re worst of them all, and the only reason I keep them is due to my constant traveling, and they are everywhere if in need of cash with no ATM fees at their ATMs.
All good and well BUT my 1 son who was able to apply with BOA yesterday was not asked to upload any documents. My other 2 sons who used small community bank were able to upload documents like 941, 940 etc. Unless the SBA doesn't want more info. how much you wanna bet my 2 sons get their money faster?
