ONN – Bank Of America Makes Up Own PPP Loan Forgiveness Rules, Hurts Illinois Small Business Person – video made by the YouTube channel in the video’s upper left hand corner.
Bank Of America Makes Up Own PPP Loan Forgiveness Rules, Hurts Illinois Small Business Person
I received an email from another person, and another one of many, complaining about Bank of America’s made-up PPP Loan Forgiveness rules that have this small business person named Amy (last name withheld by Zennie62Media), on the hook for $36,000 after forgiving just $2,436.00.
And very similar to my situation where Bank of America wants to forgive just $3,200 of the $23,750 loan to Zennie62Media.
This is the email:
Long story short…my small business was overfunded by Bank of America’s “forgivable” PPP loan program. I have a music/entertainment company specializing in weddings. I was going to get an EIDL loan but Bank of America kept sending emails about their forgivable loans and with the HELP of a banker, I filled out their application and was given $38,730 based on the contractor labor of 2019. I added them to our payroll (12 people) and used the PPP money to pay the employees for work they would have had if weddings hadn’t canceled and other forgivable expenses such as office rent/utilities, etc. I spent it between May 1, 2020-October 16, 2020 (forgivable period). March 17, 2021 Bank of America told me I could apply for $2,436.00 in forgiveness, putting me on the hook for $36,000 over two years.
I escalated the call and no one called me. I shared my story on CBS news and one of their COO’s contacted me and said they’d absorb the cost of my forgivable expenses. They took a week to provide me a secure link to attach my documentation then said they wouldn’t absorb any of the error and they’d give me 5 years to pay it back.
I hired an attorney to write a demand letter showing they were in violation of the False Claims Act. Bank of America rejected the letter. My attorney counter-offered a 50/50 split and they still rejected it.
I spoke to the vice president of Wintrust Bank and a manager at BMO Harris responsible for Forgiveness applications and they BOTH SAID that Bank of America CANNOT streamline the forgiveness to determine an amount of forgiveness BEFORE submitting to the SBA. I used the PPP to keep my business afloat by bringing contractors onto payroll to feed their families and this is just killing me.
I got a part time job at a car dealership in June of 2020. The owner of the dealership got a $2MILLION PPP loan and it was all forgiven. He took it out because “he could”. How can a business that DID NOT SHUT down get a PPP loan and get it forgiven and a legit small business hit hard by the pandemic is on the hook for an insane amount of money.
There are a number of people complaining about Bank of America. See this Reddit link: https://ift.tt/3i08GVf
If you have a problem with EIDL Increases or PPP Loan Forgiveness, tell me at email@example.com
Note from Zennie62Media and OaklandNewsNow.com : this video-blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media , Inc. mobile media video-blogging system network that was launched June 2018. This is a major part of Zennie62Media , Inc.’s new and innovative approach to the production of news media. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the video is “liked” by Zennie62 YouTube, then it is automatically uploaded to and formatted automatically at the Oakland News Now site and Zennie62-created and owned social media pages. The overall objective here, on top of our is smartphone-enabled, real-time, on the scene reporting of news, interviews, observations, and happenings anywhere in the World and within seconds and not hours – is the use of the existing YouTube social graph on any subject in the World. Now, news is reported with a smartphone and also by promoting current content on YouTube: no heavy and expensive cameras or even a laptop are necessary, or having a camera crew to shoot what is already on YouTube. The secondary objective is faster, and very inexpensive media content news production and distribution. We have found there is a disconnect between post length and time to product and revenue generated. With this, the problem is far less, though by no means solved. Zennie62Media is constantly working to improve the system network coding and seeks interested content and media technology partners.
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