Quote:
Originally Posted by ChiliConCarnage
Apparently, Bank of America's portal is up?
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I just had one of my consultants, who is helping a client put in their application to BoA tell me that BoA is telling our client that unless they already have an existing credit relationship (i.e. line of credit or other borrowings), that the SBA is not allowing them to accept PPP loan requests. NOTE: This client has all of their existing checking and savings accounts with BoA
This is not a requirement for PPP eligibility, so I think BoA is giving them a load of shit. I told my consultant to, with our clients, call their relationship manager and physically tell them where in the CARES act or SBA 7(a) does that state it is a requirement.
It's bullshit because there are millions of small businesses that deal with non-SBA lenders, who will need to go to SBA lenders to get the PPP. I understand that there will need to be accounts established, and some credit underwriting performed for new customers, but that shouldn't proclude anyone from getting access to the funds.