This is a formal complaint regarding the Bank of America’s (BOA) processing of our PPP loan forgiveness application. Specifically, BOA made an incorrect determination in calculating the amount of the PPP loan, which our business was eligible to receive. BOA recommended a full forgiveness of this incorrect amount to SBA without notifying us first to allow a chance to resolve the discrepancy. Furthermore, BOA failed to include in their notification email to us any instructions to request SBA’s review of the BOA’s decision (since the amount BOA submitted for approval was different from the PPP loan amount we requested and received). It is our understanding that the inclusion of those instructions was required by the SBA Procedural Notice (Control : 5000-200770).
Upon receipt of the BOA’s email notifying us that only a partial amount was submitted to SBA for review, we immediately contacted the lender and notified them that we disagreed with the amount. We went over the calculations , BOA representative acknowledged that the amount submitted to SBA was understated, and instructed us to wait for the SBA’s decision. We have not been informed of an opportunity to request SBA’s review. In fact, the representative informed us that we would be able to appeal the amount once the decision from SBA was received.
On March 15, 2021, SBA notified the lender that the PPP loan amount was fully forgiven and remitted to the bank. No appeal instructions were provided as SBA issued the decision for a full forgiveness of the submitted amount. We immediately contacted BOA again to determine the next steps for correcting the amount. To date (as of 052821), we’ve not been able to obtain a resolution of the problem. Every time we speak to the PPP Loan department within BOA, no one knows what’s going on or what the procedures are. Our calls have been “escalated” multiple times, but we have not received any assistance. Desperate for a resolution, we have been searching for information on the internet and came across the aforementioned procedural notice issued to the lenders. Based on our understanding of the notice, BOA should have provided us with written instructions to request a timely review of their decision (within 30 days of BOA’s notification). They failed to do so. When we disagreed with the amount over the phone, they provided incorrect instructions to wait for the SBA’s decision. It is due to the BOA’s continual failures, misrepresentation, and unresponsiveness, our business has not been able to get the full PPP amount allowed. We request your assistance in resolving the issue as our efforts have been futile.
We are seeking BOA to cover the difference between the amount of the PPP loan and the amount they submitted to SBA for forgiveness.