My complaint:
I applied for a PPP loan for my company. My company happens to be an LLC comprised of two separate PCs (professional corporations), each of which owns 50% of the LLC. Each entity has and files taxes under its own EIN. When I applied, I applied under the EIN of the LLC. Only one of the PCs had a pre-existing business banking account with B of A. So, inasmuch as the bank’s instructions only required that you have pre-existing business bank account to apply, I applied. I provided tax documents for all three entities. Some of our employees are paid by the LLC, some by one of the PCs and one by both the LLC and one of the PCs. All 940s and 941s for all three entities were uploaded with the initial application. Our loan was approved and funded based on the salaries paid to all employees, whether from the LLC or the PCs. B of A used the PC EIN associated with the bank account when they sent the information to SBA even though I applied under the LLC EIN. Now they will not allow me to apply for forgiveness. I will add that the promissory note I signed did not list the entity, the EIN and only had my individual name on the signature line. Had the note indicated the wrong entity or EIN, I would not have signed it in the first place.
Suggested solution:
They need to administratively correct the EIN number associated with the SBA loan number and send me the link to apply for forgiveness. Since the two PCs own the LLC, I see no reason, nor was I ever provided with information otherwise, that the entire loan should not be forgiven.
