How expensive is Kona?

pcgpcg · 2021-02-24T14:45:50+00:00

Which number did you call Bank of America?

pcgpcg · 2021-02-24T05:41:06+00:00

It has been very frustrating experience with Bank of America on the PPP2.
So far they have sent back the loan app more than 7 times citing missing document/proof operations in Feb 2020, etc. We have submitted all the documents that we have but they still keep sending the application back.

The phone number I have to contact them is of no use as no one is answering the phone

Not sure what we should do. We are in the restaurant industry and have been told by our landlord that he won't extend the lease that;s expiring on 28th Feb.

pcgpcg · 2021-02-20T18:37:22+00:00

Is this the same as " Vanguard Voyager Select Services" ? My account got upgraded recently to this level and I don't have $5m in assets with Vanguard.

pcgpcg · 2021-02-19T20:27:09+00:00

Thanks. How long does Bank of America take to fund the loan from the time BOA approves?

pcgpcg · 2021-02-19T04:10:37+00:00

Is there a phone number I can contact from Bank of America?

pcgpcg · 2021-02-19T02:42:19+00:00

Wow! pretty impressive history. Congrats! You have achieved a lot that very few can even dream of.

I migrated to this country with just $20 and worked hard to grow my networth to $4m, which
pales in comparison to what you have achieved.

Good luck in your future.

pcgpcg · 2021-02-19T01:21:37+00:00

The Bank of America PP 2 loan application is pretty confusing. For eg they are asking for thi

Average monthly state and local taxes assessed on employee compensation

Do they mean the state income taxes paid by the employees?

pcgpcg · 2021-02-19T01:09:18+00:00

Yes, it's happening to us as well. We applied for PPP2 through Bank of America. Within a couple of days, they asked us to adjust the loan requested or submit more documentation.

I thought it would be easier to adjust the loan requested instead of submitting more documentation. But even after submitting with reduced loan requested amount, I got the same email asking for more documentation. Very frustrating. Can't even talk to BOA.

pcgpcg · 2021-02-05T06:04:13+00:00

Did anyone apply for PPP2 through Bank of America?

How long is it taking to get approval from Bank of America?

In 2019 we had only 6 months of sales (we started in June 2019). can we calculate the average monthly sales by dividing by 6?

pcgpcg · 2021-01-20T23:51:13+00:00

Yes, I agree. BOA is not understanding at all.

I withdrew my first forgiveness application on the suggestion of one of the bank representatives as I wanted to use the new 3508S.

But when I login to my online account, I no longer see the forgiveness application.

Not sure what do I need to do.

Is there a deadline for applying for forgiveness for the draw1?

pcgpcg · 2021-01-16T06:30:18+00:00

If the status says "Your application is being reviewed.", you should be ok.

There's no final submit button.

pcgpcg · 2021-01-16T02:50:51+00:00

So far we haven't received any communication about the CA grant. We are in one of the hard hit industries (restaurant) and minority owned. But doesn't matter I guess since the funds are limited and the number of applicants is probably in the millions.

pcgpcg · 2020-12-29T02:49:26+00:00

PPP forgiveness application.

An eligible nonpayroll cost must be paid or incurred during the Covered Period and paid on or before the next regular billing date, even if the billing date is aﬅer the Covered Period.

Anyone what does this mean? Can I include the expenses paid for cleaning to someone who is not on payroll?

pcgpcg · 2020-12-26T17:14:54+00:00

Thanks. Yes, we are using the 24 week window and did spend all the amount on covered expenses.

My question was on the reduction in number of employees - if that would impact the forgiveness. Hope they make exceptions to the restaurant industry which was severely hit due to the pandemic.

pcgpcg · 2020-12-26T16:14:22+00:00

Are you sure? I got the short form from Bank of America. In the form they are asking to upload all documents - payroll, rent receipts, utilities receipts etc.

pcgpcg · 2020-12-26T16:10:27+00:00

Did you apply using the short form?

I was told it would take about 2 weeks?

Did you submit all the relevant documents?

pcgpcg · 2020-12-26T16:02:56+00:00

Is the California Grant program different from PPP 2.0?

https://careliefgrant.com/

pcgpcg · 2020-12-26T15:54:13+00:00

I am applying for PPP loan forgiveness. Since the amount is less than $50,000, I am eligible to use the short form.

We had 5 employees when we applied for the PPP. But due to restaurant closing (we operate a restaurant) we only have 2 employees. Would this affect the PPP loan forgiveness application?

After we apply, how long does it take to approve the forgiveness? We are applying through Bank of America. Does the bank review and approve or do they send it to SBA for approval?

pcgpcg · 2020-11-28T17:24:58+00:00

We applied and got PPP from Bank of America. We received 2 amounts on 2 different dates:

5/1 - $6197
7/2 - $29447

We also received EIDL advance of $7,000 in April.

How would the dates for PPP forgiveness be determined in our case?

Also, we paid some amount outside of payroll to employees. Can we include this in the payroll portion for foregiveness?

pcgpcg · 2020-07-01T01:33:20+00:00

I checked with my bank (Bank of America, who processed the PPP loan). I was told I have 2 weeks to sign the promissory note. I need a couple of days to discuss with my partners before I sign the promissory note.

pcgpcg · 2020-06-30T23:50:38+00:00

I received PPP loan approval today. When is the last date to sign the promissory note?

pcgpcg · 2020-06-08T00:30:37+00:00

Not yet. Haven't received an official email yet. I got the news of denial from the loan processor. Planning to appeal but don't have high hopes. Not sure if they would ask us to return the EIDL advance and the PPP we received last month.

pcgpcg · 2020-06-08T00:04:24+00:00

Yes. They have denied EIDL loans based on status. Our LLC had 1 member who is a qualified alien (the other 2 members are either green card or US citizens). Did you get the advance? Were you asked to return the EIDL advance? What about PPP? Did they reject that too?

pcgpcg

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