Dylan walks through the complete PPP loan approval timeline with Bank of America and the SBA, from the April 3 announcement through fund disbursement on May 5. The process included uploading documents to Intralink, waiting through an SBA funding pause, resubmitting after Congress replenished the program, and signing the promissory note before approval.
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Hey guys, how you doing? Dylan here with another and final video on the EIDL and the PPP loan applications. So we got approved, great news. So we wanted to take this opportunity, uh, because we're so excited, to walk you through the steps of what you can expect through the whole application process. So if you haven't watched our original videos, we first started uploading videos about this on April 2nd. Which was what to anticipate in applying for the EIDL loan, and we did another video for the PPP loan. Those opened up the loan applications on April 3rd. We uploaded another video on April 14th, which I'll talk about in a second. And so this is the final video of that series to talk about this whole process. So what I've done is put together a quick slideshow of 10 slides showing you the emails that we got through Bank of America, which was our partner in this application process. And because the most frustrating thing really is what comes next, and not knowing how long it's going to take. So that's why we created this video, is so you can see what happens next. So the first thing that we did was get an email from Bank of America on April 3rd saying applications open up. So we anticipated that because we created that video on April 2nd. We got most of our documents together at that time. There wasn't a ton of information out there, but we figured what documents they'd probably require. So we were able to apply pretty quick. So applications opened up April 3rd. We applied immediately. We were right in there. We thought, you know, this is going to go through pretty quick. You know, we're guaranteed to get this loan. But didn't happen the first round. So let me walk through what happens next. April 5th, we got a notification, application received. So that's great. So sit back, you know, see what, what you're going to have to, uh, submit next. So we figure probably some, um, tax information, uh, some information on how many employees we have, you know, uh, pay scales, etc. On April 7th, we had, uh, this come in from Bank of America, which was their Intralink portal. So this is the portal they created where you could upload all those documents that I just mentioned and all the information on, you know, how much you need and how to break it down for the PPP loan. So it took us 2 days to figure out those numbers exactly, which is why we created a video for you guys a week later on exactly what documents to upload to Intralink and how to find the information quickly. So this opened up April 7th. We submitted everything up to the Intralink portal on April 9th. And then we heard back on the 21st, and the SBA already ran out of money. So it was a bit frustrating. We got this email saying a confirmation of documents received in the Intralink portal, but we knew they were out of money. And then we also received a second email that same day saying application complete. So at least we did everything right, but the SBA was already out of money for the PPP program. So we were hoping that Congress would refund the program, which they did, and on, on April 27th. And on April 28th, Bank of America notified us that they submitted our application immediately over to the SBA for the PPP program. So this was unsolicited. Everything had already been uploaded to Intralink. They already confirmed that they received all the documents, that we did it correctly. So luckily we did that. And they just immediately submitted it over to the SBA. On May 1st, good news! We got an email saying that the Loan ID number has been assigned. So now we figure, okay, we're probably in the queue for the PPP loan. And on May 1st, a couple hours later, we got this email. So we got a hyperlink to sign into the Small Business Online Banking portal, clicked on that, that brought us to our promissory note, which you can see on the left there. You sign that, submitted, sit back. This means you're probably gonna be approved any day. And May 3rd we were, thank goodness. So Bank of America approved us, they sent us this loan approval email, and the funds were deposited 2 days later on May 5th. Thank goodness for that. So we got through this whole application process. As you can see, it took a clean month to get through the thing, and it took Congress running out of money for this program and refunding it again to also get these funds. So if you haven't checked out our original videos and you haven't been approved yet, please look at those videos that we uploaded on how to apply for the programs. Look at the one about the Interlink that we uploaded on April 14th. And then these are the steps that you can anticipate going forward. So best of luck to you. Thank you so much for checking out our videos. Please subscribe because if anything else comes out about this, we're going to upload more information if there's any more programs coming out. Uh, thank you so much and stay safe out there.
