TOO BIG TO FAIL, TOO BIG TO CARE

In the spring of 2020, Bank of America approved loans based on specific financial documents they requested from small businesses. It was only as forgiveness approached, that they turned around & disallowed the rules and regulations to protect our secured loans and rights. They stated we were over paid for loans they approved based on the documents we submitted. Clearly, BofA failed to do proper internal due diligence. It also failed to hire a third-party payroll processor to review its procedures.

The SBA’s feeble attempt to help business owners was to create a site to adjudicate cases like this. But your bank needs to connect electronically to the SBA site for this to happen, which BofA refuses to do. 

Bank of America very clearly & intentionally operated in a fraudulent and negligent manner and now expects small business owners to pay for their “mistakes” or what many believe to be intentional entrapment. Bank of America is taking no responsibility for its business destroying incompetence in handling PPP & I’m about to lose my only remaining small business as a result. Myself & what appears to now be millions of other small business owners. 

The SBA Capital Access Financial System must halt any loan guaranty that Bank of America may be depending on from the SBA because that money belongs to us as we are forced to make these repayments. Small Business Owners are desperate for BOA to cover the difference between the amount of the PPP loan and the amount they submitted to SBA for forgiveness.

Please don’t just take my word on this. A simple search of the internet will reveal hundreds of thousands of stories from small business owners exactly like this. Please help us, we have no voice having been silenced by Bank of America & the SBA.