Bank of America Customers Report “Overfund Scheme” PPP Loan on Reddit – Oakland News Now

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This heading and the following paragraph below appears on a Reddit page called “Gullible-Reward8806” and in relation to the handling of SBA (Small Business Administration) Payroll Protection Loan Program Loans or “PPP Loans” by Bank of America.

For example, Bank of America (and likely other banks) have developed a scheme that enables them to knowingly overfund small business owners for PPP loans; just to tie you to a loan with excess cannot be forgiven. The SBA will not allow excessive loan amounts even if the lenders are at fault, even if the PPP funds have been properly used to be lent.

All PPP loans are guaranteed by the government; which means it is a win / win for BOA. If you pay well, if the loan is not in default, the government will pay the BOA and then they will come after you for payment.

If you find yourself in this predicament AND you provided the BOA with information regarding your loan processing that they knew you did not meet the requirements to get the loan but approved the loan anyway.

DEFUND BOA

When you speak to your representative, be sure to mention the word predatory lending first and ask them for an determination date for when they thought you were overfunded. You don’t get a date, but the rep would say, “Well we didn’t want people to lose their business so we approved a lot of the loans instead of going back and forth over other papers”.

Ex. If you have a company and have paid employees with a 1099 and formulated this when starting up.

Follow these steps

  1. Create a username in the SBA CAFS system and file a complaint against BOA for knowingly and intentionally overfunding your loan, leaving you ineligible for forgiveness. Doing so would remove their government guarantee, which is the ONLY reason BOA and other banks approved the loan for you in the first place. This means that if you defaulted on the loan, the government would pay them. Puppy if we ALL file a complaint with the SBA
  2. As soon as the SBA finds out that the BOA has not done its due diligence with the papers that you gave them at the origination. they have to take you to court to get it back because SBA won’t pay for it.
  3. If and IF BOA takes you to court on a loan … argue that documents given to SBA at the time of lending should have considered you ineligible, but instead they committed a predatory lending by taking the money anyway just because if you defaulted … the government would pick up the tab. Since you were ineligible for forgiveness due to lack of due diligence by the BOA, they should accept part or ALL of the loan.

For example, Bank of America (and likely other banks) have developed a scheme that enables them to knowingly overfund small business owners for PPP loans; just to tie you to a loan with excess cannot be forgiven. The SBA will not allow excessive loan amounts even if the lenders are at fault, even if the PPP funds have been properly used to be lent.

All PPP loans are guaranteed by the government; which means it is a win / win for BOA. If you pay well, if the loan is not in default, the government will pay the BOA and then they will come after you for payment.

If you find yourself in this predicament AND you provided the BOA with information regarding your loan processing that they knew you did not meet the requirements to get the loan but approved the loan anyway.

DEFUND BOA

When you speak to your representative, be sure to mention the word predatory lending first and ask them for an determination date for when they thought you were overfunded. You won’t get a date, but the rep would say, “Well we didn’t want people to lose their business so we approved a lot of the loans instead of going back and forth over other papers”.

Ex. If you have a company and have paid employees with a 1099 and formulated this when starting up.

Follow these steps

  1. Create a username in the SBA CAFS system and file a complaint against BOA for knowingly and intentionally overfunding your loan, leaving you ineligible for forgiveness. Doing so would remove their government guarantee, which is the ONLY reason BOA and other banks approved the loan for you in the first place. This means that if you defaulted on the loan, the government would pay them. Puppy if we ALL file a complaint with the SBA
  2. As soon as the SBA finds out that the BOA has not done its due diligence with the papers that you gave them at the origination. they have to take you to court to get it back because SBA won’t pay for it.
  3. If and IF BOA takes you to court on a loan … argue that documents given to SBA at the time of lending should have considered you ineligible, but instead they committed a predatory lending by taking the money anyway just because if you defaulted … the government would pick up the tab. Since you were not eligible for forgiveness due to lack of due diligence by the BOA, they should accept part or ALL of the loan.

As One Who’s ZENNIE62MEDIA, INC., The company has received two PPP loans from Bank of America

There are legions of extremely disgruntled Bank of America customers urging their political leaders to take action.

Stay tuned.

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