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You may opt-out by clicking here Edit Story Apr 22, 2020, 09:51am EDT Bank of America President, Brian Monyihan: Please Listen To These Small Business Owners Describe BofAs Horrendous Failure To Service Payroll Protection Loans Laurence Kotlikoff Contributor Opinions expressed by Forbes Contributors are their own. If you dont jump on this, you may find customers, like myself, who have banked with you for over a quarter of a century, looking for another bank to properly handle their business affairs. I had a similar experience with the exception of being in direct contact with a Small Business Banker Vice President Here is how it went. Since my business, with five employees, has been banking with Bank of America for over 20 years, on March 31 I went to the local branch to speak to a banker concerning the PPP program. They had no information, but passed my contact information to Michelle Padilla, Vice President, Small Business Banker. On the same day the VP sent a follow up email that stated the following: I expect to get addition information within the next 4-6 business days. I have your information saved and will reach out as I know more. At this point, I am thinking I am a head of the curve, I have a Vice President Small Business Banker keeping me in the loop directly.Next day April 2, the day before the PPP money is to be released, the Vice President sent the following email: Great news We will have the loan process online. This will ensure you stay safe at home or in the office and think about how much faster the processing will be since we are not shuffling paper applications and documents. I do not have much detail around how it will look but I do know it is all digital I am sure we will have many more details very soon. This is the afternoon before the PPP funds are to be released.Friday, April 3, the day the PPP money is made available I do not hear from VP. Based on the Vice Presidents reassurances that she will keep me updated, and will reach out to me when she knows more, I waited until Monday April 6. On the morning of April 6 I call the VP and she informs me that Bank of America on Friday alone processed 10 billion of the PPP funds.
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