The latest answers to your questions

Coronavirus Relief Loan – The CARES Act’s Paycheck Protection Program (PPP)

We’re here to help keep you informed. Answers will be updated as new details become available based on guidance from the US Treasury Dept., the Small Business Administration, and lenders processing and issuing PPP loans.

Read the PPP archived daily updates from BoeFly’s CEO, Mike Rozman

Are there any fees?

There are no SBA fees; bank fees (including guarantee fee); or fees paid to BoeFly.

What is the difference between applying with a bank vs BoeFly?

The majority of lenders can’t handle the high volume of loan applications, and this could delay getting you your money. Banks are unsettled and the pressure is intense on all parties, not to mention that banks are in crisis mode with COVID-19, just like you. BoeFly is continuing to work closely with both community banks and large national banks as they come online to process PPP loans. We process with an array of lenders of all sizes, working with those that can work with technology and are OK with the economics, showing that they are not avoiding the program.

How banks execute will be critical.

Will banks use their 'normal process' relying on people and manual steps?

You -> Loan Officer -> Packager -> Underwriter -> Credit Committee -> Closer -> Your Money

You -> Loan Officer -> Packager -> Underwriter -> Credit Committee -> Closer -> Your Money

Will banks use the tech-driven process and focus on speed?

You -> Your Computer -> Bank System -> Your Money

You -> Your Computer -> Bank System -> Your MoneyIf you expect you will get a loan from a bank because you meet their criteria, you can still move forward with their process, and we’ll also keep processing for you unless you get your authorization elsewhere.

I have emailed and/or called with a question and no one has responded. Why is this?

At BoeFly, we pride ourselves on quick response times and providing excellent customer service. However, with the extremely high volume of PPP loan applicants, we cannot at this time respond to all direct inquiries while still being able to process as many loan applications as possible - which is currently our number one priority. Once you complete your application, you will receive ongoing communications from BoeFly with timely updates from the SBA and lenders. We urge you to utilize this robust FAQ page to try and locate the answer to your inquiry.

Let’s get started

Simply click on the APPLY NOW button, and you will be taken to a secure portal where you can fill out your application to start your loan request. Millions of businesses will apply, swamping the majority of lenders. Using our dynamic compatibility technology, we only match loans with lenders ready to close, so you get your loan as soon as possible.

NOTE: You can take a Paycheck Protection Program loan and an SBA Disaster Relief Loan (EIDL) only IF the EIDL loan is used for purposes other than what’s covered by the Paycheck Protection Program loan.

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