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

I pre-applied for a PPP loan prior to April 3 because BoeFly said it would speed up my approval, but I’m still waiting in the applicant pool. Why?

BoeFly is proud to have processed $100+ million in loans to help small businesses fight for survival during the pandemic. Despite our success in processing these loans, we’re frustrated and disappointed that not every application received was approved prior to the funds being depleted. We know this is a major disappointment as you work to keep your businesses afloat.

There have been many unexpected challenges in the implementation of the Payroll Protection Program (PPP). When the PPP was enacted, we encouraged clients to begin pre-applying to get in line until the Small Business Administration (SBA) issued its guidance to banks for how to handle PPP loans. This was meant to help you begin gathering the documents and information that would be needed for the application process. This preparation was based on the initial PPP loan application from the SBA. However, on the evening of April 2 — the night before business owners could officially begin submitting applications — the SBA amended the application. So many small business owners rushed to submit revised applications, and BoeFly and our lending partners had to adjust our processes, too.

Banks were given only a few weeks to retool their operations to prepare for a huge influx of SBA loan applications, as this was not something they were inherently set up to do. Additionally, some banks opted to only accept applications from businesses with whom they have existing lending relationships — adding another obstacle for small business owners. BoeFly has tried to be diligent in communicating these kinds of updates daily so that we can help you make the right decisions for your business.

We will be continually updating this FAQs page as we learn new information about the possible next round of PPP funding. When additional funds become available, we will reach out immediately.

The first round of PPP funding has been depleted and I didn’t get my money. What are my options?

During the first round of PPP funding, BoeFly is proud to have processed thousands of applications accounting for hundreds of millions of dollars in loans to help small businesses continue to pay their employees. Despite our success in processing these loans, we’re frustrated and disappointed that not every application received was approved prior to the funds being depleted. We know this is a major disappointment as you work to keep your businesses afloat.

On April 27, 2020, banks began processing additional PPP loans using the $320 billion in aid that the President signed into law the week prior. BoeFly has successfully started processing loans again for those in the applicant pool and also added several lenders – some exclusive to us – in an effort to help as many small businesses as possible.

Experts are predicting that this second round of funds will be depleted quickly. As such, we continue to support submitting applications with multiple lenders, specifically your existing local bank or another community lender given that 20 percent of PPP2 funds will move through smaller financial institutions. Regardless, BoeFly will continue working to process all loans in our system until we learn you've secured funding elsewhere. We ask to be notified if you do receive funds in your bank so that we can pull your application and allow our lending partners to move on to another small business owner.

If you were one of the small businesses that did receive an approval notice, the lender that approved your application will contact you directly to handle the next steps in coordinating disbursement of funds. An email will be sent directly from the bank with closing documents and directions on signing.

Now that the initial PPP funds have been depleted, should I withdraw my application with BoeFly and apply through my bank?

No. While we encourage you to contact any banks you have existing lending relationships with or otherwise feel you might have success with when applying directly for a PPP loan, we recommend keeping your application in our pool for when additional stimulus funds become available. Given the volume of BoeFly loans approved in the days before the fund was depleted, we think we will similarly be well positioned to help thousands of more business owners. We also have spoken to additional lending partners that stand ready to process applications in our system that have yet to secure approval. If you were one of the small businesses that did receive an approval notice, the lender that approved your application will contact you directly to handle the next steps in coordinating disbursement of funds. All applicants can log in to the portal to see their current status.

Your bank may or may not be able to process your application faster, as they likely have their own pool of applicants waiting to receive loan approval during the second round of funding. If you have received SBA authorization (i.e., an E-Tran number) elsewhere, we ask that you notify us at support@boefly.com. We caution you from withdrawing your application with your BoeFly lender unless you have full certainty that you have been SBA authorized as opposed to being simply approved by a bank.

We will be continually updating this FAQs page as we learn new information about the possible next round of PPP funding. If and when additional funds become available, we will reach out to the BoeFly applicants that are still waiting on loan approval.

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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