This headline and following paragrapsh below appears on a Reddit page called “Gullible-Reward8806” and regarding Bank of America’s handling of The SBA (Small Business Administration) Payroll Protection Loan Program Loans, or “PPP Loans.”

BANK OF AMERICA PPP OVERFUND SCHEME (IF YOU’VE BEEN “OVERFUNDED” READ HERE) Make this go VIRAL

So Bank of America (and probably other banks) have developed a scheme which allows them to knowingly overfund small business owners for PPP Loans; only to lock you in to a loan with excess can’t be forgiven. The SBA will not allow excess loan amounts even if its the Lenders fault, even if PPP funds were used properly to be forgiven.

All PPP Loans are guaranteed by the Government; which means its a win/win for BOA. If you pay great, if not the loan is defaulted the government pays BOA and then they will come after you for payment.

If you find yourself in this predicament AND you gave information to the BOA to process your loan which they knew you didn’t meet the requirements at origination but approved the loan anyway.. here is what we should do…

DEFUND BOA

First when talking to your Rep mention the word Predatory Lending and ask them a Date of Determination for when they figured you were overfunded. You will not receive a date but what the rep would say is ” Well we didn’t want people to lose their business so instead of going back and forth over further documentation we approved alot of the loans”. <<<<. THIS is Fraud on BOA Behalf.

Ex. If you have a business and paid any employees using a 1099 and articulated that during origination.. you were NOT supposed to be approved but BOA did it anyway knowing you would not be eligible for forgiveness.

Take these steps

Create a User Name on SBA CAFS System and file a complaint against BOA for knowingly and purposefully overfunding your loan which wouldn’t make you eligible for Forgiveness. This would strip them of the Government Guarantee which is the ONLY reason BOA and other banks Approved you of the loan in the first place. This means if you were to default on the loan.. the Government would pay them. Welp not if we ALL File a Complaint to the SBA
Once the SBA finds out BOA didn’t do their due diligence with the paper work you gave them at Origination.. they will not guarantee the loan and thus if you default on the loan; they will have to take you to court to recoup because SBA will not pay it.
When and IF BOA takes you to court for a loan… argue that documents given to SBA at Loan Origination should have deemed you ineligible but instead they committed predatory lending by giving the money anyway solely because if you were to default… the Government would pick up the tab. Since you were ineligible for Forgiveness because of BOA lack of Due Diligence.. they should assume some or ALL of the Loan.

BANK OF AMERICA PPP OVERFUND SCHEME (IF YOU’VE BEEN “OVERFUNDED” READ HERE) Make this go VIRAL

DEFUND BOA

Take these steps

Create a User Name on SBA CAFS System and file a complaint against BOA for knowingly and purposefully overfunding your loan which wouldn’t make you eligible for Forgiveness. This would strip them of the Government Guarantee which is the ONLY reason BOA and other banks Approved you of the loan in the first place. This means if you were to default on the loan.. the Government would pay them. Welp not if we ALL File a Complaint to the SBA
Once the SBA finds out BOA didn’t do their due diligence with the paper work you gave them at Origination.. they will not guarantee the loan and thus if you default on the loan; they will have to take you to court to recoup because SBA will not pay it.
When and IF BOA takes you to court for a loan… argue that documents given to SBA at Loan Origination should have deemed you ineligible but instead they committed predatory lending by giving the money anyway solely because if you were to default… the Government would pick up the tab. Since you were ineligible for Forgiveness because of BOA lack of Due Diligence.. they should assume some or ALL of the Loan.