Consumer complaint received 2022-11-01
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CT
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
I am a small business with few employees to start, had several XXXX contractors. I applied for the first draw XXXX around XXXX XXXX. 
I followed Bank of Americas application to the T, gave them all my supporting documents, loan request was around XXXX, on XXXX XXXX I added more documents, on the XXXX I sent them proof and pay sheets showing all my XXXX contractors, sent again on the XXXX and XXXX as they kept asking for missing documents. They had my full payroll for employees which was low, and my full pay for XXXX contractors which was high. 
They proceeded to approve and find on XXXX XXXX. Since XX/XX/XXXX Ive emailed all docs for forgiveness, back and forth process took till about XX/XX/XXXX. 
I received a denial letter from the bank on XX/XX/XXXX, immediately disputed as it stated I was ineligible to be forgiven. ( that was the point of this loan ) I paid all funds to W2 employees only and hired I believe 2 new employees with these funds, ( this was SBA direct rules ) XX/XX/XXXX BOA sends email to call XXXX to request appeal, SBA would not help me at all and directed me back to the Bank of America as it was Bank of America who had denied me. 
Many many many emails on this and sent proof of my case to numerous places, tried SBA, tried OHA Finally send a very irate email to the BOA CEO XXXX XXXX, and actually recieved a call back from his supposedly assistant XXXX XXXX who I went back and forth with many times, she gave me her cell and told me to trust her, I wasnt the only company going through this same issue. 
Time lapse as the process took forever, come to find out I believe begin of this year, XXXX is no longer employed with Bank of America, Great! Now I need to start again!! 
I disputed numerous times and BOA Keeps telling me that I was ineligible to receive this loan because I used 1099 pay. I very angrily told them thats what their application said to include!!! They said sorry, you shouldnt have recieved this, therefore you are unable to be forgiven. THEY APPROVED MY LOAN WITH MY PROVIDED DOCS SHOWING 1099 pay!!!!! 

I appealed again and finally just received another letter stating that the XXXX has forgiven my loan partially in the amount of {$0.00} I then turned to online to research and found out there was a class action lawsuit against BOA on this and there are multiple stories of my exact issue. This is how I found CFPB, this is wrong, BOA XXXX me and now my payback is more than a mortgage which is unreasonable, seeing how I filled there application to apply, and then proceeded to follow the SBA guidelines on spending the money, I am 1000 % in the right on this and cant find anyone to help. Apparently the bank got in trouble over this, profiting off of all the applications they took. 

I do all my business banking with BOA and that doesnt seem to matter, bottom line is they made money on thisKnowing they were wrong and now are XXXX me for there errors. This is not in any way my fault and this loan should be 100 % forgiven as I did what they asked, provided documentation they asked for, if it was wrong they never should have approved it. 

This is Criminal and I plan to pursue until justice even if that means suing Please I beg for help on this as Im not getting anywhere with BOA and apparently they keep turning over staff so there is no accountability Thank you, XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation