As of April 16, all of the funds for the Paycheck Protection Program have been declared and the SBA has actually revealed that it is not presently accepting new applications for Economic Injury Disaster Loans. We will continue to keep an eye on the circumstance and will let small companies understand if there are further modifications to either program.
Bank of America is one of the largest and most omnipresent lending institutions in the country, so it’s not a surprise that numerous small companies seeking relief through the Paycheck Protection Program (PPP) during the COVID-19 crisis are applying through the bank. Applicants anticipating to only have to deal with Bank of America facilities are, nevertheless, running into unknown software application provided by among its partners,
IntraLinks. Keep in mind, at this time the PPP is presently suspended due to a lack of appropriations. It’s not yet clear whether Congress will authorize extra rounds of funding for the program.
What Is IntraLinks?
IntraLinks is a publically traded tech business based out of New York City. Established in 1996 by John Muldoon and Mark Adams and later on acquired by TA Associates, the company specializes in creating software application for the financial market, along with Virtual Data Rooms (VDR). VDR are online databases business can use to store and share secret information, generally throughout a monetary deal. IntraLinks clients consist of Goldman Sachs, Starbucks, General Mills, Whole Foods, and L’Oreal.
In the context of Bank of America’s PPP applications, they are repurposing those VDR tools to permit consumers to remotely send their documents and important details. Bank of America claims this will speed up the application procedure and enable the bank to quicker submit the details to the Small Business Administration (SBA) for approval.
Is IntraLinks Safe?
They aren’t doing their job extremely well if it isn’t. There’s constantly some understandable skepticism when a 3rd party is brought into a deal that involves delicate details. That said, IntraLinks’s bread and butter is supplying safe and secure infrastructure for the exchange of delicate info. Bank of America’s application of that technology falls well within that umbrella.
IntraLinks is certified under the EU-US Privacy Shield. Taking part companies are considered to provide “appropriate” protection for the transfer of data outside the European Union under the EU Data Protection Directive. U.S. companies that are subject to the jurisdiction of the Federal Trade Commission might likewise get involved. The guidelines of the EU Data Protection Directive are as follows:
- Notice— information topics should be offered notice when their data is being gathered;
- Purpose— data must only be utilized for the function specified and not for any other functions;
- Consent— information need to not be divulged without the information topic’s authorization;
- Security— collected information should be kept secure from any possible abuses;
- Disclosure— information topics ought to be informed as to who is gathering their information;
- Access— information subjects should be allowed to access their information and make corrections to any unreliable information
- Accountability— information topics need to have an approach readily available to them to hold data collectors responsible for not following the above principles
Additional security certifications consist of:
- ISO/IEC 27001:2013
- SOC 1; SOC 2; SOC 3 (previously SSAE 16/ ISAE 3402)
- SOC 2 Type II (previously SAS 70 Type II)
- ISO/IEC 20000-1
- ISO 9001
- ISO 27017 & & ISO 27001
IntraLinks also touts its trademarked “Distribute Content Nodes.” It’s a fancy method of saying IntraLink lets clients– in this case Bank of America– determine what geographic areas the information will eventually be kept in, and from where processing functions like encryption and indexing will be run. So, for example, if a company does not want details kept outside the United States, they might ask IntraLinks to keep it within the borders. Additionally, IntraLinks provides customer management encryption secrets that control access to sensitive files.
User reviews of IntraLinks VDRs are combined. Usually speaking, users are pleased with the functions and security the software application provides. Many of the negative comments tend to be about the expense of the service and its knowing curve. The company is not recognized with the BBB, although the watchdog group does rate it an A- due to failure to react to one signed up customer grievance. That particular client grumbled about the business “refusing to stop e-mail interactions to a staff member who is no longer with our business.”
Is it safe?
Nothing is 100% secure, however if you’re comfy providing a bank like Bank of America your details online in the first place, you should not be too anxious about IntraLinks.
Tips For Using IntraLinks Platform
While security should not be a major concern, functionality might be another matter. IntraLinks is usually designed for corporate acquisitions and exclusive information-sharing. To put it simply, it would usually be overkill for a loan application. It’s complicated enough that Bank of America provided a downloadable walkthrough for how to utilize it to complete your PPP application.
The very best guidance I can offer, other than “follow the instructions in the guide” is to disregard the majority of the program. Whatever that you need to do to finish your application will be done under the DOCUMENTS heading. Make certain to keep that tab highlighted whenever you’re interacting with IntraLinks.
At first, you’ll pull all the directions you require out of the Instructions folder and download them via a ZIP file. After you’ve gathered the ones you require, you’ll drag them into white area below the Instructions folder. Each time you add a file, you’ll be faced with a pop-up window to verify your upload. All you require to do is click upload.
On the intense side, if something goes incorrect, you can expect to be contacted by Bank of America.
Final Thoughts On IntraLinks
Uncommon events like the COVID-19 crisis test the infrastructure of many organizations along with subject their clients to unknown processes. For numerous PPP candidates, this will be the very first time they’ve experienced a program like IntraLinks. That said, there’s no reason to fear this specific one.
Need more help browsing the coronavirus crisis? Have a look at our COVID-19 small company resources.
IntraLinks is a publically traded tech business based out of New York City. That said, IntraLinks’s bread and butter is offering secure facilities for the exchange of sensitive info. For example, if a business doesn’t desire info stored outside the United States, they might ask IntraLinks to keep it within the borders. IntraLinks is normally developed for corporate acquisitions and proprietary information-sharing. For many PPP candidates, this will be the very first time they’ve come across a program like IntraLinks.