As of April 16, all of the funds for the Paycheck Protection Program have actually been claimed and the SBA has announced that it is not currently accepting brand-new applications for Economic Injury Disaster Loans. We will continue to monitor the situation and will let small services understand if there are more modifications to either program.
Bank of America is one of the largest and most universal loan provider in the nation, so it’s no surprise that numerous small companies seeking relief through the Paycheck Protection Program (PPP) during the COVID-19 crisis are applying through the bank. Candidates expecting to only need to deal with Bank of America facilities are, nevertheless, encountering unknown software application supplied by among its partners,
IntraLinks. Keep in mind, at this time the PPP is presently suspended due to an absence of appropriations. It’s not yet clear whether Congress will approve additional rounds of funding for the program.
IntraLinks is a publically traded tech company based out of New York City. That said, IntraLinks’s bread and butter is offering safe and secure infrastructure for the exchange of sensitive details. For example, if a company does not want info kept outside the United States, they might ask IntraLinks to keep it within the borders. IntraLinks is generally developed for corporate acquisitions and proprietary information-sharing. For many PPP applicants, this will be the first time they’ve experienced a program like IntraLinks.
What Is IntraLinks?
IntraLinks is a publically traded tech business based out of New York City. Founded in 1996 by John Muldoon and Mark Adams and later acquired by TA Associates, the company focuses on developing software application for the financial market, as well as Virtual Data Rooms (VDR). VDR are online databases companies can use to shop and share confidential info, normally throughout a financial transaction. IntraLinks customers include 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 allow customers to from another location submit their files and relevant details. Bank of America declares this will expedite the application process and allow the bank to more rapidly submit the information to the Small Business Administration (SBA) for approval.
Is IntraLinks Safe?
If it isn’t, they aren’t doing their job really well. There’s always some reasonable suspicion when a third celebration is brought into a deal that includes delicate info. That said, IntraLinks’s bread and butter is offering safe facilities for the exchange of sensitive info. Bank of America’s application of that innovation falls well within that umbrella.
IntraLinks is accredited under the EU-US Privacy Shield. Getting involved companies are thought about to offer “sufficient” defense for the transfer of information outside the European Union under the EU Data Protection Directive. U.S. organizations that undergo the jurisdiction of the Federal Trade Commission might likewise get involved. The guidelines of the EU Data Protection Directive are as follows:
- Notice— data topics need to be notified when their information is being collected;
- Purpose— information need to just be used for the purpose specified and not for any other functions;
- Consent— information need to not be disclosed without the information topic’s permission;
- Security— collected data should be kept protected from any potential abuses;
- Disclosure— information topics ought to be informed as to who is gathering their data;
- Access— information subjects should be allowed to access their information and make corrections to any inaccurate information
- Responsibility— information topics ought to have an approach available to them to hold information collectors accountable for not following the above principles
Additional security certifications include:
- ISO/IEC 27001:2013
- SOC 1; SOC 2; SOC 3 (formerly SSAE 16/ ISAE 3402)
- SOC 2 Type II (formerly SAS 70 Type II)
- ISO/IEC 20000-1
- ISO 9001
- ISO 27017 & & ISO 27001
IntraLinks likewise touts its trademarked “Distribute Content Nodes.” It’s an expensive method of saying IntraLink lets clients– in this case Bank of America– determine what geographical regions the info will ultimately be kept in, and from where processing functions like encryption and indexing will be run. For example, if a business doesn’t want details kept outside the United States, they might ask IntraLinks to keep it within the borders. Furthermore, IntraLinks provides customer management encryption secrets that manage access to sensitive files.
User evaluations of IntraLinks VDRs are combined. Usually speaking, users are pleased with the functions and security the software application offers. Many of the unfavorable remarks tend to be about the expense of the service and its learning 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 registered consumer complaint. That specific customer grumbled about the company “declining to cease email communications to a staff member who is no longer with our business.”
So is it safe?
Absolutely nothing is 100% safe and secure, however if you’re comfy providing a bank like Bank of America your details online in the first location, you should not be too worried about IntraLinks.
Tips For Using IntraLinks Platform
While security should not be a significant issue, use may be another matter. IntraLinks is generally created for corporate acquisitions and proprietary information-sharing. Simply put, it would generally be overkill for a loan application. It’s complicated enough that Bank of America provided a downloadable walkthrough for how to use it to finish your PPP application.
The finest guidance I can give, aside from “follow the directions in the guide” is to neglect the majority of the program. Everything that you require to do to complete your application will be done under the DOCUMENTS heading. Make sure to keep that tab highlighted whenever you’re connecting with IntraLinks.
Initially, you’ll pull all the guidelines you require out of the Instructions folder and download them by means of a ZIP file. After you’ve collected the ones you need, you’ll drag them into white area beneath the Instructions folder. Each time you add a file, you’ll be confronted with a pop-up window to validate your upload. All you require to do is click upload.
On the brilliant side, if something fails, you can anticipate to be contacted by Bank of America.
Last Thoughts On IntraLinks
Unusual occasions like the COVID-19 crisis test the facilities of numerous institutions in addition to subject their customers to unfamiliar procedures. 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 particular one.
Need more assistance navigating the coronavirus crisis? Check out our COVID-19 small company resources.