As of April 16, all of the funds for the Paycheck Protection Program have been declared and the SBA has announced that it is not presently accepting brand-new applications for Economic Injury Disaster Loans. We will continue to monitor the circumstance and will let small services understand if there are additional modifications to either program.
Bank of America is among the biggest and most omnipresent financing organizations in the country, so it’s not a surprise that many small companies seeking relief through the Paycheck Protection Program (PPP) during the COVID-19 crisis are using through the bank. Candidates expecting to just have to handle Bank of America facilities are, however, encountering unknown software offered by among its partners,
IntraLinks. Note, at this time the PPP is currently suspended due to an absence of appropriations. It’s not yet clear whether Congress will approve extra rounds of financing for the program.
IntraLinks is a publically traded tech company based out of New York City. That stated, IntraLinks’s bread and butter is providing safe and secure facilities for the exchange of delicate information. For example, if a company doesn’t desire info stored outside the United States, they might ask IntraLinks to keep it within the borders. IntraLinks is usually developed for corporate acquisitions and exclusive information-sharing. For numerous PPP applicants, this will be the first time they’ve experienced a program like IntraLinks.
What Is IntraLinks?
IntraLinks is a publically traded tech company based out of New York City. Established in 1996 by John Muldoon and Mark Adams and later gotten by TA Associates, the company concentrates on developing software application for the monetary market, along with Virtual Data Rooms (VDR). VDR are online databases business can use to shop and share personal details, generally throughout a monetary transaction. IntraLinks clients 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 enable consumers to remotely submit their documents and pertinent info. Bank of America declares this will accelerate the application procedure and permit the bank to faster send the information to the Small Business Administration (SBA) for approval.
Is IntraLinks Safe?
If it isn’t, they aren’t doing their job extremely well. When a 3rd celebration is brought into a transaction that includes delicate information, there’s always some understandable skepticism. That stated, IntraLinks’s support is supplying safe and secure infrastructure for the exchange of sensitive info. Bank of America’s application of that technology falls well within that umbrella.
IntraLinks is accredited under the EU-US Privacy Shield. Getting involved companies are thought about to provide “sufficient” security for the transfer of data outside the European Union under the EU Data Protection Directive. U.S. companies that undergo the jurisdiction of the Federal Trade Commission may also participate. The guidelines of the EU Data Protection Directive are as follows:
- Notice— information topics ought to be notified when their data is being collected;
- Purpose— information should only be utilized for the function specified and not for any other purposes;
- Consent— data need to not be revealed without the information subject’s permission;
- Security— collected information must be kept safe and secure from any potential abuses;
- Disclosure— information subjects must be notified as to who is gathering their data;
- Access— data subjects should be allowed to access their data and make corrections to any inaccurate data
- Accountability— information topics should have a method readily available to them to hold information collectors accountable for not following the above concepts
Additional security accreditations consist of:
- 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 a fancy way of saying IntraLink lets clients– in this case Bank of America– determine what geographical regions the details 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 stored outside the United States, they could ask IntraLinks to keep it within the borders. Furthermore, IntraLinks provides customer management encryption keys that manage access to sensitive files.
User evaluations of IntraLinks VDRs are mixed. Typically speaking, users are pleased with the features and security the software uses. Most of the negative remarks tend to be about the cost of the service and its learning curve. The company is not certified with the BBB, although the guard dog group does rate it an A- due to failure to react to one signed up client complaint. That specific client grumbled about the company “refusing to cease email interactions to an employee who is no longer with our company.”
Is it safe?
Nothing is 100% protected, however if you’re comfy offering a bank like Bank of America your details online in the very first place, you should not be too worried about IntraLinks.
Tips For Using IntraLinks Platform
While security should not be a major concern, use may be another matter. IntraLinks is generally designed for business acquisitions and exclusive information-sharing. In other words, it would typically be overkill for a loan application. It’s made complex enough that Bank of America offered a downloadable walkthrough for how to use it to finish your PPP application.
The finest suggestions I can provide, aside from “follow the instructions in the guide” is to neglect many of the program. Everything that you need to do to complete your application will be done under the DOCUMENTS heading. Make certain to keep that tab highlighted whenever you’re interacting with IntraLinks.
You’ll pull all the instructions you require out of the Instructions folder and download them through a ZIP file. After you’ve collected the ones you need, you’ll drag them into white area below the Instructions folder. Each time you include a file, you’ll be challenged with a pop-up window to verify your upload. All you require to do is click upload.
On the bright side, if something goes incorrect, you can anticipate to be called 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 processes. For lots of PPP applicants, this will be the very first time they’ve come across a program like IntraLinks. That said, there’s no factor to fear this specific one.
Need more help browsing the coronavirus crisis? Check out our COVID-19 small company resources.