A Sweet Affair Bakery, owned by Sarah Torres, faced a significant financial crisis when her business account was frozen due to a clerical error involving her business ID number. The bakery had been relying on two Employee Retention Credit checks amounting to $212,853, crucial for maintaining operations and paying 20 employees. Despite several attempts to deposit the checks at Bank of America, a hold was placed, leaving the account inaccessible for over a month. This situation forced Torres to borrow money to meet payroll obligations, representing the stress and uncertainty during this period.
Owner Sarah Torres faced a nightmare scenario when a clerical error related to her business ID number led to a frozen bank account, hindering operations and payroll.
Over a month, Torres struggled without access to $212,853 intended for her bakery, an amount critical for paying her 20 employees after difficulties securing federal assistance.
After multiple challenges in depositing Employee Retention Credit checks from the Treasury, the situation escalated with Bank of America placing a hold and freezing the account.
Torres had to resort to borrowing money from family and using her child's college fund to cover business expenses, highlighting the dire consequences of the banking error.
Collection
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