SMALL BUSINESS RESOURCES We’re here for our small business clients

Our teammates across Bank of America are focused on delivering resources and information to help small business clients navigate what’s happening now and prepare for what’s next.

Latest update for Paycheck Protection Program clients

New legislation signed into law on July 4 has authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020. This is an extension from the SBA’s original deadline of June 30, 2020.

With this extension, Bank of America began to accept new PPP loan applications at 5 p.m. ET on July 6.

In order to provide the necessary time for processing prior to the SBA’s updated August 8 deadline:

• We will accept new PPP loan applications until 5 p.m. ET on July 24

• Applicants must provide all required supporting documentation (this does not include promissory notes) by 5 p.m. ET on July 31 in order for their application to proceed

• We will discontinue all application processing at 5 p.m. ET on August 7. Clients who applied for, but who have not received an SBA loan number by the time of the SBA’s August 8 cutoff, will be notified their application will not be processed and has been cancelled.

For clients who received a PPP loan from the SBA through Bank of America, we look forward to supporting you as you begin the loan forgiveness phase of the program. We will begin opening our online loan forgiveness application in early August and will be emailing you with additional instructions on how and when to apply.

For up-to-date rules for the SBA’s PPP loan forgiveness process, including your covered period, the types of costs that are eligible for forgiveness and what documentation you will need to submit as part of your application, please visit the SBA website.

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ELIGIBLE CLIENTS Application information

To apply for the Paycheck Protection Program, small business clients can sign into Online Banking and commercial banking clients can sign into CashPro®. If you do not currently have an online account, you must enroll in Business Online Banking as soon as possible.

You must have a Small Business lending and Small Business checking relationship with Bank of America as of February 15, 2020, or a Small Business checking account opened no later than February 15, 2020, and do not have a business credit or borrowing relationship with another bank. A Business Credit Card, line of credit or loan may be the lending product used.

Information about your application status will NOT be available through our Financial Centers or Contact Centers – due to the nature of this loan process and the steps involved.

Visit Paycheck Protection Program FAQs for more details about preparing for the application process or get started with the application below.

Apply now
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Understanding your loan promissory note

The approved and/or funded loan amount in your Paycheck Protection Program promissory note may vary from the original amount requested in your loan application. Reasons may include:

• Changes to U.S. Treasury and SBA requirements since the beginning of the Paycheck Protection Program

• Documents you provided during the loan process

• A combination of the U.S. Treasury and SBA requirements and documents you provided

You can refer to the most updated SBA and U.S. Treasury guidance on loan amount calculations and compare it with the documents you’ve submitted.

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Business Advantage 360

Leverage Business Advantage 3601, our innovative dashboard with graphs, insights and projections, to help you manage your cash flow. You can also connect to apps like QuickBooks® Online, ADP® Payroll and Google Analytics for a complete view of your finances.

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Convenient banking solutions

We provide banking solutions to help you manage your finances wherever it is most convenient for you. You can deposit checks without visiting a financial center through Mobile Check Deposit2 and Remote Deposit Online3. And you can use Zelle®4 a fast, safe and easy way for your business to send, request and receive money. Explore additional features, how-to videos and more about Mobile and Online Banking.

Not enrolled? Get started now.

Additional resources available

Our Resource Site
Our Resource Site

Stay connected with information about how we continue to operate safely and effectively, and assist all our clients and teammates.

Visit Resource Site
Small Business Administration
Access capital

As you face ongoing challenges, the Small Business Administration offers disaster relief funding and other benefits.

Contact the SBA
Client Assistance Program
Visit our FAQs

Get more information about Paycheck Protection Program loans.

Find answers

Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.

CashPro® is a registered trademark of Bank of America Corporation in the United States and other countries.

 

1

Business Advantage 360: You must be enrolled in Online Banking or Mobile Banking to use the Business Advantage 360 tool and have an eligible Bank of America® small business deposit account. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply. Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients’ use of their services.

When you use Business Advantage 360 to access services or information from third parties (“Third-Party Account Information”), you will be subject to any terms and conditions established by those third parties, in addition to Business Advantage 360 Terms and Conditions.

Bank of America, N.A. provides access to third-party websites and Third-Party Account Information only as a convenience, and is not responsible for, does not guarantee or endorse the services offered, and does not monitor or review such information for accuracy, completeness or otherwise. Information displayed through Business Advantage 360 may be more up-to-date when obtained directly from relevant third-party web sites. Neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

ADP, the ADP logo, Run Powered by ADP and Always Designing for People are trademarks of ADP, LLC and its affiliates, used under license.

QuickBooks is a trademark of Intuit, Inc. used under license.

Google, Google Analytics, Google G Suite and their respective logos are trademarks of Google, LLC, used under license.

All other marks belong to their respective owners. Bank of America does not deliver and is not responsible for the products, services or performance of ADP, LLC, Intuit Inc., or Google, LLC. Third party website providers are solely responsible for their website content, information collection and use, sharing practices and level of security. Bank of America does not require you to obtain any service or product from a third-party website provider, and you doing so has no bearing on the availability or terms of any product or service offered by Bank of America.

2
Mobile Check Deposit: Mobile Check Deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply. In the Mobile Banking app menu, select Deposit Checks, then Help for details and other terms and conditions. Message and data rates may apply.
3

Remote Deposit Online: Remote Deposit Online is subject to approval and availability in your area. A monthly service fee of $15 will be assessed for this service. You must be enrolled in Online Banking to use the Remote Deposit Online service and have an open Bank of America small business deposit account to apply and be approved for enrollment in Remote Deposit Online, and fees will be billed to that account.  In addition to monthly service fees, other bank fees associated with your checking account and/or for additional services may apply.  See the Business Schedule of Fees available at bankofamerica.com/businessfeesataglance for details.  Please also refer to the Deposit Agreement and Disclosures brochure for additional information.

Remote Deposit Online requires a two-year contractual agreement with a $250 early termination fee if canceled after initial 30-day trial or prior to expiration of the two-year agreement period.

Internet access may be required.  Internet service provider fees may apply.

You may only transmit checks using the service from a Bank-approved capture device that is located within the United States.

4

Zelle: To send to or receive money with a small business, a consumer must be enrolled with Zelle with a linked domestic deposit account at a U.S. financial institution that offers Zelle. Small businesses are not able to enroll in the Zelle app with a debit card, and cannot send or receive payments from consumers enrolled in the Zelle app using a debit card. 

Zelle should only be used to send money to friends, family or others you trust. 

We recommend that you do not use Zelle to send money to those you do not know. Transfers require enrollment in the service and must be made from an eligible Bank of America consumer or business deposit account to a domestic bank account or consumer debit card. Recipients have 14 days to enroll to receive money or the transfer will be canceled. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. We will send you an email alert with transaction details after you send money using Zelle. Dollar and frequency limits apply. See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for further details. Payment requests to others not already enrolled in Zelle must be sent to an email address. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle offers a protection program for any authorized payments made with Zelle.

To receive money from a small business, a vendor must be enrolled with Zelle with a linked domestic deposit account at a U.S. financial institution that offers Zelle. 

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC, and are used herein under license.