SMALL BUSINESS RESOURCES We’re here for our small business clients
Important updates on the Paycheck Protection Program Our teammates across Bank of America are focused on helping small business clients navigate this very challenging time. With this in mind, we continue to process loan applications to the Paycheck Protection Program (PPP). This federal loan program with the U.S. Treasury and Small Business Administration (SBA) was launched on April 3. Bank of America was the first major financial services institution to begin accepting applications to the SBA. We have processed hundreds of thousands of loan applications, reflecting the wide-sweeping need for financial relief for small businesses across the U.S. The initial funding provided by Congress for the program was $349 billion. On April 16, the SBA announced this funding was fully committed, and that it would no longer accept applications until additional funding was available. On April 24, new legislation signed into law provided an additional $310 billion to the PPP. The SBA has begun processing new applications, and we are submitting complete applications for our clients as quickly as possible. Although we continue to process applications, we cannot confirm that all will be processed by the SBA before the most recent funding is committed. Our clients who have already submitted an application do not need to re-file a new application with us.
Paycheck Protection Program details
For those who have already applied through Bank of America, please keep in mind: - We will update you at each step of the process from the time you submit your application, and at each step described here. - You will be asked, and reminded as needed, to upload documents that are required according to the SBA process and rules. - When these documents have been provided, we will review your loan application as we are required to do. - We will follow up with any questions or needed information. - You will be notified when the review is complete, and your loan has been submitted to the SBA. - We will alert you when the SBA has communicated to us about the status of your loan application. - If the SBA assigns a loan identification number to your application, we will ask you to quickly complete the final, required documents before we can take the additional steps to fund your loan. - We will communicate with you when we receive those documents, and when we anticipate funding the loan, typically 1-2 days later. It is your obligation to stay informed of the latest guidance related to the Paycheck Protection Program at the SBA, U.S. Treasury Assistance for Small Business and U.S. Treasury FAQ websites. All borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For additional details on how to proceed, please see the Eligibility section in our FAQs.
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 both the U.S. Treasury and SBA requirements and documents you provided
You can refer to the most updated U.S. Treasury guidance on loan amount calculations and compare to the documents you’ve submitted.
If you have further questions related to the Paycheck Protection Program, please email us at PPP_Help@bofa.com. Keep in mind, email isn’t a secure method for sending information. So it’s important not to include sensitive information like account or Social Security numbers in any emails you send us.
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.
How you can prepare for the Paycheck Protection Program
Bank of America small business clients will need to apply online. Ensure you can sign into your Business Online Banking account or enroll in Business Online Banking now.
It also may be helpful to gather the following business documents:
2019 Payroll – total payroll for full year 2019, by employee, as reported to the IRS
2019 Independent Contractor Costs – listing of 1099s-MISC for 2019 independent contractors, by person, as reported to the IRS. (Note: Do NOT include 1099s for services.)
Payroll report – as of February 15, 2020, or closest date after that date, by employee
Other information – required by the application is available at the U.S. Treasury website
Banking available whenever and wherever you are
For those clients facing financial hardship, additional assistance is available through our Client Assistance Program. A fast and easy way to submit a payment deferral request is to sign into Online Banking or by using Erica1, our virtual financial assistant in our Mobile Banking app2. We’ll get started on your request right away and get back to you soon.
Our secure Online Banking and Mobile Banking app will allow you to bank anytime from virtually anywhere. When you’re in the Mobile Banking app, Erica is always there to help.
Leverage Business Advantage 3603, 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.
Small Business Community
Visit our Business Advantage Small Business Community4 for regularly updated ideas, solutions, peer and expert advice, insider tips and industry knowledge to help manage your business during this challenging time.
Convenient banking solutions
We provide banking solutions to help you manage your finances wherever most convenient for you. You can deposit checks without visiting a financial center through Mobile Check Deposit5 and Remote Deposit Online6. And you can use Zelle®7, 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
As you face ongoing challenges, the Small Business Administration offers disaster relief funding and other benefits.
Stay connected with information about how we continue to operate safely and effectively and assist all our clients and teammates.
Get answers to common questions about the Paycheck Protection Program.