SMALL BUSINESS ASSISTANCE 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

Important Update – New federal relief legislation known as the Economic Aid Act authorizes the Small Business Administration (SBA) to approve additional Paycheck Protection Program (PPP) loans.

Based on guidance received from the SBA, we plan to begin accepting applications from clients for first and second draw PPP loans on January 19.

For this round of PPP lending, the SBA initially began accepting loan applications from community-based and small financial institutions only, and has announced that it will begin accepting applications from large lenders, including Bank of America, on January 19.

Please visit the SBA website for the latest details on PPP, including program rules and requirements.

As a reminder, according to the rules of the program set forth by the U.S. Government:

• Businesses with 500 or fewer employees that have not previously received a PPP loan may apply for a PPP loan to help with payroll, rent, utilities, healthcare costs and more

• Businesses that have already received a PPP loan may apply for a “second draw” PPP loan if they have used all of their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%

Please note: Clients who previously received a PPP loan through another lender, and who wish to apply for a second draw PPP loan, should submit their second draw application to that original lender.

At Bank of America, the PPP is administered online only. All information and correspondence related to PPP will occur online and through email, including the application process, submission of required documents and follow-up correspondence. Visit our FAQ page for more details.

Simplified PPP loan forgiveness process

The new legislation includes provisions that further simplify the PPP loan forgiveness application process for loans of $150,000 or less, whereby a borrower signs and submits a one-page certification to the lender. The legislation requires the SBA to produce a simplified forgiveness application not more than one page in length within 24 days from enactment into law.

We are awaiting this additional guidance from the SBA and plan to roll out our simplified PPP loan forgiveness application in February. Please note:

  • Clients who have not yet received an invitation to apply for PPP loan forgiveness will be provided an email with information on how to apply in the coming weeks
  • Clients who have been invited to apply for PPP loan forgiveness may proceed using one of the existing applications (SBA Form 3508, 3508EZ or 3508S). However, in light of the new federal legislation, clients with PPP loans of $150,000 or less may wish to wait to apply using the new simplified application form. We will provide an updated invitation to eligible clients when the simplified application process becomes available to them in February.
  • For clients who have already submitted an application for PPP loan forgiveness, we will continue to process that application. Clients with loans of $150,000 or less are welcome to continue with their in-process application or withdraw it and reapply using the new simplified application when it becomes available. Clients with newly eligible expenses or who wish to elect a newly allowable Covered Period may also withdraw their in-process application and reapply. Please note that once we submit a client’s application to the SBA, the client will be unable to withdraw it.

As a reminder, you may submit a loan forgiveness application at any time after the end of your Covered Period and on or before the maturity date of your loan, as long as you have an outstanding balance on your PPP loan. This guidance applies regardless of the terms in your PPP Promissory Note.

Please note that your PPP loan deferral period will end prior to your maturity date, at which point you will need to start making payments on any unforgiven amount.

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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Leverage Cash Flow Monitor, 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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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 Deposit3 and Remote Deposit Online4. And you can use Zelle®5, 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.

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Additional resources available

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Our Resource Site

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

Client Assistance Program
Visit our FAQs

Get more information about Paycheck Protection Program loans.