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

On October 8, the Small Business Administration (SBA) announced changes to the Paycheck Protection Program (PPP) loan forgiveness process. These changes include a simplified loan forgiveness application for certain borrowers with PPP loans of $50,000 or less.1

We are taking steps to make this new PPP loan forgiveness application available to clients. In the meantime:

• For clients who have already submitted a loan forgiveness application, we will continue to process your application unless you inform us that you would like to withdraw your application and reapply using the new application when it becomes available to you. Please note that once we submit your application to the SBA you will be unable to withdraw it.

• For clients who have started, but not yet submitted, a loan forgiveness application, you are welcome to continue with your application or withdraw it and reapply using the new application when it becomes available to you

• For clients who have not yet submitted a loan forgiveness application and wish to apply using the new SBA Form 3508S, there is nothing you need to do at this time. We will send you an email with information on how to access the updated loan forgiveness application when it becomes available to you.

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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Cash Flow Monitor2 and Connected Apps3

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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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 Deposit4 and Remote Deposit Online5. And you can use Zelle®6, 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.

 

1
PPP loans of $50,000 or less does not include borrowers that, together with their affiliates, received loans totaling $2 million or greater.
2
Business Advantage 360: You must be enrolled in Business Advantage 360, our small business online banking, or Mobile Banking to use Cash Flow Monitor and Connected Apps 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.
3

Cash Flow Monitor and Connected Apps: When you use Cash Flow Monitor and Connected Apps 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 Cash Flow Monitor and Connected Apps 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 Cash Flow Monitor and Connected Apps 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.

Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients’ use of their services. All third party trademarks, service marks, trade names and logos referenced in this material are the property of their respective owners. Bank of America does not deliver and is not responsible for the products, services or performance of any third party.

4
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.
5

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.

6

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.