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, 2020 authorizes the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020 or earlier, if funds run out. This is an extension from the SBA’s original deadline of June 30, 2020.

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

• As of 5:00 p.m. ET on July 24, we are no longer accepting new PPP loan applications

• If you applied for a PPP loan but did not submit the required supporting documentation (this does not include promissory note) before 5:00 p.m. ET on July 31, your application will be automatically cancelled

• Signed promissory notes should be submitted to Bank of America as soon as possible. Failing to do so promptly could impact your ability to receive funds under the PPP.

• We will discontinue all application processing at 5:00 p.m. ET on August 7. Clients who applied, but 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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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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Cash Flow Monitor1 and Connected Apps2

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 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.

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.

Small Business Administration
Access capital

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.