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.

Important updates on the Paycheck Protection Program

New federal legislation extends the Small Business Administration’s (SBA) deadline to approve new Paycheck Protection Program (PPP) loan applications from March 31 to May 31, 2021, or sooner if funding runs out. The legislation also enables the SBA to continue processing pending PPP loan applications for an additional 30 days after its May 31 deadline; however, lenders must complete processing and submit all applications to the SBA by May 31.

With this program extension, Bank of America is now accepting new applications for first draw and second draw PPP loans.

Get started by selecting:

First draw PPP loan application – for eligible borrowers who have not previously received a PPP loan

Second draw PPP loan application – for eligible borrowers who received a PPP loan in a previous round of PPP lending through Bank of America

In order to provide the necessary time for processing loan applications prior to May 31, and as long as funding remains available:

• We will accept new PPP loan applications until 11 p.m. ET on May 14

• Applicants must provide all required supporting documentation (this does not include promissory notes) by 11 p.m. ET on May 24 in order for their loan application to proceed. If an applicant has already received from us an earlier deadline to submit required documentation, all documentation must be submitted by that earlier date.

We will discontinue all loan application processing at 11 p.m. ET on May 28 or when funding becomes no longer available, whichever comes first

Application process for sole proprietors, independent contractors and single-member LLCs

In March, the SBA released new guidance allowing sole proprietors, independent contractors and single-member LLCs that file an IRS Form 1040 Schedule C to use either gross income or net income in calculating the amount of their requested PPP loan.

Given the extension of the PPP application window, the possibility that federal funding may run out prior to the May 31 deadline, and the time required for us to process applications before submitting them to the SBA, please note:

• Eligible sole proprietors, independent contractors and single-member LLCs who wish to apply for a first or second draw PPP loan using net income are welcome to apply at any time using our existing loan application, as long as we are accepting new applications

• We plan to launch a new PPP loan application in late-April, which will provide eligible sole proprietors, independent contractors and single-member LLCs who file a Schedule C the option to apply for a first or second draw PPP loan using gross income. Eligible clients can choose to wait and apply using gross income in late-April, although program funding is limited and may not be available at that time.

For the latest details on PPP, including program rules and requirements, please visit the SBA website.

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.

Choose the step that’s right for you:

I’d like to apply for a first draw PPP loan

If you would like to apply for your first PPP loan, you may be eligible to apply now through Bank of America.

I’d like to apply for a second draw PPP loan

If you have already received a PPP loan through Bank of America, you may be eligible to apply for a second draw PPP loan.

I’d like to learn about loan forgiveness

For details on eligibility requirements, documentation, the application process and more, visit our FAQs.

Eligible clients can apply now for PPP loan forgiveness

Our PPP loan forgiveness portal is now open and includes a simplified forgiveness application for PPP loans of $150,000 or less. We will email clients with a link to access our loan forgiveness application over the coming weeks, when the application becomes available to them. For more details on how to apply, visit our PPP loan forgiveness site.

Please note:

  • We will continue to process loan forgiveness applications for clients who previously submitted completed applications with all supporting documentation. Clients who wish to withdraw and apply using the simplified application process should notify us immediately. Once we submit a client’s application to the SBA, the client may be unable to withdraw it.

  • Clients who previously withdrew their application for loan forgiveness, or whose application was canceled due to incomplete documentation, are welcome to start a new application

As a reminder:

  • You have until the maturity date of your loan to apply for forgiveness, as long as you have an outstanding balance on your PPP loan. This guidance applies regardless of the terms in your PPP Promissory Note.

  • You do not need to apply for loan forgiveness on your first PPP loan in order to be eligible for a second draw PPP loan. For details on eligibility and requirements for second draw PPP loans, please visit the SBA website.

Explore our Small Business Resources for ideas, tips and advice

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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.