- General Questions
- Preparing to Apply
- Post-Application - Confirmed Submission
- Submitting Documents
- Additional Assistance Options
What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating banks, including Bank of America, must follow. The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. How can I apply? At Bank of America, the Paycheck Protection Program will be administered online only. We are accepting applications from those clients who, as of February 15, 2020: − Had a Small Business checking and Small Business credit relationship with Bank of America (a Business Credit Card, line of credit or loan may be the lending product used) or − Had a Small Business checking relationship with us and do not have a business credit or borrowing relationship with another bank. If you’re an eligible client who plans to apply for a Paycheck...
What are the eligibility requirements under the provisions of the Paycheck Protection Program? The eligibility requirements are outlined for applicants on the U.S. Treasury website and SBAwebsite. Does Bank of America have requirements to apply? − To serve small businesses most efficiently, we are accepting applications from those that, as of February 15, 2020: − Had a Small Business checking and Small Business credit relationship with Bank of America (including commercial or corporate credit cards, conventional business loans or leases, business lines of credit, business auto loans, practice solutions loans, and trade and asset-based loans.) Clients with these existing relationships have the established accounts and underwriting verifications in place to allow Bank of America to help provide the quickest access to the relief funds and to help the U.S. government prevent fraud in the process or − Had a Small Business checking relationship with us and do not have a business credit or...
What documentation do I need to provide? To prepare for the application process, you should review requirements listed on the U.S. Treasurywebsite. The following documentation may be needed: 1. 2019 Payroll – total payroll for full year 2019, by employee, as reported to the IRS 2. 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) 3. Payroll report as of February 15, 2020 or closest date after that date, by employee If I have a Small Business Online Banking account or use CashPro, where should I submit my application? If you have access to CashPro®, you should submit your application through CashPro. If you have already submitted your application in Small Business Online Banking, please leave it in Small Business Online Banking. Some clients who attempted to submit their application through Small Business Online Banking may have experienced difficulty. We request yo...
Did you receive my application? You will receive a welcome email from firstname.lastname@example.org with subject line: "Your Paycheck Protection Program Loan Application has been received" within approximately 24 hours of submitting your application. I received my confirmation email from my application, but what is next in the process? You will receive a second email from Bank of America and the subject line: Bank of America Paycheck Protection Program: Invitation to upload your required documents via Intralinks Elite Exchange OR Paycheck Protection Program: We’re ready to receive your documents. The email will provide next steps for clients including: − How to upload the required documents − What you need to know as your loan application is processed with the Small Business Administration as quickly as possible − How Bank of America will notify you of the status once we receive a decision from the Small Business Administration For help managing do...
Do I have the right documentation uploaded? We are not able to confirm that; you may want to reach out to your legal counsel, CPA, or other financial advisor for assistance to make sure you downloaded what was requested.
What are the types of assistance that are available for existing Bank of America Small Business clients who have been negatively impacted by the coronavirus? Bank of America is currently providing support to our customers and clients through our enhanced Client Assistance Program, which includes: − Small business loans: clients can request to defer payments, refunds on late fees − Consumer and Small Business deposit accounts: clients can request refunds for fees including overdraft fees, nonsufficient funds fees, and monthly maintenance fees − Consumer and Small Business credit cards: clients can request to defer payments or get refunds on late fees − No negative credit bureau reporting for up-to-date clients − Offering commercial card payment deferrals upon client request − Helping clients assess capital/liquidity options − Helping clients manage operations through digital channels − Loans and philanthropic grants to Community Development Financial Institutions (CDFIs) What other a...
Bank of America is introducing a simple way to apply for Paycheck Protection Program, or “PPP,” loan forgiveness. Starting on February 16th 2021, if your business took out a PPP loan of one-hundred-and-fifty-thousand dollars or less last year, you can apply for forgiveness.
Feb 24, 2021 · Form 3508 is the longest version of the forgiveness application and is for borrowers with loan amounts more than $150,000 Note: For those with loan amounts over $150,000, Bank of America has a team of experts standing by ready to help you if you need it.
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
If your PPP loan is $150,000 or less, you will apply for loan forgiveness online through Bank of America using the simplified SBA Form 3508S. If your PPP loan is more than $150,000, you will apply for loan forgiveness online through Bank of America using one of the following forms:
People also ask
How to apply for a PPP loan at Bank of America?
Is the SBA accepting applications for PPP loans?
Which banks accept applications for the second round of PPP?
How to apply for loan forgiveness at Bank of America?
Please carefully review the SBA Application Instructions and the SBA’s How to Calculate Maximum Loan Amounts guidance, both of which are available on the SBA website. Thank you for submitting your application. Please review the list below and follow the directions to upload your documents to your Bank of America Intralinks workspace.
Hello everyone, So I applied for the PPP Paycheck Protection Program - through Bank of Amerca and so far it has been going well. They recently answered my re...
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Explore our small business financing options and find out how to use small business loans and credit to finance your business needs. Get more information about funding your business with a term loan, SBA loan, secured and unsecured lines of credit and more from Bank of America.
Apr 08, 2020 · Bank of America Paycheck Protection Program Application Addendum Tax form 941 or Payroll processor records for the period including Feb 15, 2020 Documents for Sole Proprietors or Self Employed, who do not file Tax Form 940: 1040 Schedule C, if filed for 2019 OR