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Paycheck Protection Program FAQs
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.
Visit PPP FAQs
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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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.
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.
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Additional resources available
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
As you face ongoing challenges, the Small Business Administration offers disaster relief funding and other benefits.
Contact the SBA
Visit our FAQs
Get more information about Paycheck Protection Program loans.
Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.
The Small Business Administration and the Department of Treasury continue to provide additional guidance concerning the Paycheck Protection Program. Thus, Bank of America makes no representation that information contained herein is up to date or complete. Before submitting a request for loan forgiveness, borrowers may wish to visit the SBA, U.S. Treasury Assistance for Small Businesses and U.S. Treasury FAQ websites for the latest information and guidance related to the Paycheck Protection Program.
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.
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.
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.
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.
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.
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