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New federal relief legislation known as the Economic Aid Act authorizes the Small Business Administration (SBA) to approve additional Paycheck Protection Program (PPP) loans. We are now accepting applications from clients for first and second draw PPP loans.
Visit our Small Business Assistance Site to learn how to access our PPP loan application.
For the latest details on PPP, including program rules and requirements, please visit the SBA website.
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 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.
For the latest information on our ongoing support for small businesses, please visit our Small Business Assistance Site.
Reported on the Bank of America client facing website: