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The Paycheck Protection Program 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.
If you believe that you will qualify for relief, plan to contact and to work with your current small business loan provider. Working with your current provider will be the best and fastest approach.
Bank of America small business clients will need to apply online. Ensure you can log in to your Business Online Banking account or enroll in Business Online Banking now.
It also may be helpful to gather the following business documents:
2019 Payroll – total payroll for full year 2019, by employee, as reported to the IRS
2019 Independent Contractor Costs – Listing of 1099’s-MISC for 2019 independent contractors, by person, as reported to the IRS. (Note: Do NOT include 1099’s for services)
Payroll report – as of February 15, 2020 or closest date after that date, by employee
Other information – required by the application is available at the U.S. Treasury website
The U.S. Treasury has outlined eligibility on its website. Eligible clients can apply through Bank of America if they have both a business deposit and business credit relationship as of February 15, 2020. All applications will occur through Online or Mobile Banking by logging onto their Business Online Banking account, CashPro or enrolling in Business Online Banking or CashPro. For more information, please visit www.bankofamerica.com/SBResources