Business Name ("Applicant")

Prepare to apply

Review eligibility rules and criteria

On Dec 27, 2020, approximately $284 billion was appropriated to provide funding for certain businesses that already received a PPP loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act (referred to as “second draw loans”) and businesses that did not previously receive a PPP loan or are only now eligible under the new expanded eligibility criteria. Please review the legislation to ensure you meet the criteria and are eligibile for a first and/or second draw loan.

Review the following resources for more information on eligibility:

• Small Business Administration
• U.S. Treasury Website on Assistance for Small Businesses
• Bank of America Frequently Asked Questions

For Borrowers who receive a First and Second Draw PPP loan in 2021, please note:

• The Covered Period (i.e., the period in which you must use the PPP loan proceeds) for a first draw PPP loan and a second draw PPP loan cannot overlap. This means that the Covered Period of your first draw PPP loan must end prior to the date your second draw PPP loan is disbursed, and that you must have used the full amount of your first draw PPP loan (including any increase) on eligible expenses under the PPP rules before receiving your second draw PPP loan.
  • For example, if your second draw PPP loan was disbursed 9 weeks aſter your first draw PPP loan, the maximum Covered Period for your first draw PPP loan is 9 weeks. To be eligible for a second draw PPP loan, you will need to have spent the full amount of your first draw PPP loan on eligible expenses during that 9 week period following your first draw PPP loan disbursement.
• Note that the minimum Covered Period is 8 weeks following the date of loan disbursement.
• Please also note that employee compensation and owner replacement compensation must be prorated for the Covered Period.
  • Employee Compensation
    For an 8-week Covered Period, the maximum amount that can be forgiven is $15,385 ($100,000/52 weeks x 8 week Covered Period), for each individual employee. For a 24-week Covered Period, the maximum amount is $46,154 ($100,000/52 weeks x 24 week Covered Period), for each individual employee.
  • Owner Replacement Compensation
    For an 8-week Covered Period, owner replacement salary is capped at (a) $15,385 ($100,000/52 weeks x 8 week Covered Period) or (b) the 8 week equivalent of the individual’s applicable compensation in the year that was used to calculate the loan amount (2019 or 2020), whichever was lower. For a 24-week Covered Period, owner replacement salary is capped at (a) $20,833 (the 2.5 month equivalent of $100,000 per year), or (b) the 2.5 month equivalent of the individual’s applicable compensation in the year that was used to calculate the loan amount (2019 or 2020), whichever is lower

Important Note for Schedule C filers:

On March 3, 2021, the SBA released new guidance allowing Applicants that file IRS Form 1040, Schedule C to calculate their PPP Loan Request Amount using gross income, instead of net profit. Please refer to SBA Form 2483-C (for First Draw PPP loans) or SBA Form 2483-SD-C (for Second Draw PPP loans) for guidance on the specific requirements and qualifying criteria.

Meet the Bank of America Qualifications

To apply for a Paycheck Protection Program Loan through Bank of America at this time, you must have an existing Small Business relationship with one of the following:

• Small business checking account and small business lending relationship, inclusive of credit card, open no later than December 21, 2020.
• Small business checking account open no later than December 21, 2020 and do not have a business credit or borrowing relationship with another bank.
• As of December 21, 2020 have a Merrill Lynch Working Capital Management Account (WCMA), Endowment Management Account (EMA), or Business Investing Account (BIA) and have either (i) a business credit relationship with Bank of America or (ii) do not have a business credit or borrowing relationship with another bank.

Gather all the Required Documentation

Review the PPP Document Reference Sheet for information on supporting payroll and/or tax information requirements.

• You will need to provide beneficial owner contact information, date of birth, and social security number (SSN) or individual taxpayer identification number (ITIN).
• Have the required documents ready before you start your application.
• You will not be able to submit your application without the required documentation.
• Once you start the application, you cannot save and return.
• If you cannot provide all the required documents, you will have to exit and restart the application.

Make sure

• To read and review the applicable SBA PPP Application Form, along with the relevant instructions. The SBA PPP Application Forms can be found at the following links:
  • SBA Form 2483 – First Draw Borrower Application
  • SBA Form 2483-SD – Second Draw Borrower Application
  • SBA Form 2483-C – First Draw Borrower Application Form for Schedule C Filers Using Gross Income
  • SBA Form 2483-SD-C – Second Draw Borrower Application Form for Schedule C Filers Using Gross Income
• The Tax Identification Number TIN (ITIN, EIN, SSN) on your documentation matches the TIN (ITIN, EIN, SSN) associated with the BA360 Online Banking ID. If not, call the Bank at 1.833.440.0954 to update the banking profile.
• Any PDF documents are read only, not editable. If you have editable pdf’s, review this PDF Instruction sheet to save your files as read only.

Download and complete the Bank of America Loan Amount Worksheet

Bank of America has created a Loan Amount Worksheet to help you calculate your Loan Request Amount. This is a worksheet provided for your benefit; you should keep this completed worksheet for your files.

• Download the Bank of America Loan Amount Worksheet
• Complete the Loan Amount Worksheet

Start the application when you have completed the worksheet and gathered required documents

Once you start the application, you cannot save and return to complete it; once you exit, you will have to start over.

Confirm your first Paycheck Protection Program Loan.

The Business TIN (ITIN, EIN, SSN) below is the Business TIN (ITIN, EIN, SSN) associated with your First Draw PPP Loan. If the Business TIN (ITIN, EIN, SSN) does not match the business that you are applying for, you should not proceed with this application. Call the bank at 1.833.440.0954 to update the banking profile.

Note: Close any other Bank of America Online Banking tabs before beginning your application to avoid a possible time out of your PPP loan application.