Our teammates across Bank of America are focused on delivering resources and information to aid small company customers navigate whatвЂ™s happening now and get ready for whatвЂ™s next.
Latest change for Paycheck Protection Program customers
On 8, the Small Business Administration (SBA) announced changes to the Paycheck Protection Program (PPP) loan forgiveness process october. These modifications add a simplified loan forgiveness application for many borrowers with PPP loans of $50,000 or less. 1
We’re using making this PPP that is new loan application accessible to customers. For the time being:
For consumers that have currently submitted that loan forgiveness application, we’re going to continue steadily to process the application that you would like to withdraw your application and reapply using the new application when it becomes available to you unless you inform us. Take note that when we distribute the application towards the SBA you will struggle to withdraw it.
For consumers who possess started, yet not yet submitted, that loan forgiveness application, you are invited to carry on together with your application or withdraw it and re-apply utilising the application that is new it becomes accessible to you
For customers who have perhaps maybe not yet submitted that loan forgiveness application and desire to use with the new SBA Form 3508S, there’s nothing you have to do at the moment. We shall give you a contact with here is how to gain access to the updated loan forgiveness application whenever it becomes open to you.
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 for up-to-date rules for the SBAвЂ™s PPP loan forgiveness process, including your Covered Period. Continue reading SMALL COMPANY RESOURCES WeвЂ™re here for our small company consumers