Eligible clients will receive an email with a link to access our loan forgiveness application when it becomes available to them.Īs a reminder, based on the latest updates from the SBA, you now have more time to gather your documents and prepare your application. The simplified SBA Form 3508S is now available, in addition to the revised SBA Form 3508EZ and SBA Form 3508 applications.
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When can I apply for PPP loan forgiveness? We will email clients with a link to access our loan forgiveness application over the coming weeks, when the application becomes available to them. Our PPP loan forgiveness portal is now open and includes a simplified forgiveness application for PPP loans of $150,000 or less. Make the appropriate selection for Frequencyīack to top Paycheck Protection Program loan forgiveness Eligible clients can apply now for PPP loan forgiveness.−To pay off the loan in full, select Pay off this loan −To pay down the loan balance, select Principal Only and enter the amount of the payment Make the appropriate selection for Payment Type:.On the payments screen, select the From account and confirm the PPP loan is displayed in the To field.From the account details screen, click Make a Payment.Sign in with your Business Advantage 360 username and password, select your CARES Act Paycheck Protection Program loan.
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You can make a principal-only payment or full payoff to your PPP loan through Business Advantage 360 by following these steps: For more information on the disclosure of names by the SBA, please visit How can I make a payment to my PPP loan through Business Advantage 360, Bank of America’s small business online banking? Does Bank of America disclose the names or other information of PPP borrowers? Was my name or information disclosed by the SBA – or will it be in the future?īank of America does not publicly disclose the names or other information of clients who receive PPP loans. In the absence of a pre-loan approval written agreement between the agent and Bank of America, Bank of America does not pay fees or other compensation to agents who represent or assist borrowers through the Paycheck Protection Program. Will Bank of America pay fees to third-party agents who have assisted clients with the preparation of Paycheck Protection Program loan applications? Owner Compensation for independent contractor or sole proprietor consists of wage, commissions, income or net earnings from self-employment or similar compensation, not to exceed a total of $100,000 in annual compensation, on an annualized basis. Payment of state and local taxes assessed on employee compensation.Payment for the provision of employee benefits (including insurance premiums) consisting of group health care coverage, group life, disability, vision, or dental insurance, and retirement benefits.Payment for vacation, parental, family, medical, or sick leave (except those paid leave amounts for which a credit is allowed under FFCRA Sections 70).Compensation to employees (excluding compensation to employees whose principal place of residence is outside the United States) in the form of salary, wages, commissions, or similar compensation cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips) excluding costs over $100,000 on an annualized basis, as prorated for the period during which payments are made or the obligation to make the payments is incurred, for each employee.
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What counts as payroll costs?Įmployee payroll costs consists of the following: The eligibility requirements are outlined for applicants on the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating lenders, including Bank of America, must follow. The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. General questions What is the Paycheck Protection Program (PPP)?