Anyone who uses the 3508S simplified application is exempt from any reductions in the forgiveness amount based on reductions in FTEs and/or wages. For additional assistance with PPP loan forgiveness documentation, view our documentation guide. I am planning to (i) sell all or part of my interest in my company, or (ii) merge my company with another company or (iii) sell some or all of the assets of my company to a third party, before my PPP loan is forgiven or paid in full. Is interest on unsecured credit eligible for loan forgiveness? 4) If a borrower works out of their home, only the share of covered expenses that were deductible on their 2019 tax filings are eligible for forgiveness (or, for new businesses, expected 2020 tax filings). You do not need to apply for loan forgiveness on your first PPP loan in order to be eligible for a second draw PPP loan. The applicable IFRs and FAQs provide that the amount of compensation of owners who work at their business that is eligible for forgiveness depends on the business type and whether the borrower is using an eight-week or 24-week Covered Period. alter, decompile or reverse engineer any software component of the Sites. The latest guidance from the SBA requires borrowers using Form 3508S - as well as Form 3508 and Form 3508 EZ - to submit documentation in connection with their loan forgiveness application. In addition, Bank of America or its Affiliates, their shareholders, directors, officers and/or employees, may from time to time have long or short positions in such securities or in options, futures or other derivative instruments based thereon. October 8, 2020: Simplified Loan Forgiveness Application Released. Client’s conduct may be subject to local, state, national and international laws. Simplified PPP loan forgiveness process. Investment products offered by Investment Banking Affiliates: Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation including Bank of America, National Association, Canada Branch (BANA CB ) which is an authorized foreign bank regulated by the Office of the Superintendent of Financial Institutions. We have temporarily paused on accepting new loan forgiveness applications as we work to implement necessary changes and deliver the best experience for our clients during this important time. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Please visit the SBA website for the latest details on PPP, including program rules and requirements. Please refer to our Document Reference Sheet for a list of all acceptable documentation. Bank of Hope reserves the right to discontinue accepting new applications at any time. As of November 5, Eastern Bank is accepting applications for PPP loan forgiveness. Client agrees to abide by applicable export control laws and not to transfer, by electronic transmission or otherwise, any content on the Sites subject to restrictions under such laws to a national destination prohibited under such laws, without first obtaining, and then complying with, any requisites government authorization. Not sure where to start? OMB Control Number 3245- 0407 . document.write(new Date().getFullYear()) Lawmakers passed legislation that simplifies the forgiveness process for PPP loans of $150,000 or less. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp are registered as futures commission merchants with the CFTC and are members of the NFA. The new legislation includes provisions that further simplify the PPP loan forgiveness application process for loans of $150,000 or less, whereby a borrower signs and submits a one-page certification to the lender. Apart from BANA Australia, none of the other BAC entities including BAC itself is an Authorised Deposit-taking Institution authorised under the Banking Act 1959 of Australia regulated by the Australian Prudential Regulation Authority. Under the PPP Flexibility Act the repayment period is 5 years from the date of initial disbursement of your PPP loan if your PPP loan was approved by the SBA on or after June 5, 2020. Yes, if you received a PPP loan from Union Bank you may request forgiveness of the PPP loan through Union Bank. For the most up-to-date information regarding PPP eligibility, please see the U.S. Treasury and SBA websites. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use. If eligible, 1099 employees may apply for PPP on their own. Yes, you may reapply so long as you are otherwise eligible for a PPP loan. You do not need to apply for loan forgiveness on your first PPP loan in order to be eligible for a second draw PPP loan. For complete details, visit the SBA, U.S. Treasury Assistance for Small Business and U.S. Treasury FAQ websites. - What has been disclosed to regulators Bank of America DOES NOT REPRESENT, WARRANT OR GUARANTEE THAT THE SITES WILL BE FREE FROM ERRORS OR WILL BE AVAILABLE. You hereby consent and submit to jurisdiction in the Federal or state courts of the State of New York, U.S.A. You hereby irrevocably waive your rights to a jury trial. You agree to receive certain documents and information provided by Bank of America and its Affiliates through the Sites and/or through email provided to you via the Sites. You can click the Cancel button now to return to the previous page. At Bank of America, PPP will be administered online only, After completing the application process, you will receive online confirmation of the submission, Do not proactively deliver or send documents to our Financial Centers, Loan application status will not be available through our Financial Centers or Contact Centers due to the nature of this loan process and the steps involved, Have applied for and received a previous PPP loan through Bank of America, Have experienced a reduction in revenue by 25% or more quarter over quarter, Have used or will use the full amount of the first PPP loan for eligible expenses on or before the date of disbursement. Bank of America is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on other websites. Does Bank of America have requirements to apply? Yes. We cannot provide this information through our Financial Centers or Contact Centers. Employee payroll costs consists of the following: 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. . We cannot guarantee the accuracy of any calculations - you are solely responsible to review all fields and calculations prior to submitting the application to your lender. You now have a 24-week Covered Period, the period in which you must spend the PPP loan proceeds for full loan forgiveness, starting on the date the funds were disbursed. This includes submitting an application, requesting and submitting documentation, and tracking the loan status. If you have spent all of your PPP funds and choose to use the 8 week forgiveness period, we are happy to accept your paperwork at any time after your 8 week period expires. In addition to providing for new PPP loans for first-time borrowers, the legislation also allows certain existing PPP borrowers to receive 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 year-over-year quarterly revenue reduction of at least 25%. For detailed information on the application, including Covered Periods, the type of costs that are eligible for forgiveness, and what documentation you will need to submit in connection with your application, please visit the U.S. Treasury and SBA websites. Bank of America or its Affiliates may make changes to the Sites and reserves the right to do so without prior notice to you. This service is only to respond to general PPP-related questions, it is not for the review of any documentation. According to the rules of the PPP program established by the SBA, a borrower who paid their PPP loan in full would not be eligible to apply for forgiveness. Bank of America plans to email customers specific instructions on how and when they can apply. Disclosure of best execution obligations and routing practices for Merrill Lynch Canada Inc. (IIROC Dealer Member Rule 3300). The current SBA application for PPP loan forgiveness contains certain representations and documentation requirements that relate to the end of the Covered Period. Interest on unsecured credit is not eligible for loan forgiveness because the loan is not secured by real or personal property. We expect that the closure may last several weeks. No. Client understands and agrees that Bank of America may report such information to regulatory authorities to the extent necessary, in its reasonable discretion, to comply with Applicable Law. FORGIVENESS FOR LOANS OVER $150,000. For those loans where SBA has already deducted an EIDL Advance from a forgiveness remittance submitted to a lender, the SBA will automatically remit a reconciliation payment to that lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date. Client accepts the right and license granted herein to access and use the Sites solely in accordance with this Agreement and any rules or restrictions or procedures published by Bank of America on the Sites from time to time. All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019. As the borrower, you will need to make the decision to submit the SBA 3508 Application or the SBA 3508EZ Application requesting PPP Loan Forgiveness from West Gate Bank. Upon request by Bank of America or its Affiliates, you agree to defend, indemnify and hold harmless Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers from all liabilities, claims and expenses, including attorneys fees, that arise from a breach of these Terms and Conditions for which you are responsible, or from third-party claims arising from your use of the Sites. As of August 4, 2020, in Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, the SBA stated, no. There are three forms of forgiveness applications: (1) a new simplified form; (2) an EZ form; and (3) the standard form. Economic Injury Disaster Loan (EIDL) Advance: New legislation eliminates the requirement that recipients of EIDL advances have their PPP forgiveness amount reduced by the amount of the EIDL advance. Fifth Third Bank FITB -2.1% started the process a couple of weeks ago. ©  PPP Loan Forgiveness Application Instructions. What should I expect after I apply for a PPP loan with Bank of America? 98–880 dated 1st October, 1998. What can investors consider doing in this environment? This information may be used to deliver advertising on our Sites and offline (for example, by email) that's customized to meet specific interests you may have. To make the forgiveness process as easy as possible and align it with updated SBA guidelines, for PPP loans of $150,000 or less we are not accepting new applications until our simplified forgiveness application is ready. You have until the maturity date of your loan to apply for forgiveness, as long as you have an outstanding balance on your PPP loan. Within five days after the SBA has either remitted to the Bank the amount of the forgiven portion of your loan (which may be all or a portion of your PPP loan) or informed the Bank that it has denied the application for forgiveness, the Bank will notify you of the SBA’s decision. The website is not owned by Bank of America, Bank of America® or their affiliates and is subject to separate terms and privacy policies. However, a borrower that, together with its affiliates, received PPP loans totaling $2 million or more cannot use the … Unless specifically identified as an offer to sell or a solicitation of any offer to buy, under no circumstances should any information on the Sites be used as or considered to be an offer to sell or a solicitation of any offer to buy the securities or any other instruments of Bank of America or any other issuer. We will email you with specific instructions on how and when you can apply when the PPP loan forgiveness application portal becomes available to you. All owners and authorized signers will have the ability to apply for the PPP Loan. We strive to provide you with information about products and services you might find interesting and useful. Trading in securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation including in Canada by Merrill Lynch Canada Inc. which is a registered broker-dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). If you don’t have one set up, please call us and we can help. Calculate your payroll costs: If you borrowed $50,000 or less, review the PPP Loan Forgiveness Application Form 3508S; Review PPP Loan Forgiveness Application Form 3508 (PPP Schedule A Worskheet - Tables 1 and 2) for detailed information. Thus, Bank of America makes no representation that information contained herein is up-to-date or complete. Client is not relying on any communication (written or oral) of Bank of America or its Affiliates as investment advice or as a recommendation to enter into a Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction.  Bank of America Corporation. Once you determine which SBA Loan Forgiveness Application Form you will use, we recommend that, prior to applying online through Bank of America … 3) If a borrower operates out of a shared rental, it must prorate rent and utilities as it did on its 2019 tax filings (or, for new businesses, as it will on its expected 2020 tax filings). Paycheck Protection Program (PPP) Loan Forgiveness Application . Access to the Sites is by invitation only to professional investors as defined in article 31 of CONSOB regulation no. What is the Paycheck Protection Program (PPP)? Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. If you are eligible and wish to apply for a second draw loan: If you previously received a PPP loan through another lender, and wish to apply for a second draw PPP loan, you should submit your second draw application to that original lender. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill Account Access. Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 . First draw preparing to apply We will not accept paper loan forgiveness applications. SBA has published the new simplified one page PPP loan forgiveness applications for PPP loans less than $150,000..  Bank of America Corporation. If you are eligible and wish to apply for a second draw loan: I received my first PPP loan from another lender. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Please enable cookies on your browser preferences to save content to your utility tray. "Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Past performance is not indicative of future results; no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. As a result, we have temporarily closed our PPP loan forgiveness portal and will not be accepting new forgiveness applications. No, your second draw PPP loan is not dependent on forgiveness being completed for your first loan. Bank of America, N.A. Yes, you may reapply so long as you are otherwise eligible for a PPP loan. Will Bank of America pay fees to third-party agents who have assisted clients with the preparation of PPP loan applications? Instructions for Borrowers for PPP Loan Forgiveness Application; Checklist of Documentation Required for PPP Loan Forgiveness; For PPP Loans for less than $50,000. The latest guidance from the SBA requires borrowers using Form 3508S - as well as Form 3508 and Form 3508 EZ - to submit documentation in connection with their loan forgiveness application. - If a broker or brokerage firm is registered If you wish to decline PPP loan forgiveness: Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Client acknowledges and agrees that Client and/or its Authorized Persons may access the Sites through the World Wide Web or other Internet service which is not necessarily secure, and Bank of America does not warrant that such system is secure. PPP applicants that do not have a deposit account with Santander, but do have a loan or grant relationship with Santander as of October 2, 2020, are permitted to apply for a PPP loan; however, a deposit account must be opened prior to application submission. Bank of America BAC … Northwest Bank has developed a step-by-step workflow for you to follow and complete your forgiveness application. This assurance and commitment shall survive termination of these Terms and Conditions. Additional assistance options. If you are not presented with this option while completing your application, or need additional assistance, please call us at 866.457.4892 on Monday through Friday, from 7 a.m. to 11 p.m. Eastern, and on Saturday, from 8 a.m. to 8 p.m. Eastern. Lawmakers passed legislation that simplifies the forgiveness process for PPP loans of $150,000 or less. Relationship-based ads and online behavioral advertising help us do that. As a result, you will only be able to apply for loan forgiveness through Bank of America once your Covered Period has ended. "Bank of America” and "BofA Securities" are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Your application will be processed as soon as possible and you'll be notified of your application status through email. Right now, banks are in the early stages of accepting PPP Loan Forgiveness applications. Please visit the SBA website for the latest details on PPP, including program rules and requirements. Your continued use of the Sites indicates your continued agreement to be bound by this Agreement, as changed from time to time. Simulated trading programs in general are designed with the benefit of hindsight. Investment products offered by Investment Banking Affiliates: In using the Licensed Programs, Client agrees that it will. make all vendors a third-party beneficiary of all Client waivers, disclaimers, limitation of liabilities, confidentiality and IP provisions contained in the Agreement. Important Update: New federal relief legislation known as the Economic Aid Act authorizes the Small Business Administration (SBA) to approve additional Paycheck Protection Program (PPP) loans. To get started, SBA 7(a) lenders: The SBA can help match you to. Applications for PPP loan forgiveness at Bank of America must be submitted digitally through our online PPP loan forgiveness application portal. If you have started but not yet submitted your PPP loan forgiveness application using the 3508 or 3508EZ, you may have the option to change to the 3508S within the PPP loan forgiveness application. No. “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Borrowers whose PPP loan is $50,000 or less are eligible to use a new simplified form of loan forgiveness application, which was released by the SBA on October 8, 2020. Your agreement for the use of these Sites is with Bank of America Singapore Limited. 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