If eligible, 1099 employees may apply for PPP on their own. Please note that your PPP loan deferral period will end prior to your maturity date, at which point you will need to start making payments on any unforgiven amount. Required Documents to Submit SBA 3508EZ Forgiveness Application; Required Documents to Submit SBA 3508 Standard Forgiveness Application; Step Three: In-Review . No, W2s cannot be used as supporting Employee Payroll documentation without quarterly 941s. SBA Form 3508 (06/20) Page 1 Paycheck Protection Program OMB Control Number 3245-0407 Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020 LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) may use the Form 3508EZ The Sites may be used only for lawful purposes. Additionally, the Account Information is subject to immediate change resulting from market conditions, price fluctuations and other related factors. 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. We cannot provide this information through our financial centers or contact centers. YOU ACKNOWLEDGE THAT NEITHER Bank of America, ITS AFFILIATES NOR THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONTRACTORS OR OTHER SUPPLIERS MAKES ANY WARRANTIES OR GUARANTEES WITH RESPECT TO THE SITES, INCLUDING WITHOUT LIMITATION, WARRANTIES REGARDING THE ACCURACY OR COMPLETENESS OF ANY CONTENT, OR WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OF INTELLECTUAL PROPERTY, TITLE OR FITNESS FOR A PARTICULAR PURPOSE. All owners and authorized signers will have the ability to apply for the PPP Loan. Please be sure to understand and comply with the guidance issued by the SBA. No, W2s cannot be used as supporting Employee Payroll documentation without quarterly 941s. At Bank of America, the PPP is administered online only. If eligible, 1099 employees may apply for PPP on their own. Paycheck Protection Program (PPP) Loan Forgiveness Application . 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. As a reminder, according to the rules of the program set forth by the U.S. Government: • Businesses with 500 or fewer employees that have not previously received a PPP loan may apply for a PPP loan to help with payroll, rent, utilities, healthcare costs and more, • Businesses that have already received a PPP loan may apply for 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 revenue reduction of at least 25%. Certain information from Client’s account(s) at Bank of America or its Affiliates is accessible on the Sites and can be downloaded by Client ("Account Information"). On December 27, legislation affecting the Paycheck Protection Program (PPP) was signed into law. Bank of Hope will temporarily stop accepting PPP forgiveness applications until further guidance from the U.S. Small Business Administration (SBA) and the U.S. Treasury Department. Offers can only be made where lawful under applicable law. 2) If a borrower has a mortgage on a building and leases 25% of the fair market value of the building to other businesses, only 75% of the mortgage expense is eligible. Bank of America or its Affiliates may make changes to the Sites and reserves the right to do so without prior notice to you. As a result, in early February, the SBA will stop accepting loan forgiveness applications submitted using the application forms it issued before January 19, 2021. Bank of America Corporation. Client further agrees that it shall not contest the legally binding nature, validity or enforceability of any transaction, document or confirmation based on the fact that it has been executed by "clicking" on the designated spaces and expressly waives any and all rights it may have to assert such claim. Please refer to our Document Reference Sheet for a list of acceptable documentation. Can I reapply now that the window has reopened? For additional assistance with PPP loan forgiveness documentation, view our documentation guide. 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. According to the form instructions, SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. PPP Loan Forgiveness Application Form 3508EZ SBA Form 3508EZ (06/20) Page 3 . This may include differing underwriting guidelines, product features, terms, fees, and pricing. Bank of America : Per Bank of America, all correspondence surrounding PPP loans will occur online and through email. Your continued use of the Sites indicates your continued agreement to be bound by this Agreement, as changed from time to time. One or more directors, officers and/or employees of Bank of America or its Affiliates may be a director of the issuer of the securities mentioned at these Sites. - About a broker's past experience No access to the Sites shall be given in the United Kingdom to Private Customers, as that term is defined under the rules of The Securities and Futures Authority Limited; and any investments will not be made by us to any Private Customer. 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. "Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Instructions for Borrowers for PPP Loan Forgiveness Application; Checklist of Documentation Required for PPP Loan Forgiveness; For PPP Loans for less than $50,000. Client acknowledges and agrees that the Sites, and all intellectual property and proprietary rights therein and thereto, anywhere worldwide, including such rights in copyrights, trademarks, service marks, trade dress, patents, patent applications and trade secrets and other proprietary and/or confidential information (collectively, "IP"), are the valuable property of Bank of America and/or its affiliates and licensors. 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. PLEASE NOTE: New guidance from the SBA includes several changes to the rules for PPP loan forgiveness. 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%. “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. This guidance applies regardless of the terms in your PPP Promissory Note. The Sites do not constitute an offer of, or a solicitation to purchase any securities in any jurisdiction in which such offer or invitation would be unlawful. 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). Many banks not yet accepting PPP forgiveness applications Institutions are waiting for more guidance from the federal government as well as potential legislative action on … 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. The Paycheck Protection Program Flexibility Act, signed into law on June 5, 2020 contained the following changes to the program: You can find up-to-date information on the rules of the program on the SBA website. Client agrees to be bound by all communications (and the consequences thereof) placed on, executed through or facilitated by the Sites that are accompanied by a valid User ID and a valid Access Code assigned to Client or an Authorized Person. You will receive an email once your promissory note is available for you to review and sign. The Sites are made available only to professional investors as such term is defined in the Securities Sales Prospectus Act. If you have NOT received a personal phone call, or eMail to let you know that it’s time to begin the Application for Forgiveness, please contact your Loan Officer. If you opt out, though, you may still receive generic advertising. Interest on unsecured credit is not eligible for loan forgiveness because the loan is not secured by real or personal property. How can I decline my invitation to apply for PPP loan forgiveness? Are any individuals with an ownership stake in a PPP borrower exempt from application of the PPP owner-employee compensation rule when determining the amount of their compensation that is eligible for loan forgiveness? Notwithstanding the foregoing, you are not required to indemnify Bank of America or its Affiliates for its own violations of applicable laws. It may take up to 24 hours for the system to process your application and generate the email. The viewing or distribution of the Sites may be restricted by law in certain jurisdictions. In an Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs originally posted on August 24, 2020, the SBA clarified that, for C- and S-Corp borrowers, owners with less than a 5% ownership stake are exempt from the owner-compensation cap. First Horizon Bank is a Member FDIC and Equal Housing Lender. 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, N.A., Member FDIC. Disclaimer for Australia | Disclaimer for Brazil | Disclaimer for Canada | Disclaimer for France | Disclaimer for Hong Kong | Disclaimer for India | Disclaimer for Latin America. Limited, Merrill Lynch (Australia) Futures Limited, Merrill Lynch Equities (Australia) Limited and their related bodies corporate which hold, or are exempt from the requirement to hold, an Australian Financial Services Licence. If you submit a loan forgiveness application within 10 months after the end of your loan forgiveness covered period, you will not have to make any payments of principal or interest on your loan before the date that we receive a response from the SBA regarding your loan forgiveness amount. 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