Bank of America Corporation does not have banking affiliates, branches or bank representative offices in any other jurisdiction in Latin America. 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%. First Horizon Bank and IBERIABANK, a division of First Horizon Bank, will continue to offer independent product lines for a period of time. 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. If the loan was disbursed June 5th or after the borrower will only have 24 weeks (168 days) period. The current SBA application for PPP loan forgiveness contains certain representations and documentation requirements that relate to the end of the Covered Period. You can also expect your Bank Representative to be in touch with you to help you through this process. document.write(new Date().getFullYear()) 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. We will not accept paper loan forgiveness applications. Access to the Sites is by invitation only to institutional investors. However, only the first application will be processed. These Terms and Conditions ("Terms and Conditions") are for the Bank of America Corporation ("Bank of America") website and those websites of its affiliates (collectively the "Sites") including Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BofA Securities, Inc., Bank of America Capital Management and certain other affiliates enumerated herein (collectively "Affiliates") that are available through the Bank of America Sites and apply to all services, programs, information and products (collectively "Service") that you ("Client") may use or otherwise access from time to time through the Sites ("Agreement"). Business payments for a service for the distribution of electricity, gas, water, transportation, telephone or internet access for which service began before February 15, 2020. The forgiveness process consists of a lender review and an SBA review. PLEASE NOTE: New guidance from the SBA includes several changes to the rules for PPP loan forgiveness. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Please visit the SBA website for the latest details on PPP, including program rules and requirements. Links to non-Bank of America sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites. For the most up-to-date information regarding PPP eligibility, please see the U.S. Treasury and SBA websites. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs. If your PPP loan was funded prior to June 5, 2020, you still have the option to use the original 8-week Covered Period. SBA has published the new simplified one page PPP loan forgiveness applications for PPP loans less than $150,000.. Please visit the SBA website for the latest details on PPP, including program rules and requirements. The SBA has provided information on the PPP loan forgiveness process. Certain other links on the Sites to non-affiliated third-party sites may contain information over which we have no control. PPP Loan Forgiveness Application Form 3508S Instructions, 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, Payment for vacation, parental, family, medical, or sick leave (except those paid leave amounts for which a credit is allowed under FFCRA Sections 7001 and 7003), 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 of state and local taxes assessed on employee compensation. After completing the application process, you will receive online confirmation of the submission. Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses. We are now accepting PPP loan applications from existing Bank of Hawaii customers. Your application will be processed as soon as possible and you'll be notified of your application status through email. How can I decline my invitation to apply for PPP loan forgiveness? Once you determine which SBA Loan Forgiveness Application Form you will use, we recommend that, prior to applying online through Bank of America … PPP.BANK is a free, secure resource for small businesses, non-profits, and sole proprietors across the United States who received a Paycheck Protection Program (PPP) loan and are now applying for forgiveness. If a borrower rents a building for $10,000/month and subleases a portion of the building for $2,500/month, only $7,500 of the rent is an eligible non-payroll expense. Remember: This special SBA disaster relief loan program is to fund certain eligible expenses, primarily payroll, and is intended to allow you to retain or re-hire as many employees as possible. Neither Bank of America, its Affiliates nor any of their officers, directors, employees, agents, contractors or other suppliers shall be liable in any way, and you agree to indemnify and hold harmless Bank of America, its Affiliates and such persons for (1) any inaccuracy, error, or delay in, or omission of (a) any information on the Sites, or (b) the transmission or delivery of any information on the Sites; (2) any loss or damage arising from or occasioned by (a) any such inaccuracy, error, delay, or omission, (b) non-performance, (c) interruption of use of the Sites due either to any negligent act or omission by Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers or to any "force majeure" (i.e., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, or equipment or software malfunction) or any other cause beyond the control of the Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers. We cannot accept paper or scanned/e-mailed forgiveness applications. LOAN FORGIVENESS APPLICATION INSTRUCTIONS FOR BORROWERS . For additional relief … We are available 24 hours a day, 7 days a week to help protect you. What can investors consider doing in this environment? Important Note: The Small Business Administration and the Department of Treasury continue to provide additional guidance concerning the Paycheck Protection Program. “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Client acknowledges that not all products and services listed or discussed in the Sites are available in all geographic areas. For details on eligibility and requirements for second draw PPP loans, please visit the, 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, Payment for vacation, parental, family, medical, or sick leave (except those paid leave amounts for which a credit is allowed under FFCRA Sections 7001 and 7003), 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 of state and local taxes assessed on employee compensation. All information and correspondence related to PPP will occur online and through email, including the application process, submission of required documents and follow-up correspondence. Once you determine which SBA Loan Forgiveness Application Form you will use, we recommend that, prior to applying online through Bank of America for PPP loan forgiveness, you carefully review and fill out the applicable form, and gather the required documentation specified in the instructions: PPP EZ Loan Forgiveness Application Form 3508EZ Client’s conduct may be subject to local, state, national and international laws. In using the Licensed Programs, Client agrees that it will. First Horizon Bank is a Member FDIC and Equal Housing Lender. No, your second draw PPP loan is not dependent on forgiveness being completed for your first loan. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. If your PPP loan was funded prior to June 5, 2020, you still have the option to use the original 8-week Covered Period. Relationship-based ads and online behavioral advertising help us do that. is a subsidiary of Bank of America Corporation, operating in India. Bank of America hereby grants to Client a worldwide, non-exclusive, non-sublicensable, non-transferable, non-assignable, personal right and license to access and use the Sites solely for Client's internal use in accordance with the terms of this Agreement. We will not accept paper loan forgiveness applications. Relationship-based ads and online behavioral advertising help us do that. Your completed PPP Loan Forgiveness Application (SBA Form 3508) starts on the following page. and BofA Securities, Inc. provides outside of Colombia. protect any confidential information of Bank of America, its Affiliates or Vendors contained in the Licensed Programs; restrict the use of the Licensed Programs by Client solely to conditions agreed upon in the Agreement and the License Agreement; restrict the copying of Licensed Programs to that number reasonably required for Client use and backup purposes. Indicative valuations may vary significantly from indicative valuations available from other sources. This notice requires, in most situations, that the PPP lender provide confirmation to the SBA of your satisfaction of the requirements set forth in the Procedural Notice. If you have already submitted your PPP loan forgiveness application using the 3508 or 3508EZ, 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. If you opt out, though, you may still receive generic advertising. Will that impact my loan application and the amount I am eligible for? If the SBA assigns a loan identification number to your application, we will ask you to quickly complete required documents before we can take the additional steps to fund your loan. Payments of interest on business mortgages on real or personal property (such as an auto loan) are eligible for loan forgiveness. • From the CashPro Menu, select “Paycheck Protection Program”, • Once on the PPP loan status page, under Actions required, select “Review and submit or Decline Forgiveness”, • Click the “Withdraw or decline loan forgiveness” button at the top right of the application. Client agrees that it shall not bring a suit or claim against Bank of America or its Affiliates arising from or based on your purchase or use of products or services through those other sites. 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 (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. "BofA Securities" is the marketing name for the securities, corporate advisory and capital markets activities of BAC. We are working to deliver the best possible experience for you during this important time. In addition, all research, analysis and similar market information from non-affiliated third parties provided represent the views and opinions solely of the author or the indicated source. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in India by DSP Merrill Lynch Ltd, which provides the following services in India: Research, Equity Sales & Trading, Futures & Options, Electronic Trading, Equity Capital Markets, Debt Capital Markets and M&A. Client may not access or use the Sites in any way that may infringe any IP right of Bank of America or its Affiliates or licensors. We will communicate with you when we receive it, and when we anticipate funding the loan, typically 2-3 business days later. Borrowers who received PPP loans prior to June 5 retain the option to use an eight-week covered period. Bank of America DOES NOT REPRESENT, WARRANT OR GUARANTEE THAT THE SITES WILL BE FREE FROM ERRORS OR WILL BE AVAILABLE. Bank of America, ITS AFFILIATES AND SUCH PERSONS SHALL NOT BE LIABLE TO YOU FOR ANY LOSS, COST, DAMAGE OR OTHER INJURY, WHETHER IN CONTRACT, TORT, NEGLIGENCE OR OTHERWISE, ARISING OUT OF OR CAUSED IN WHOLE OR IN PART BY (I) CLIENT'S USE OF OR RELIANCE ON THE SITES, OR (II) Bank of America’s PERFORMANCE OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THESE TERMS AND CONDITIONS. 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. No registration or filing with respect to any securities or financial products available on the Sites has been made with any regulatory agency thereof. However, the Flexibility Act permits banks to offer a term of five years for loans approved prior to June 5, 2020. provides outside of Chile. According to guidance from the SBA: How did the Paycheck Protection Program Flexibility Act impact the loan forgiveness process? The PPP Loan Forgiveness Application (AKA “the standard application”) helps businesses that may have PPP loans $50,000 or more and made more significant employee reductions (more than 25%) and wages, or for businesses that may have more complex situations. First draw preparing to apply 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. Securities or other instruments on these Sites are only offered to professional market parties. LOAN FORGIVENESS. If you have a PPP under $50,000, and used it for payroll, apply now. Access to the Sites is by invitation only to professional market parties as defined in the Dutch Securities Transactions Supervision Act 1995. 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