Breaking Update On Bank of America

For franchisees who are Bank of America customers or considering processing your PPP application through BOA, this has been communicated:

1. You must have a pre-existing business lending and business deposit relationship with Bank of America, as of February 15, 2020. A Bank of America Business, corporate or commercial credit Credit Card, line of credit or loan may be the lending product used.

2. At Bank of America, the federal Paycheck Protection Program will be administered online only.

3. Clients must have a Business Online Banking account. If you do not currently have a Business Online Banking account, you must sign up for one as soon as possible.

4. Apply for the federal Paycheck Protection Program at beginning on Friday, April 3.

5. After completing the application process, you will receive online confirmation of the submission. Bank of America will process your application as soon as possible.

6. Bank of America will contact you with next steps and to collect any required documents. Do not proactively deliver or send documents to our Financial Centers or banking teams.

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