Loans forgiven for eligible payroll, utilities, rent, and mortgage interest. Any amount not forgiven will have a 1% interest rate.
Loans up to $2 million, with the max amount based on average monthly payroll x3.5 for restaurants.
PPP Applications can be processed and funded within 72 hours.
As a reminder, the PPP, including PPP loan forgiveness, is governed by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program Flexibility Act of 2020, Title III of the Consolidated Appropriations Act of 2021, and the rules and guidance issued by the U.S. Treasury and SBA. Other terms and conditions under applicable law and Bank of America policy may apply.