Bank of America PPP Loan Application for Independent Contractor: How to Apply
The Paycheck Protection Program (PPP) is a federal loan program designed to provide financial assistance to small businesses affected by the COVID-19 pandemic. As an independent contractor, you are eligible to apply for a PPP loan through Bank of America.
Here`s how to apply for a PPP loan as an independent contractor with Bank of America:
Step 1: Gather Required Documents
Before you begin your PPP loan application, you`ll need to gather the following documents:
– 2019 IRS Form 1040 Schedule C
– Bank statements for the period covering February 15, 2019, through June 30, 2019, or the period used to calculate your net income on your Schedule C
– Bank statements for the period covering February 15, 2020, through June 30, 2020
Step 2: Log in to Bank of America`s PPP Loan Application Platform
To begin your PPP loan application, you`ll need to log in to Bank of America`s PPP loan application platform.
Step 3: Provide Required Information
You`ll need to provide the following information to complete your PPP loan application:
– Personal information, such as your name, Social Security number, address, and phone number
– Business information, such as your business name, address, and phone number
– Loan information, such as the amount of the loan you`re applying for and the intended use of the funds
– Certification information, such as your certification that the information you`re providing is true and accurate and that you understand that providing false information may result in criminal liability
Step 4: Submit Your Application
After you`ve provided all the required information, you`ll need to submit your PPP loan application to Bank of America for review.
Step 5: Await Approval and Disbursement
Bank of America will review your PPP loan application and notify you of its decision. If your application is approved, Bank of America will disburse the loan funds directly to your bank account.
As an independent contractor, you are eligible to apply for a PPP loan through Bank of America. To apply, you`ll need to gather the required documents, log in to Bank of America`s PPP loan application platform, provide the required information, submit your application, and await approval and disbursement. With the help of a professional, you can create an article that informs and guides independent contractors in the PPP loan application process.