Bank of America Corp. announced it will stop accepting applications for first- and second-draw Paycheck Protection Program loans at 5 p.m. ET on March 9, as the program's March 31 application deadline approaches.
In addition, the bank will end all PPP loan application processing at 5 p.m. ET on March 30, the institution said.
"Clients who have applied, but have not yet received [a U.S. Small Business Administration] loan number by the time of the SBA’s March 31 cutoff, will be notified their application will not proceed and has been closed," Bank of America said.
According to the bank, applicants must provide all of the supporting documentation that the SBA requires for their application to proceed by 5 p.m. ET on March 22.
"If an applicant has already received from us an earlier deadline to submit required documentation, all documentation must be submitted by that earlier date," Bank of America said.
Lastly, the bank said it would hold applications from businesses with 20 or more employees, per guidance from the SBA, and will submit those applications to the agency after March 9.