This is what PG Music had to say this morning.

"he arrangements made by Band-in-a-Box, RealBand, and PowerTracks are yours, and your songs may be used freely as long as they don't infringe upon the intellectual property rights of others, such as with cover songs. https://www.pgmusic.com/salesfaq5.htm#23

The following add-ons are under PG Music Inc. copyright:

Band-in-a-Box demo songs
Performance Series songs
MIDI Fakebooks (except the Sound Tracks MIDI Fakebooks)
PowerTracks MultiTracks

So in other words, you cannot use Band-in-a-Box to make a cover song and then claim it as your own. And you cannot use the list of items above as your own song."