Apply for New PPP Loan
We are pleased to announce that our portal is ready to begin accepting applications for the next round of Paycheck Protection Program (PPP) loans. Please know that there are updated parameters and requirements for a second draw PPP loan, so please read carefully and prepare all appropriate documentation. Details are outlined below, as well as some helpful links to the official SBA website and resources.
Before continuing to the portal please be advised of the following requirements:
- North Easton Savings Bank PPP Loans require a deposit relationship for distribution of loan funds.
- You must upload one of the following three subsets of signed and dated documentation:
- Operating Statements reflecting two full quarters and 25% decreased revenue
- Bank Statements reflecting two full quarters and 25% decreased revenue
- 2019 and 2020 tax returns and 25% decreased revenue
Please refer to Question 4 in the this document for complete details.
Apply for Paycheck Protection Program Loan
PPP Portal Compatible Browsers: Google Chrome and Microsoft Edge
Paycheck Protection Program SBA (U.S. Small Business Administration) Resources
Second Draw PPP Resources:
- Second Draw PPP Loans – Detailed Overview from SB
- Top-line Overview of Second Draw PPP
- Second Draw PPP Frequently Asked Questions
General SBA and First Draw PPP Resources:
Details of the Next Round of PPP Loans (As of January 18, 2021)
- The last day to apply for and receive a PPP loan is March 31, 2021.
- Maximum loan amount for 1st draw PPP loan is $10mm; maximum for 2nd draw PPP loan is $2mm.
- New rule allows all new borrowers to use 2019 or 2020 for purposes of calculating their maximum loan amount.
- Second-draw loans will be available for borrowers with 300 or fewer employees, that saw a 25% or greater revenue drop in 2020 compared to 2019 and that have used the full amount of their first-draw PPP loan.
- Click here for full details from the SBA
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If you have any questions or would like to hear from us, please don’t hesitate to reach out.