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Paycheck Protection Program Paycheck Protection Program

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Updated as of – July 29, 2021

The Paycheck Protection Program is closed for new applications. PPP Forgiveness Applications are still being accepted at this time. 

Updated as of – May 5, 2021

The Paycheck Protection Program has reopened with over $284B in funds available for new loans.

First Time Borrowers Can Begin Submitting Applications: January 13, 2021
Second Time Borrowers Can Begin Submitting Applications: January 15, 2021

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program (PPP), available through the Small Business Administration (SBA), provides 100% federally guaranteed loans to eligible small businesses. Significant changes have been made to the existing Paycheck Protection Program (PPP), and gives an opportunity for certain businesses to seek a second PPP loan called a “Second Draw Loan” if they meet certain requirements.

Some of the content and information provided may be subject to change. Please make sure to check back frequently for any updates. 


While we navigate through these difficult times, we’re here to help support your business.

As a certified SBA Lender, North Brookfield Savings Bank is dedicated to guiding customers through the PPP application process.

The Small Business Administration (SBA) Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits, allowing you to keep your workforce employed during COVID-19. Funds can also be used to pay interest on mortgages, rent and utilities. Borrower fees are waived for SBA PPP Loans and will be available to all businesses that qualify.

 

Update March 17, 2021:  The Small Business Administration is now accepting second-draw PPP loan applications from borrowers who previously submitted first-draw loan application in calendar year 2021. To be eligible for a second-draw loan, the borrower must have received a first-draw PPP loan and have used, or will use, the full amount of the first-draw PPP loan on or before the expected date on which the second-draw PPP loan is disbursed to the borrower. The SBA also added two additional organizational types – single member LLCs and qualified joint-venture (spouses) – that can be used by borrowers when using the Schedule C gross income PPP calculation.

 

Update March 2, 2021: The Biden-Harris Administration has announced measures to ensure that small businesses have access to PPP loans. Under this announcement the SBA will be implementing the following:

  • Providing a 14-day window starting Feb. 24th, during which only businesses with fewer than 20 employees are eligible to apply.
  • Setting aside $1 Billion in PPP Loans for sole proprietors, independent contractors and self-employed individuals in low-to-moderate-income areas
  • Eliminating a rule restricting businesses that are owned (at minimum 20% ownership) by an individual who is delinquent on student debt from receiving PPP loans.
  • Clarifying that non-citizens may apply using individual taxpayer identification numbers.

 

GET STARTED & APPLY ONLINE:

 

1. Gather documents

Gather all items and proper documents before submitting your application by using this helpful REQUIRED DOCUMENTS CHECKLIST

 

2. Calculate

Calculate how much you are eligible for. Follow these calculation steps.

 

3. APPLY ONLINE

Use our secure online application to submit your PPP application to NBSB. Submit your application along with all required documentation to the NBSB Business Center using our secure portal.

Apply Online Submit Documents

The application, application requirements, and application process is subject to change at will based on SBA guidelines and guidance. 

 

Application Process Timing:

North Brookfield Savings Bank’s ability to process PPP loan requests will be impacted by volume of requests and by the SBA’s ability to accept and process applications. Current customer requests will be processed first and then we anticipate being able to process all others. Proper completion of the application and submission of all required documentation will also impact the Bank’s ability to submit the application to the SBA.

 


 

Deadline to apply

Loans may be originated through June 1, 2021 contingent upon the availability of funds.

 


 

Features

  • 1.00% fixed interest rate
  • Choose an 8 week or up to a 24 week covered period
  • No fees
  • No prepayment penalties
  • No business collateral or personal guarantee required
  • Potential loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered period after origination. Including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

Features for Second Draw Loans ONLY:

  • Maximum amount for a second draw PPP loan is $2 million
  • For most borrowers loan amounts up to 2.5x average covered monthly payroll costs, not to exceed $10 million. Accommodation and Food Services sector businesses are an exception and may receive 3.5x average covered monthly payroll cost.

 


 

Who is eligible?

FOR FIRST TIME BORROWERS – To qualify for this program you must:

  • Have been in business on or before February 15th, 2020
  • Have 500 or fewer employees
  • Be SBA 7(a) loan eligible
  • 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations are now eligible

FOR SECOND DRAW BORROWERS – To qualify for this program you must:

  • Have been in business on or before February 15th, 2020
  • Have 300 or fewer employees
  • Be SBA 7(a) loan eligible
  • Demonstrate a reduction in revenue of at least 25% between corresponding quarters in 2020 and 2019. Special rules apply to businesses that were not in operation for all or part of 2019
  • Borrowers must have fully spent the funds from their first PPP loan before their second PPP loan is disbursed
  • The borrower is not primarily engaged in lobbying or other political activities
  • Any person or entity created in or with significant operations in the People’s Republic of China (China) or the Special Administrative Region of Hong Kong does not own more than 20% of the equity of borrower
  • No member of the borrower’s board of directors is a resident of China
  • The borrower is not the recipient of a grant under the Shuttered Venue Operator Grant program

 


 

Contact us. We’re here to help.

Our Business Team is here and ready to help you.

Call our Business Center: 508-867-0710

Email our Business Team: businesscenter@banknbsb.com

Contact a Business Lender directly.

Or fill out the form below and our Business Team will be in contact with you.

 


 

Learn more about the Paycheck Protection Program

 

Small Business Administration     |     U.S. Treasury Paycheck Protection Program

PPP Overview       |      PPP Fact Sheet       |     PPP FAQs

View the U.S. Chamber of Commerce Coronavirus Emergency Loans Small Business Guide and Checklist for more information.

 

 

Certain limits and requirements apply.