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.
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.
The application acceptance period has ended for PPP Loans.
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.
Loans may be originated through June 30, 2020 contingent upon the availability of funds.
- Deferred payments for six months
- No fees
- No prepayment penalties
- No business collateral or personal guarantee required
- Loan amounts up to 2.5x average covered monthly payroll costs, not to exceed $10 million
- Potential loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered eight-week period after origination
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
Our Business Team is here and ready to help you.
Call our Business Center: 508-867-0710
Email our Business Team: email@example.com
Contact a Business Lender directly.
Or fill out the form below and our Business Team will be in contact with you.
View the U.S. Chamber of Commerce Coronavirus Emergency Loans Small Business Guide and Checklist for more information.
Certain limits and requirements apply.
Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).