Last Updated: 5/21/2020
AN UPDATE FOR OUR BUSINESS CUSTOMERS
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The CARES Act provides financial relief to consumers and small businesses affected by the COVID-19 crisis. The Federal Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep their workforce employed during the COVID-19 crisis.
Understandably during this time of need, demand has been unprecedented. When the PPP became available for funding, in conjunction with the SBA we were able to process and approve over six years of our typical SBA lending in 10 days for our customers. We expect demand to be more than the newest round of funding provided. We are working around the clock to make sure as many funds are reserved with the SBA as possible.
If you have already submitted your application through our online PPP Request Form, we are processing your request and will contact you as additional information is needed to complete an application.
For non-customers, we have begun to assist non-customer requests on a first-come, first-served basis. If you have already applied with another financial institution to obtain a PPP loan, you may want to consider working with them as you may only obtain one PPP loan per unique tax identification number or social security number. Demand for this program is high and funds are limited so we will do our best to have a member of our team contact you as soon as possible.
If you have already secured PPP loan funding, you may be wondering what’s next and what to know about your PPP loan forgiveness application.
Starting Out: PPP Loan Request
Begin your PPP loan request through our online portal.
Begin PPP Request
Funds Secured: PPP Loan Forgiveness
We will let you know when we begin to accept loan forgiveness applications through our online portal. In the meantime, our resource page is updated regularly with information on what you can do to prepare for PPP loan forgiveness.
Updates on PPP Loan Forgiveness
The information provided is intended for informational use only and is subject to change.
WHAT TO KNOW ABOUT THE PAYCHECK PROTECTION PROGRAM
The Federal Paycheck Protection Program (PPP) is an SBA loan that provides small businesses with federally guaranteed loans to cover payroll and other expenses.
Understandably during this time of need, demand has been unprecedented. When the PPP became available for funding, in conjunction with the SBA we were able to process and approve over six years of our typical SBA lending in 10 days for our customers. We expect demand to be more than the newest round of funding provided. We are working around the clock to make sure as many funds are reserved with the SBA as possible.
If you have already submitted your application through our online PPP Request Form, we are processing your request and will contact you as additional information is needed to complete an application.
If you are interested in submitting a loan request, we’ve put together an online request form so you can begin to submit your company information and begin your loan request now. After we receive and process your request, we will contact you for additional information.
To begin this process click here.
We encourage all businesses and nonprofits to apply for this loan with their current financial institution. Eastern will prioritize any Eastern Bank customers as of March 31, 2020. After we have processed applications from our customers, we will begin to review requests from non-customers.
For non-customers, due to the unprecedented demand and number of pending customer requests, we have not been able to process non-customer applications at this point. We are hopeful to be able to do so in the future. We encourage that you apply for this loan with your current financial institution and that you immediately begin to seek alternative options, including through the SBA.
The information provided is intended for informational use only and is subject to change.
IF YOU HAVE SUBMITTED A LOAN REQUEST – WHAT YOU CAN DO TO GET READY
If you have submitted a loan request and have not yet been contacted by a banker, here is what you can do to get ready and what you can expect next.
We know these are incredibly challenging and stressful times, and we are here to offer you our assistance with your Paycheck Protection Program (PPP) loan request.
We continue to experience extraordinary demand as we process each of the thousands of loan requests we have received. We’re working very hard to serve you and we appreciate your patience.
We are processing your loan request in our online application system, which is set up to finalize your loan as quickly as possible. A member of our team will contact you directly to confirm all necessary requirements.
To prepare, it will be helpful to gather the following business documents:
Payroll Information
Acceptable forms are:
- Payroll processor prepared CARES PPP Summary
- 2019 Form 940 Employer’s Annual Federal Unemployment Tax Return
- 2019 Form 941 Employer’s Quarterly Federal Tax Return
- Obtain 4 consecutive quarters either:
- Q1, Q2, Q3 & Q4 for 2019
- Q2, Q3, Q4 2019 and Q1 2020
- Calculations can be made on either 2019 full year, or rolling 12 months, or based on seasonality of the business (when applicable)
- 2019 Schedule C, required for Sole Proprietors
- Other documentation that is reasonable and detailed, such as bank records
Best practice tips:
- With any of these acceptable forms of documentation, we encourage you to provide documented confirmation that you have not included any salaries over the $100,000 cap per the SBA guidelines
- Avoid calculating 2.5 times payroll and doubling that amount
- In the payroll calculation, avoid including rent, mortgage interest, and utilities; these are categories for forgiveness and cannot be included in calculating the 2.5 times payroll
- Avoid counting 1099 employees
Sole Proprietorships
- Fill out a Schedule C Form to the best of your ability, even if it hasn’t been filed yet as part of your 2019 Business Tax Return
Non-Profits
- Signed and dated Board Resolution is required
If we are unable to validate the business ownership or entity through your state’s Secretary of State website or Lexus Nexus; or you have not filed your 2019 Annual Report
2019 full business tax returns are required
- For non-profits, this includes a Form 990. If you have not filed your 2019 tax return, please provide the 2018 full return with the 2019 Profit & Loss (Income Statement) and 2019 Balance Sheet
HELPFUL RESOURCES
Our services are always on and available to you 24/7:
Investing
If you are an Eastern Bank Wealth Management customer, you may access your Eastern Portfolio® account online.
Click Here For All Eastern Bank COVID-19 Updates & Information
