COVID-19: Business Information

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.

CARES Act: Additional Information for Business Customers

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.

 

Our services are always on and available to you 24/7:

Business

If you are a Business Banking customer, you should continue to use Eastern Business Banking™ or OfficeConnect.

Investing

If you are an Eastern Bank Wealth Management customer, you may access your Eastern Portfolio® account online.

 

What We're Doing To Help

MA COVID-19 Relief Fund
COVID-19 Infographic

 

Click Here For All Eastern Bank COVID-19 Updates & Information