First-Time PPP Borrower

Business Storefront

 

First-time PPP borrowers may be eligible to apply for a first draw loan.

  • 500 or fewer employees
  • In operation as of February 15, 2020
  • Never received a PPP loan
  • Includes nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors
  • Available for existing customers and new Eastern Bank customers meeting certain requirements (eg, located in our service area, etc.).

Update: In order to reach the smallest businesses, from Wednesday, February 24 – Wednesday, March 9, 2021, the SBA will only accept PPP loans for businesses and nonprofits with fewer than 20 employees. Additional program changes have been announced.

  • If your business has 1 - 19 employees, please proceed with your application! New federal guidelines are also available for sole proprietors, independent contractors, and self-employed individuals.
  • If your business has 20 or more employees, you may submit your PPP loan application via our online portal and we can help ensure it is ready to be sent for processing to the SBA starting on March 10.
  • For more information on the SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares
Fraud Alert

Please be alert – scammers attempt to take advantage of PPP programs to perpetuate fraudulent activity.

Always obtain your information from credible sources and if you are unsure of the source, do not take any action.
 

The information provided is intended for informational use only and is subject to change.