First-Time PPP Borrower FAQs

The latest PPP program has two loan options available for eligible businesses: a first draw loan for those who haven’t received a PPP loan and a second draw loan for second-time borrowers who already received a PPP loan during the first PPP round. The maximum amount for a first draw loan is $10 million.

If you’re a first draw loan applicant, eligibility terms are similar to the initial PPP program launched in 2020. Eastern is accepting first draw loan requests from both existing and new customers. This is an extension of Eastern’s program in place during past rounds of PPP loan funding where PPP loan requests were accepted from existing customers as well as new customers meeting certain requirements (eg, located in our service area, etc.).

U.S. small businesses in operation as of February 15, 2020, with fewer than 500 employees, including these now-eligible business types, can apply for a first draw loan:

• Tribal businesses meeting the SBA’s size standard
• Housing coops with no more than 300 employees
• Certain broadcast and news organizations
• “Destination marketing organizations” that generally don’t engage in lobbying and have fewer than 300 employees

The following businesses are no longer eligible for a PPP loan: 

• Businesses not in operation as of February 15, 2020
• Businesses that receive grants under the new “live venue” program
• Publicly-traded companies
• The U.S. President, Vice President, heads of executive departments, Members of Congress, and their spouses

Payroll tax filings such as 941, 940/944, Scheduled C, or payroll process records, as well as bank statements or bank connections. Other documentation includes:

• Business information including TIN and e-mail address
• Average monthly payroll costs
• Details of full-time employee equivalents & associated payroll costs
• Details of all owners with greater than 20% ownership stakes

Keep in mind that your application will be submitted entirely online. Paper, hard copy documents will not be accepted; any documentation will be uploaded directly through our online system.

Now! The SBA has resumed processing loans for a bank of Eastern’s size. If you are interested in applying for a loan through Eastern, we invite you to begin your loan request. We will contact you as soon as possible to complete your application and submit your completed application to the SBA.

Yes. If your application didn’t process because of not meeting the SBA’s deadline, for example, you’d need to resubmit an application for this new round of PPP.

We expect strong demand for the loan program and are staffing our teams accordingly. We will aim to reply to your request within 5 business days; however, we appreciate your patience and understanding should the volume of requests delay our response time.