Update: The Small Business Administration (SBA) is indicating that it expects funding for the Paycheck Protection Program (PPP) to run out shortly and before its May 31, 2021 deadline. Submitting an application for a PPP loan is not a guarantee that funds will be approved. All applications must be reviewed and approved by both Eastern Bank and the SBA in advance and while funds are still available. For updates, visit www.sba.gov.
Important program changes to note:
- New federal guidelines are available for sole proprietors, independent contractors, and self-employed individuals which may impact how you calculate your maximum loan amount.
- Eastern Bank is processing PPP loan applications from the communities we serve, which cover Massachusetts, New Hampshire and Rhode Island. To find a participating lender by you, please visit: https://www.sba.gov/document/report--ppp-participating-lenders-state.
- For more information on the SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.
- IRS Issues Updated Guidance on Deductibility of PPP Qualified Expenses
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance
First-time PPP borrowers:
* (To apply for an eligible loan request with Eastern, you will complete this application digitally through our system)
Eastern Bank resources:
- For your convenience, our dedicated PPP inquiry e-mail address is staffed during business hours by bankers who can assist with questions. E-mail us at: PPPupdate@easternbank.com.
- We’ve also rolled out a complimentary financial assistant called Monit™ that can help track expenses related to PPP. To learn more, click here.
The information provided is intended for informational use only and is subject to change.