Last Updated: May 6, 2021
About the Program
The Small Business Administration (SBA) Paycheck Protection Program (PPP) assists small businesses affected by the COVID-19 pandemic. The latest government stimulus package committed over $290 billion to PPP loans for first-time and second-time PPP borrowers and simplified loan forgiveness.
Update: The Small Business Administration (SBA) has announced that the funds in the Paycheck Protection Program (PPP) have been exhausted. We can no longer accept or process new PPP loan applications. If you previously submitted a PPP application or have an application that you think is in process, please contact your banker or e-mail PPPupdate@easternbank.com for assistance.
To help with your planning, visit www.sba.gov or check here regularly for information, keeping in mind this is a fluid situation. We’ll keep you informed if information changes.
Recent federal legislation involves changes to loan forgiveness, including a simplified forgiveness process for borrowers with loans up to $150,000 and expanded expenses that are eligible for forgiveness.
Effective Friday, March 5, 2021, Eastern is accepting new forgiveness applications. We are also resuming the processing of previously submitted forgiveness applications.
The information provided is intended for informational use only and is subject to change.