Business Man on Laptop

Paycheck Protection Program

Last Updated: March 5, 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 commits $284 billion to PPP loans for first-time and second-time PPP borrowers and simplified loan forgiveness.

We’re here to help you understand what this means to you and your business and how we can assist. For your convenience, we are now accepting Paycheck Protection Program (PPP) loan requests from all businesses. 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.).

To help with your planning, check here regularly for information, keeping in mind this is a fluid situation. We’ll keep you informed if information changes.

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.


Paycheck Protection Program Loans

 

First Draw Loan icon

First-time PPP business borrower

  • 500 or fewer employees
  • In operation as of February 15, 2020
  • Never received a PPP loan
Second Draw Loan icon

Second-time PPP business borrower

  • Already received a PPP loan and fully used it, or will have fully used it prior to distribution of the second draw loan
  • 300 or fewer employees
  • Demonstrate at least a 25% revenue decline either annually or in any quarter in 2020 vs. the same quarter in 2019
  • $2 million maximum amount of second loan
PPP Modification Loan icon

PPP Modification Loan

  • Received a PPP loan on or before August 8, 2020
  • Have not gone through loan forgiveness
  • 500 or fewer employees
  • Received less money initially due to:
    • Intentionally taking less money
    • Change in guidelines after receiving the loan
    • Returning all or part of the funds during the safe harbor period
  • $10 million maximum amount of second loan 

Loan Forgiveness

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. 

PPP Loan Forgiveness Resources

 

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