Last Updated: 3/05/2021
The information provided is intended for informational use only and is subject to change.
Eastern is now accepting applications for loan forgiveness
On December 27, 2020, new federal stimulus legislation provided additional assistance to small businesses affected by the Covid-19 pandemic. This involved 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.
To help with your planning, please refer to this resource site which provides highlights based on the latest guidance from the Small Business Administration (SBA), keeping in mind this is a fluid situation and we’ll keep you informed if information changes.
Please be alert – scammers attempt to take advantage of PPP programs to perpetuate fraudulent activity. If you are contacted by the SBA directly, notify your Eastern banker immediately for assistance and before providing any information. Learn more about COVID-19 scams here.
When to apply for loan forgiveness
- Once all loan proceeds for which you are requesting forgiveness have been used.
- You can apply for forgiveness any time up to the maturity date of the loan.
- If you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and you will need to begin making loan payments to Eastern Bank. We will notify you via email when these dates apply.
5 Steps to loan forgiveness
Applying for loan forgiveness through Eastern involves 5 steps:
Step 1 – Learning about our automated process
Step 2 – Compiling your documentation
Step 3 – Submitting your application: what to expect
Step 4 – Staying informed
Step 5 – Understanding your records retention requirement
Please bookmark this page and check back for updates! There have been several legislative changes to the Paycheck Protection Program, and we will be updating content and adding information frequently.
The information provided is intended for informational use only and is subject to change.
FAQs
Frequently Asked Questions about PPP Loan Forgiveness (10-13-2020)
Resources
Government Resources
Forgiveness forms and instructions
While we will only be accepting Loan Forgiveness applications via our online portal, we are providing links to the SBA-provided forms below should you want to consult those as part of your application preparation.
- SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21)
- SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21)
- SBA Form 3508S Paycheck Protection Program Forgiveness Application (updated 01-19-21)
- Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
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 are offering Eastern Bank business customers complimentary access to Monit®*, a digital financial assistant that can help track PPP related expenses as you may prepare for your loan forgiveness application. To learn more, click here.
The information provided is intended for informational use only and is subject to change.
*Monit is offered through Signal Financial Technologies. Signal is a third-party service provider and not an affiliate of Eastern Bank.
Click Here to Begin Your Application
Note: if you have previously submitted a loan forgiveness application with us, you can review the status of your application by clicking here.
Be Aware of COVID-19 Scams
Please be alert – scammers attempt to take advantage of events like this to perpetrate fraudulent activity. Therefore now more than ever, we encourage you to remain vigilant at this time to protect yourself.
Always obtain your information from credible sources and if you are unsure of the source, do not take any action.
If you are a PPP loan customer:
- Any Small Business Administration (SBA) loan is publicly available information. This means your name, address and loan guarantor are easily searchable by fraudsters.
- The SBA may be contacting PPP loan recipients directly as part of its own guidelines. If you are contacted by the SBA directly, notify your Eastern banker immediately for assistance and before providing any information.
- There are reports of phishing activities around PPP loans and fraudsters appearing as the SBA.
Helpful links:
- Federal Trade Commission (FTC)
- U.S. Department of the Treasury
- Federal Bureau of Investigation (FBI)
- SBA Programs – Scams and Fraud Alerts
The information provided is intended for informational use only and is subject to change.