PPP Loan Forgiveness Resources

Eastern PPP borrowers will use our online portal to apply for forgiveness. Paper applications outside of the portal are not possible.

The documentation you may need to provide depends on your loan amount and the expenses you are submitting to be considered for forgiveness:

Loans $150K and under:

     •  You will complete the online application only, but you do not need to submit payroll or additional cost documents as part of the forgiveness application.

     •  Eastern Bank has implemented the Dunn & Bradstreet COVID Revenue Reduction Score as part of the application process. If your business meets a certain threshold on that score, no additional documentation around revenue loss will be required. If it does not, and you did not supply the 25% revenue reduction documentation required to obtain a 2nd PPP loan at the time of application, you will be required to submit it prior to submitting your forgiveness application to the SBA. As a reminder, you must document a 25% revenue reduction annually from 2019 to 2020 or any one quarter in 2020 vs that same quarter in 2019..

     •  You should retain the necessary documents (outlined below) for your records. You may be asked by the SBA to provide them later if your loan is ever selected for review.

Loans over 150K:

     •  You will complete the application and upload the appropriate documentation as outlined below.

     •  Note: you will need to provide proof of payment for each relevant category.

Please note, recent legislation has eliminated the original requirement to deduct the amount of EIDL Advance you may have received from your PPP loan forgiveness. Additional guidance and updated forms are forthcoming.

Payroll (provide documentation for all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period): click here for more information.

Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020): click here for more information.

After compiling the necessary documentation and completing the appropriate online application, you will submit your application to Eastern for review.

     •  Remember: click all the way through until you get the success message confirming your submission to the bank!

     •  For loans over $150,000, you will need to upload the documents outlined above with your application. If we require additional clarification or documents, we will contact you.

     •  Please note that PPP lenders like Eastern have 60 days to complete the review process and the SBA has an additional 90 days to complete their process.

     •  Once you submit your application, it will be assigned to a banker to review. If we have questions or require additional documents (for amounts over $150,000) we will be in touch.

     •  Our online application portal provides application process updates, so make sure to bookmark that and refer back to it for easy updates.

     •  Assuming your PPP loan is forgiven, you will receive notification from the SBA.

     •  We will also notify you of the forgiveness amount paid by the SBA and/or the date on which your first payment will be due, if applicable.

     •  In some instances, the SBA may ask to review your loan. If such a review occurs, we will notify you. You have the right to appeal certain SBA loan review decisions.

As the Borrower, you must:

     •  Retain all supporting documentation in your files for six years after the date the loan is forgiven or repaid in full, and

     •  Permit authorized representatives of the SBA, including representatives of its Office of Inspector General, to access such files upon request.

     •  If asked, you will need to provide documentation independently to Eastern Bank to satisfy relevant Federal, State, local or other statutory or regulatory requirements or in connection with an SBA loan review or audit.