Modification loan: If you are already a PPP business borrower, you may be eligible to receive an increase on your first loan if you meet criteria that includes:
Eligibility requirements include:
- 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
You may also still apply for a second PPP loan.
If you would like to inquire about this option, please e-mail us at PPPUpdate@easternbank.com and we will contact you.
The information provided is intended for informational use only and is subject to change.