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.
Fraud Alert
Please be alert – scammers attempt to take advantage of PPP programs to perpetuate fraudulent activity.
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.
Other COVID-19 scams to be aware of:
- Unsolicited emails or phone calls claiming to be from organizations such as the Centers for Disease Control (CDC), World Health Organization (WHO) or others containing attachments or links. These may attempt to install malicious malware on your device or trick you into providing personal or financial information.
- A fraudulent version of a map published by Johns Hopkins University that shares the latest stats about COVID-19 is being used on malicious, illegitimate websites or emails to spread malware that attempts to steal users’ passwords.
- Online or phone call offers for vaccinations or offers to send vaccinations for payment of shipping and handling.
- Fraudulent requests for donations, gift cards or wire transfers.
- Callers claiming to be from the FDIC or other regulatory agencies requesting financial information.
- For business customers, callers claiming to be representatives of merchant providers stating that their current provider is closed due to COVID-19 and electronic payment providers need to be switched for processing to continue.
As a reminder, Eastern will not contact you via email asking for personal or financial information, and you should never share sensitive information with anyone via email or other electronic means; whether through the phone, mobile app, social media, etc.
Helpful links:
The information provided is intended for informational use only and is subject to change.
