PPP Modification Loan

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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.

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