Second-Time PPP Borrower

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Second-time PPP borrowers may be eligible to apply for a second draw loan.

Update: In order to reach the smallest businesses, from Wednesday, February 24 – Wednesday, March 9, 2021, the SBA will only accept PPP loans for businesses and nonprofits with fewer than 20 employees. Additional program changes have been announced.

  • If your business has 1 - 19 employees, please proceed with your application! New federal guidelines are also available for sole proprietors, independent contractors, and self-employed individuals.
  • If your business has 20 or more employees, you may submit your PPP loan application via our online portal and we can help ensure it is ready to be sent for processing to the SBA starting on March 10.
  • For more information on the SBA’s assistance to small businesses, visit or

The business should:

  • Already have received a PPP loan and fully used it, or will have fully used it prior to distribution of the second draw loan;
  • Have 300 or fewer employees; and
  • Demonstrate at least a 25% revenue decline either annually or in any quarter in 2020 vs. the same quarter in 2019.

$2 million is the maximum amount of a second loan.

Documentation includes:

  • Demonstrate 25% or more reduction in gross receipts during a quarter in 2020 relative to the same quarter in 2019 or annually
    • Please provide quarterly financial statements, bank statements or tax returns showing the 25% revenue decline
    • Revenue loss documents under $150,000 are not required until loan forgiveness
    • Refer to the SBA's guidelines on how to calculate revenue reduction and the documents to provide here.
  • Must have used or will use the full amount of their first PPP Loan
  • Must have fewer than 300 employees
  • Must have been in operation on February 15, 2020
  • Business information including TIN and e-mail address
  • Average monthly payroll costs; use either 2019 or 2020 payroll documentation
  • Details of full-time employee equivalents & associated payroll costs
  • Payroll tax filings such as 941, 940, 1099, or payroll processor records
  • Details of all owners with greater than 20% ownership stakes

Keep in mind that your application will be submitted entirely online.

Available for existing and new Eastern Bank customers.

  • Can be an existing customer of Eastern Bank of any type (Business Banking, Consumer Banking, Eastern Wealth Management, Eastern Insurance Group, etc.) or a new Eastern Bank customer meeting certain requirements (eg, located in our service area, etc.).
  • Second loan requests from Eastern customers who did not secure their original PPP loan with us will be accepted.


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.