Second-Time PPP Borrower FAQs

Update: The Small Business Administration (SBA) is indicating that it expects funding for the Paycheck Protection Program (PPP) to run out shortly and before its May 31, 2021 deadline. Submitting an application for a PPP loan is not a guarantee that funds will be approved. All applications must be reviewed and approved by both Eastern Bank and the SBA in advance and while funds are still available. For updates, visit www.sba.gov.

Additional program changes have been announced.

  • New federal guidelines are available for sole proprietors, independent contractors, and self-employed individuals which may impact how you calculate your maximum loan amount. 
  • If you have additional questions about the program and your eligibility, please reach out to your banker or email us at PPPupdate@easternbank.com.
  • For more information on the SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.
What is the SBA Paycheck Protection Program?

The Small Business Administration (SBA) Paycheck Protection Program (PPP) provides assistance to small businesses affected by the COVID-19 pandemic. The latest government stimulus package commits $284 billion to PPP loans for first-time and second-time PPP borrowers and simplified loan forgiveness.

SBA funds are limited. The deadline to apply is currently May 31, 2021. For your planning, we will continue to accept PPP loan application requests through either May 31, 2021 or if applicable, when the SBA announces its funds have run out.

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