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 sba.gov/ppp or treasury.gov/cares.
- IRS Issues Updated Guidance on Deductibility of PPP Qualified Expenses
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance
Second-time PPP borrowers:
- Overview of Second Draw PPP Loans
- Example of Second-Draw Borrower Application Only (To apply for an eligible loan request with Eastern, you will complete this application digitally through our system)
- How to Calculate Revenue Reduction and Maximum Loan Amounts Including Documentation to Provide
Tip: The SBA requires your signature on certain documentation. You will need to arrange signing the necessary documents and uploading them digitally:
- All financial statements showing the revenue loss must have the first page signed and dated by you as well as subsequent pages initialed.
- All draft copies of 2020 tax returns that have not been filed must be signed and dated.
In addition, all bank statement must have deposits annotated that they are constituted as gross receipts and which are not.
Eastern Bank resources:
- For your convenience, our dedicated PPP inquiry e-mail address is staffed during business hours by bankers who can assist with questions. E-mail us at: PPPupdate@easternbank.com.
- We’ve also rolled out a free financial assistant called Monit that can help track expenses related to PPP. To learn more, click here.
The information provided is intended for informational use only and is subject to change.