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.
- 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 statements 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 complimentary 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.