To our valued business customers,
We are pleased to have been able to help so many of our business banking customers take advantage of the initial round of funding available under the Paycheck Protection Program (PPP).
In total, we approved and funded more than 330 loans for a total of $34 million to assist our local businesses, nonprofits — and ultimately, our community. Indeed, we are motivated and inspired by the opportunity to help you, your employees and their families in these difficult times.
In the next few days, Congress is expected to authorize an additional $320 billion for PPP loans to small businesses who have not yet received funding from the program.
- If you have not yet applied, and missed out on the first round of federal funding through the Small Business Administration (SBA), we want you to know that the SBA could begin accepting applications as early as Friday, April 24. This new funding is expected to run out within just a few days, so your prompt attention is strongly encouraged.
- If you have already received funding, there’s no need to do anything further at this time. We will keep you up to date with periodic emails to help guide you through the tracking and documentation processes which will be necessary to secure forgiveness for your loan.
Remember: Paycheck Protection Program loans may be 100% forgivable.
The purpose of a PPP Loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll at existing wage levels during the crisis. These are 100% federally guaranteed loans which will be forgiven as long as the proceeds are used to cover payroll costs — and in most cases, mortgage interest, rent and utility costs — over an 8-week period after the loan is made. Employee numbers and compensation levels must be maintained.
- These forgivable loans are for businesses with fewer than 500 employees.
- Self-employed workers, sole proprietors and independent contractors may also apply.
- Loans are for a term of 2 years at a 1.0% fixed interest rate.
- Loan payments are deferred for 6 months.
- There are no fees to the borrower.
- More information about the Paycheck Protection Program can be found here.
Please note: Due to the high demand for this attractive program and the importance of knowing our borrowers, we are working only with our current business customers to secure PPP loans where desired. Thank you for understanding.
- A few important notes about your application:
- It’s a relatively simple online application form. If you cannot finish it in one sitting, there’s an option to save your work and “finish later.”
- Here is a helpful article for calculating your Average Monthly Payroll costs (which you will need for the application).
- Once you have completed and electronically signed your application, we will review it and contact you if need further clarification.
- Then, as soon as the SBA begins accepting applications, we will be prepared to expedite yours on your behalf.
Ready? Go! Here at Savings Bank of Walpole, we want to work with our business customers to make sure you take advantage of all opportunities available to you. So please watch your email for further updates from us; we’ll share additional information with you as soon as it becomes available.
We’re all in this together.
Senior Vice President/ Senior Lender