1/21/21 Update for business customers

PPP Update 1/21/2021

Important Note: Documentation for new PPP Loan applications.

As you are likely aware, the Small Business Administration (SBA) has launched a new round of financing for the Paycheck Protection Program (PPP). In case you missed it, you can click here to read our January 14 announcement regarding eligibility and how to apply.

Since we began accepting new applications, two questions/issues have arisen — and we wanted to provide clarification here.

1. What payroll figures should be used to calculate a requested Second Draw PPP Loan amount?

  • You may use either 2019 or 2020 annual payroll figures to support your loan calculations.
  • When calculating your requested PPP Loan amount, please refer to the section entitled Maximum Second Draw PPP Loan Amounts beginning on page 6 of this SBA document. Read carefully, because the calculation varies by business type.
  • You’ll need to include payroll documentation to support your calculation — as well as a written statement describing how you calculated your average monthly payroll.

2. What documentation is needed to show eligibility due to a 25% or greater single-quarter loss of revenue?

The Second Draw Application notes that documentation showing a 25% or greater reduction in Gross Receipts during any single 2020 quarter versus the same quarter in 2019 is not required for loans under $150,000. However:

  • Savings Bank of Walpole has decided to validate the 25% loss in revenue with all applicants, regardless of PPP Loan amount requested. This is to help protect our borrowers from any potential loss of PPP Loan forgiveness. In short, we want to be sure you are calculating your PPP Loan amount correctly, so you’ll have the best chance of having your loan forgiven.
  • Therefore, regardless of your requested Second Draw PPP Loan amount, you’ll need to provide us with sufficient documentation — preferably a P&L Statement for the applicable quarter(s) showing a loss of 25% or more in Gross Receipts during any single quarter in 2020 compared to the same quarter in 2019.
  • For further clarity on how to show lost revenue, please refer to the section entitled Revenue Reduction beginning on page 1 of this SBA document.

Ready to get started?

You can begin the application process by clicking on the appropriate link below and following instructions for uploading supporting documentation and electronically signing wherever prompted. Don’t worry: If you are unable to complete the full application in one sitting, you’ll find an option at the top of the screen which allows you to save your application in process, and “Finish Later.

Click Here to review the March 3rd SBW Interim Final Rule on Schedule C Filers

Finally, remember that as the savings bank of our community, we are here to serve you. Feel free to contact our Commercial Lending team at 603-355-1670 or click here to email us with any questions you may have.






Mark Bodin



Stephen Bianco
Senior Vice President/ Senior Lender

Previous Updates

April 1, 2020
April 3, 2020
April 16, 2020
April 22, 2020
April 25, 2020
May 21, 2020
June 5, 2020 
June 19, 2020 
July 7, 2020
August 3, 2020
August 31, 2020
October 22, 2020
December 8, 2020
January 6, 2021
January 14, 2021
February 26, 2021