Greetings! We want to be sure you know that plenty of funding remains if you want to take advantage of the Paycheck Protection Program (PPP).
Here at Savings Bank of Walpole, we are glad to have been able to help our community’s employers with a total of over $50 million in PPP funding thus far. We want you to know we are still accepting applications from local businesses, nonprofits and sole proprietors who want to take advantage of this attractive program — either for the first time, or for a second round of funding. About half the money for this latest round of PPP funding still remains, but you’ll need to apply before March 31.
New opportunities for sole proprietors, independent contractors and organizations with fewer than 20 employees
Recently, the White House announced several measures to ensure that the smallest firms have access to Paycheck Protection Program loans. These measures include:
- An exclusive 14-day window between February 24 and March 10 when only businesses with fewer than 20 employees are eligible to apply. (After this exclusive window expires, you can still apply along with all other organizations until March 31.)
- A special allocation of $1 billion in PPP funds for sole proprietors, independent contractors and self-employed individuals.
- Elimination of a rule that had restricted businesses with at least 20% ownership by someone delinquent on federal student debt from receiving PPP loans.
Interested in applying? Here’s how to get started.
You can click here to read our previous announcements, which include more information about eligibility and how to calculate your requested PPP Loan amount.
Or, if you are ready to begin the application process, you can click on the appropriate link below and follow 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.”
UPDATE: As of March 3, 2021, there are different applications, depending on whether your business taxes are filed using Schedule C, or using any other tax forms. You can click here to review the March 3rd SBA Interim Final Rule Update on Schedule C filers.
If your business taxes are filed using Schedule C
- “First Draw” PPP Loan application for Schedule C Filers
- “Second Draw” PPP Loan application for Schedule C Filers
If your business taxes are filed using any other tax forms (not Schedule C)
Finally, remember that as the savings bank of our community, we are here to serve you. Please feel free to contact our Commercial Lending team at 603-355-1670 or click here to email us with any questions you may have.
Senior Vice President/ Senior Lender
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