Good news: There’s still time for your organization 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’re still accepting applications from local businesses, nonprofits and sole proprietors who want to take advantage of this attractive program — and now you have some extra time to apply.
New application deadline: May 31, 2021.
Remember, these loans are potentially 100% forgivable — and the White House recently announced several measures to ensure that the smallest firms have access to Paycheck Protection Program loans. These measures include:
- 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 for either a “First Draw”or “Second Draw” PPP Loan? 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.
“First Draw” applicants can click here to read about how to calculate and provide documentation for your maximum PPP Loan amount.
“Second Draw” applicants can click here to read about how to calculate and demonstrate the year-over-year or single-quarter revenue reduction required in order to qualify; and how to calculate your maximum PPP Loan amount.
When 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 Andrew Richardson of our Commercial Lending team if you have any questions about the impact of the May 31 deadline extension. You can call Andrew at 603-355-1614, or click here to email him.
Senior Vice President/ Senior Lender
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