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Federal Stimulus Updates

 
Pentucket Bank is no longer accepting any new PPP loan applications and is now  focusing on  assisting the Bank's PPP loan customers through the Forgiveness portion of the program. Please check back to this page often as it will be updated frequently as additional information is made available.
PPP Forgiveness
 The week of June 8th Congress passed a bill modifying the Forgiveness rules, intended to give even greater opportunity for PPP borrowers to receive full forgiveness. While these new rules will be helpful to many borrowers, the SBA has not opened up their process for submissions and is not yet accepting Forgiveness Applications. For more information about these Forgiveness rule changes CLICK HERE.
 
While we await more information from the SBA in advance of opening our Forgiveness Application Submission Portal, please click the button below to help identify which Forgiveness Application (EZ or Standard) you should use based on your business's individual circumstances. We have also created a list of frequently asked questions that you can review.
 
 
If you already know which application process you will be following, please download the corresponding materials to use as a guide as you gather all necessary documentation:
 
 PPP Forgiveness FAQs
 
SBA EZ PPP Forgiveness
 
SBA Standard PPP Forgiveness
 
Questions?
Please contact your Loan Officer or email ppp@pentucketbank.com.

Updated Forgiveness Rules

  • The SBA has extended “spend” period to 24 weeks from 8. You may apply for forgiveness once you have completed your PPP spend anytime within that 8-24-week window. You may decide to take advantage of the longer period in order to utilize all of your PPP loan funds for wage expenses only. In so doing, the application is further simplified since there will be fewer documentation requirements. You should consider this approach based on your individual circumstances.
  • The required payroll spend has been reduced to 60% of the loan amount from 75%- allowing you additional flexibility with how you may use your PPP funds. 
 
All PPP borrowers must qualify for forgiveness under these new rules. The SBA will not be accepting applications under the original set of rules and are not yet accepting any applications for Forgiveness. While you are preparing, please take advantage of the tools we are providing to fully understand what adjustments you may need to make.
 
We also strongly encourage you to consult with an accountant, CPA or attorney specializing in the PPP program before submitting your final Forgiveness Application to us.

SBA Economic Injury Disaster Loan (EIDL)

Notice to EIDL Applicants:
If you have an EIDL application in process, please contact the SBA directly as this is not a program managed by Pentucket Bank.