Next Round of PPP Funding Update:
The SBA has announced that PPP funds have been exhausted and is no longer accepting applications for new PPP loans.
Looking for information on PPP Forgiveness? CLICK HERE.
Paycheck Protection Program (PPP)
Beginning the week of January 11, 2021, the SBA began accepting applications for first and second draw PPP loans. Borrowers can apply through March 31, 2021 or until funding is exhausted. Here are few general points to know:
- Loan amounts are up to 2.5x the average monthly payroll (3.5x for borrowers seeking a second draw that fall under NAICS code 72 - Accommodation and Food Services).
- Loan is forgivable if proceeds are used for payroll and other eligible expenses
- Sole-proprietors and independent contractors now have additional options for determining their loan amounts. See below.
Details defer between PPP first and second draw loans, and are dependent on your specific circumstances. For detailed information, including borrower eligibility, maximum loan amounts, and forgiveness terms click below:
PPP First Draw Loan: Top-Line Overview of Program: For businesses that did not receive a PPP loan in 2020
PPP Second Draw Loan: Top-Line Overview of Program: For businesses that received a PPP loan in 2020 and are seeking a second advance
How to Apply for PPP Loan
1. Download the appropriate documents for your type of loan request, complete and sign.
PPP First Draw Loan
PPP Second Draw Loan
- PPP Second Draw Application Checklist
- PPP Second Draw SBA Application
- PPP Second Draw Loan Amount Calculator* (required if amount requested is different than first PPP loan)
* Calculator will download as a Microsoft Excel file
Note: Schedule C filers using net income to qualify can refer to the links provided above for first and second draw loan applications. Otherwise, select the correct form below
- PPP First Draw SBA Application for Schedule C filers using gross income
- PPP Second Draw SBA Application for Schedule C filers using gross income
2. Click below to submit Pentucket Bank application and upload the required documents.
You will be prompted to answer a few simple questions and then linked to the appropriate online application portal.
The SBA has announced that PPP funds has been exhausted and is no longer accepting applications for new PPP loans.
Please contact your Loan Officer or email pppR3@pentucketbank.com.
NOTE: Please be aware that the SBA is handling applications differently in this round. Last time, we received immediate confirmation and approval in response to completed submissions. This time, that response will reportedly take 24-48 hours to turn around. Upon receipt of that approval, we will notify you immediately.
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.