Where to apply in MA for Payroll Protection Program (Covid-19)

THIS IS A LIST OF BANK SITES WHERE YOU CAN APPLY 

The Paycheck Protection Program (often called the payroll protection program) is another avenue for small businesses to apply for SBA loans during the coronavirus outbreak.  

If you have a lending relationship with a bank, working with your current provider will be the best and fastest approach. I will try to update as soon as possible the list and the links as the information flow. 

This are some of the lenders my clients work with so is no an extensive list. You can go to the SBA web page for a more extensive list.  

You can go to this link directly to apply for Payroll Protection Program: 

• Enterprise Bank 

• Citizens Bank 

• Eastern Bank  

• TD Bank 

• Bank Of America 

• Chase Bank  

for more information on the PPP and other COVID-19 financial resources for small businesses, check out Money Magazine's best small business loan guide. 

Will this loan be forgiven?

If approved, the amount of loan forgiveness is equal to the amount spent on the following items during the 60 day period beginning on the date of the origination of the loan:

• Payroll costs

• Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums

• Business related mortgage interest payments (not principal), lease payments, utility payments

• Interest on any other business debt obligations that were incurred prior to February 15, 2020

The amount of loan forgiveness is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees during the period from February 15, 2020 through June 30, 2020. It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.