We are proud to announce that Bay State Savings Bank is participating in the US Treasury and Small Business Administration’s Consolidated Appropriations Act of 2021/Small Business Pay Check Protection Program (PPP).
The PPP provides small businesses with funds to pay for 8 to 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures. We are accepting applications for both First Draw and Second Draw applicants. PPP applicants are strongly encouraged to open a Bay State Savings Bank deposit account to expediate funding.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs and eligible expenses (at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for sixteen months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
When to Apply
Please submit your application through the Bay State Savings Bank Application Portal. BSSB will formally begin accepting these applications starting January 13, 2021. We encourage you to remit a fully completed application. Note that the PPP application period is currently scheduled to run through March 31, 2021; however, the funding cap may be reached before that date. Please note that there will be a time-lapse between lender submitted PPP application to SBA and SBA loan approval.
Businesses, organizations, and individuals operating on or before February 15, 2020, are eligible to apply, including nonprofits, veterans’ organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors. Businesses that have permanently closed or are in bankruptcy are ineligible.
- Maximum loan amount of $10 million for qualifying businesses
- 500 or fewer employees can apply (additional details)
- Loan proceeds can be used to refinance an EIDL Loan
- Businesses may be eligible for a PPP loan up to 2.5 times their average total monthly payroll costs
- Maximum new loan amount of $2 million for qualifying businesses
- 300 or fewer employees can apply (additional details)
- First PPP loan proceeds used in its entirety
- Show at least a 25% reduction in gross receipts for the same quarter in 2020 compared to 2019
- Businesses may be eligible for a PPP loan up to 2.5 times their average total monthly payroll costs. Restaurants, hotels, and caterers may be eligible for a PPP loan up to 3.5 times their average monthly payroll costs.
How to Apply
Please complete and submit your application along with supporting documentation through the Bay State Savings Bank Application Portal. No paper applications accepted.
All loans will have the same terms regardless of lender or borrower. Additional information and full terms will be available at www.sba.gov. We will be sending out additional information as it becomes available. The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Visit www.sba.gov or www.coronavirus.gov for more information. Please do not hesitate to contact your lender directly or the Commercial Loans Department at (508) 890-9050 with any questions.
Note that this communication is not a commitment to lend. We will do our best to assist you in participating in the PPP; however, funding is not guaranteed.