COVID-19 Resources for Business Owners​

Information Current as of May 17, 2021

Paycheck Protection Program (PPP) Updates
Please continue to monitor this webpage for updates to our PPP process

The American Bankers Association (ABA) notified Banks on 5/4/2021 that funds have been exhausted by the Small Business Administration (SBA) for the Paycheck Protection Program.  We can no longer submit applications to the SBA and we are no longer taking new inquiries.

Salisbury Bank’s Forgiveness Process

At this time we are currently processing forgiveness requests for PPP loans received in 2020. We anticipate beginning the forgiveness process for our 2021 loans this summer. Please keep in mind that there is a minimum covered period of 8-weeks on your forgiveness application, so you will need to wait until at least that time period passes before applying for forgiveness. Once we begin processing forgiveness requests for 2021 PPP loans we will reach out to each customer via email in the order in which their loan was received.
  • The Economic Aid Act also includes changes to the forgiveness process.  Many of the changes focus on loans less than $150,000, which will assist in expediting the process in applying for forgiveness.
  • We are pleased to report that all of our initial First Draw PPP Borrowers have been sent a secure email with instructions on how to begin the forgiveness application process. Please contact us if you need the email resent.
  • After we have completed our review of your forgiveness application and supporting documentation we will send your application to the SBA. The SBA then has 90 days to perform their review before a final forgiveness decision is made.
  • The SBA and Treasury continue to update the rules of the program.  It is recommended that you visit the Treasury website to review the additional guidance.  Please keep in mind that it is your responsibility to determine your eligibility. 
Additional Resources

There are additional programs available to business owners impacted by COVID-19, these programs are not facilitated through Salisbury Bank or other financial institutions/Banks.

The Small Business Administration has multiple programs to assist businesses 

For businesses domiciled in Connecticut please visit this link to learn about additional resources available to you at the State level:  https://portal.ct.gov/Coronavirus/Information-For/Business-Resources
For businesses domiciled in Massachusetts please visit this link to learn about additional resources available to you at the State level:  https://www.mass.gov/info-details/covid-19-resources-and-guidance-for-businesses
For businesses domiciled in New York please visit this link to learn about additional resources available to you at the State level. http://www.nyssbdc.org/CoronaSBupdates.html