The Economic Aid Act has resulted in a new round of Paycheck Protection Program (PPP) loans. This new round includes First Draw (for Borrowers who did not previously receive a loan) and Second Draw (for Borrowers who received a First Draw loan) PPP loans. New rules have been released in conjunction with the program and can be found on the Treasury website. Please keep in mind that it is your responsibility to understand the rules and determine your eligibility.
The Small Business Administration (SBA) has continued to release new guidance and additional information is expected. The accuracy of your loan and forgiveness applications is of the utmost importance, so we will continue to make changes to our process as needed. This may result in an extended turnaround time or additional communication with your representative.
The SBA believes that the recent program changes will meet the demand for this round of loans. They have also changed their approval process and have asked Banks and Customers to exercise patience. Banks will no longer receive SBA approval instantaneously as the SBA will be conducting front end compliance checks.
First Draw PPP Loans
Please reference the SBA Overview of First Draw PPP Loans in addition to the program rules to better understand your eligibility. Salisbury Bank will only be accepting First Draw inquiries for existing customers. The SBA released information on 1/19/2021 “How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide By Business Type”. If you are eligible based on the program rules and are an existing customer of Salisbury Bank, please fill out the inquiry form below to be added to our queue. Your request will be processed in the order in which it was received.
Second Draw PPP Loans
As a result of the Economic Aid Act a new round of PPP loans (Second Draw Loans) has been launched by the SBA. These loans are for Borrowers that previously received a First Draw (initial) PPP Loan. Please reference the SBA Overview for Second Draw PPP Loans in addition to the program rules to better understand your eligibility. The SBA released information on 1/19/2021 “How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide for Second Draw Loans”.
Please be advised that the Second Draw Loan is a new loan application. In order to ensure that your request is processed in an efficient manner we ask that you submit the necessary supporting documents to verify your loan calculation, even if some of those items were included with your First Draw Loan.
There are certain eligibility requirements that a Borrower must meet in order to qualify for a Second Draw. These include, but are not limited to:
Salisbury Bank will only be accepting Second Draw inquiries for customers who received their First Draw loan through Salisbury Bank. If you are eligible based on the criteria noted above please fill out the inquiry form below to be added to our queue. Your request will be processed in the order in which it was received.
Please note that completing this form is the only way to begin your request to apply for a PPP loan. Completing this form is not the application for a PPP loan nor does it guarantee that your application will be approved.
Salisbury Bank’s Forgiveness Process
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.