COVID-19 Resources for Business Owners​

Information Current as of April 16, 2021

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

The PPP Extension Act was signed into law on March 30th and extends the program through May 31st.  At this time we have re-opened our inquiry window to process PPP First Draw loan requests for existing customers and PPP Second Draw loan requests for customers who received their First Draw PPP loan through Salisbury Bank.  We intend to keep our inquiry window open until May 14th at 5:00pm and will close it thereafter to process requests received through that date. 

The Small Business Administration (SBA) continues to release new guidance and additional information is expected. Please keep in mind it is your responsibility to determine your eligibility, all program rules can be found at the Treasury website. 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.

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. The SBA released information on “How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide By Business Type”. Salisbury Bank will only be accepting First Draw inquiries for existing customers. 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. 

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  “How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide for Second Draw Loans”. Salisbury Bank will only be accepting Second Draw inquiries for customers who received their First Draw PPP loan through Salisbury Bank.  If you are eligible based on the program rules and criteria noted above, please fill out the inquiry form below to be added to our queue. 

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:

  • The Borrower received a First Draw (an initial PPP loan) loan and has or will use all of the loan proceeds within the parameters of those rules on or before the date of disbursement of the Second Draw Loan.
  • The Borrower can demonstrate at least a 25% reduction in gross revenue in any one quarter from 2019 compared to the corresponding quarter in 2020.
  • All program rules, including eligibility requirements, can be found at the Treasury website
PPP Inquiry Form

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

  • 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.
  • At this time we are working to process forgiveness requests for PPP loans received in 2020.  We anticipate reaching out to 2021 PPP loan recipients later this year in the order in which their loan was received.
  • 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
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