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:
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.