Federal CARES Act – Paycheck Protection Program (PPP)

The SBA has resumed accepting Paycheck Protection Program applications from participating lenders. For more information on the Paycheck Protection Program, visit here. Visit PPP guidance pageSee additional information on loan forgiveness below. 

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Click here to find a SBA Approved lender. 

SBA Approved Paycheck Protection Program Lenders in Massachusetts

Clarifying Frequently Asked Questions for Borrowers
Fidelity Bank’s CARES Act Support Team has developed a set of PPP Loan Forgiveness FAQs to assist in providing the clarity you need to make informed decisions with confidence during this difficult time. Click here to review the PPP Loan Forgiveness FAQs.
Avidia Bank currently has same day or next day approvals for PPP loans for businesses. Over 1,300 loans approved as of 4/30, worth over $184 million.
Borrowers should have the following documents prepared when approaching lenders for a loan under the Payment Protection Program:
  1.  Paycheck Protection Program (PPP) Application (See Below)
  2. Monthly Payroll Statements for the period of February 15,2019 – June 30,2019, including number of employees, pay rates, payment for vacation, medical leave, payment required for the provisions of group health care benefits, including insurance premiums, payment of State or local tax assessed on the compensation of employees
  3. Mortgage Statement (if applicable)
  4. Evidence of Rent – copy of lease, statement from landlord, cancelled checks (if applicable)
  5. Additional Statements (Utilities)

Paycheck Protection Program Fact Sheet

Paycheck Protection Program Application

North Central Massachusetts Development Corporation Accepting Limited Number of PPP Applications

Applications are limited to small businesses, sole proprietorships, independent contractors, self-employed persons, and non-profit organizations who are unable to apply through a local bank or credit union and located within their service area. The NCMDC is also limiting its PPP loans to under $50,000. Businesses and entities with an established banking relationship or with requests larger than $50,000 are encouraged to contact their bank or credit union first to apply. Read more or contact scataldo@northcentralmass.com.

PPP Loan Forgiveness Application and Guidance
The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application, which will help small businesses seek forgiveness at the conclusion of the eight week covered period (begins with the disbursement of their loans).
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.
This application has the following components:
  1. the PPP Loan Forgiveness Calculation Form
  2. PPP Schedule A
  3. the PPP Schedule A Worksheet
  4. the (optional) PPP Borrower Demographic Information Form.

Economic Injury Disaster Loan program / Emergency Economic Injury Grant ($10,000 Forgivable Advance)

IMPORTANT NOTICE – LAPSE IN APPROPRIATIONS: SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For more information on the EIDL program, please visit here

Please direct all questions to the MA Districts Office at MassachusettsDO@sba.gov or 617-565-5590.

SBA Express Bridge Loans – Gap Funding

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge LoanRead here for more information.

Express Bridge Loan Pilot Program Guide. Contact lender relations team with questions at MassachusettsDO@sba.gov or 617-565-5590 or visit sba.gov. For SBA Approved Express Lenders see: SBA MA Lender List (organized by region).

Additional Resources:

PDF: Economic Injury Disaster Loan STEP-BY-STEP Application Overview

RECORDED WEBINAR: SBA Economic Injury Disaster Loan Overview

Handout: SBA Disaster Assistance in Response to the Coronavirus

SBA Debt Relief

As part of SBA’s debt relief efforts:

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

For additional debt relief measures, see here

If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information: Birmingham Disaster Loan Servicing Center (800-736-6048, BirminghamDLSC@sba.gov), El Paso Disaster Loan Servicing Center (800-487-6019, ElPasoDLSC@sba.gov)

North Central Massachusetts Development Corporation – Emergency Micro-loan Program

The North Central Massachusetts Development Corporation has launched an Emergency Micro-loan Program in light of the COVID-19 pandemic to assist small businesses that need access to funding due to hardship stemming from the outbreak. Loans of up to $20,000 will be awarded to qualifying local businesses that find themselves in a situation where they need access to capital and want to avoid high-interest credit cards or expensive and unregulated online lenders. If approved, the business is also eligible to receive business assistance from NCMDC staff and consultants. 

To qualify under this program, you must be an existing small business and be able to provide two years of tax returns, as well as demonstrate a direct financial impact of COVID-19 on your business. The loan amounts and terms are flexible to fit the situation of the business. 

For more information about emergency micro-loans or the other loan programs available through the NCMDC, please contact Sandie Cataldo, Economic Development Manager at 978-353-7600 ext 232 or online at https://www.choosenorthcentral.com/lending/.

North Central Massachusetts Development Corporation Emergency Micro-loan Program



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