We are proud to have brought $84 million in funding to our community during the last Paycheck Protection Program (PPP) round, and we are currently accepting applications for the Small Business Administration’s (SBA’s) second round.
Second draw applications and new first draw applications have completed on our new PPP Loan portal, allowing existing Merrimack County Savings Bank commercial customers to:
- Apply for a First Draw PPP loan,
- Apply for a Second Draw PPP loan, or
- Complete their forgiveness application for draw one or draw two loans.
Unfortunately Merrimack County Savings Bank is not accepting PPP Loan Applications from non-established customers as our resources are focused on serving existing customer needs.
If you were a first draw customer during SBA’s 2020 round of funding, you should have received an email invitation from us to apply for a second draw. If you did not receive the email invitation or need it sent again, or you are an established business customer looking to apply for your first draw, please email us at PPPLoan@themerrimack.com.
How can you prepare for completing the PPP loan application?
Please look at the new application forms, and read their instructions carefully.
- Visit the SBA website and select the program you are looking for.
- Click learn more under the program you are interested in, and look for the application link.
- Once you download the application form, review the data requirements, and most importantly, the documentation requirements. When you input your application into our portal, you will need these numbers and complete documentation uploaded before your application can be submitted to the SBA.
SBA is reviewing applications submitted prior to funding, so you can expect funding to take longer than it did with round one. The length of time it will take depends on the information SBA reviews during the screening process.
First Draw PPP Loans are for those borrowers who have not received a PPP Loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan, and will use, or have used, the full amount only for authorized uses that can demonstrate at least a 25% reduction in gross receipts during at least one quarter in 2019 when compared with the same quarter in 2020. The maximum amount of a Second Draw PPP Loan is $2 million.
We encourage you to take your time to understand this round of the PPP loan program, as it is a good opportunity for financial assistance during this challenging time.
Please direct any questions to PPPInquiry@themerrimack.com.
As your local bank, we are proud to help you with your PPP Loan, and we will continue to keep you updated. On behalf of all of us here at Merrimack County Savings Bank, we wish you, your staff and your family a safe and happy new year.
The Merrimack Commercial Lending Team