We are proud to have brought $84 million in funding to our community during the last Paycheck Protection Program (PPP) round, and we’re now ready to accept applications for the Small Business Administration’s (SBA’s) next round. The SBA has launched the new PPP and we are accepting applications through our online portal.
Our PPP Loan portal allows 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 will not be accepting PPP Loan Applications from non-established customers as our resources are focused on serving existing customer needs.
What are the eligibility requirements and what documentation do we need?
Please review the new application forms, and read their instructions carefully, they provide a lot of detailed information.
- 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.
Please do not send us your application or supporting documentation directly, you will be able to do so through our PPP portal.
SBA will be 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 remains to be seen. Our PPP portal will email you status updates as your application moves through the application process. Please see the list of resources below for more information on the programs. We also encourage you to consult with your counsel and/or accountant for questions relating to eligibility and payroll calculations.
Ready to Apply?
- Draw 1 Applicants – If you are an existing customer of ours and want to apply for a Draw 1 PPP loan, then click here to start your application.
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 purposes 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.
- First Draw Application
- Second Draw Application
- SBA Interim Final Rule Second Draw Loans – dated January 6, 2021
- SBA Interim Final Rule as Amended by Economic Aid Act – dated January 6, 2021
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.
As your local bank, we are proud to help you with your PPP Loan. 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