Coronavirus (Covid-19) Business FAQs

Government COVID-19 Disaster Relief Programs FAQ

Below is a list of the programs available to business owners through state and federal government agencies and the status of the programs. We will be regularly updating this page. Check back regularly for updates as conditions change.

SECOND DRAW PPP LOAN INFORMATION

DATE: 3/31/2021

SBA is currently accepting Second Draw PPP loan applications from participating community financial institutions (CFIs) and lenders with under $1 billion in assets, which includes approximately 5,000 institutions, including community banks, credit unions, and farm credit institutions. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

As part of our ongoing commitment to helping small businesses recover, StonehamBank will once again be participating in the program for the benefit of our business customers. Only current StonehamBank business customers that previously applied for the first round of PPP Loans will be able to apply for a PPP Second Draw Loan with us.

SBA SUBMISSION DEADLINE IS MAY 31, 2021. IN ORDER TO ENSURE APPLICATIONS ARE SUBMITTED ON TIME THE BANK MUST RECEIVE APPLICATIONS WITH SUPPORTING DOCUMENTATION BY TUESDAY, MAY 25, 2021 OR WHEN FUNDS ARE DEPLETED.

CLICK HERE TO APPLY

Note: When borrowers log-in, there will be two buttons at the top. Button 1 is for loan forgiveness and Button 2 is for a new PPP application.

Who may QUALIFY?

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Businesses can borrow up to 2.5 times their average monthly 2019 or 2020 payroll costs up to $2 million, For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

How and when to apply?

CLICK HERE TO APPLY

Note: When borrowers log-in, there will be two buttons at the top. Button 1 is for loan forgiveness and Button 2 is for a new PPP application.

REMINDER: PPP Loan Forgiveness Portal

If you wish to apply for forgiveness of your Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan, StonehamBank is ready to help. As of November 6, 2020, we are accepting PPP Loan Forgiveness applications via a new portal, HERE.

Economic Injury Disaster Loan and Loan Advance (EIDLL)

This loan program consists of the potential for an advance of up to $10,000 to small businesses that are negatively affected by the Coronavirus and also provides the option to apply for a longer term loan of up to $2 Million to small businesses for working capital.

This loan program is up and running. The Small Business Administration SBA underwrites these loans directly with no involvement of a Bank.

For more Information and to fill out an application, click here. for SBA loan applications

Small Business Administration (SBA) Bridge Loan (EBL)

This loan’s purpose is to supplement the SBA’s Disaster Loan mentioned above. It is a bridge loan up to $25,000 that is available quickly via the SBA express program.

This program is currently not available at StonehamBank.

Massachusetts Growth Capital Corporation

The purpose of MGCC is to create and preserve jobs at small businesses, inclusive of those owned by women, minorities, immigrants and veterans. MGCC also works to promote economic development throughout the Commonwealth, with special paid attention to business needs in underserved areas, Gateway Cities and low to moderate income communities.

For more information click here. about MGCC