Information about the Paycheck Protection Loan Program
UPDATE 5/19: On May 15, 2020, the Treasury released the application for Paycheck Protection Program loan forgiveness. We are closely monitoring and awaiting SBA guidance and preparing our systems to support the loan forgiveness phase. A solution to submit the application and forms on-line will be available on our portal. Boston Private will not accept paper applications.
In the meantime, please consult your accountant to ensure you are gathering and storing the appropriate records needed for loan forgiveness.
Please check back for more information and updates.
UPDATE 4/22: We have received an overwhelming response to the Paycheck Protection Program and are proud to have been able to serve such a large portion of our commercial clients. We will be using the second round of SBA funding to allow us to process applications accepted prior to 11:59 pm ET on April 9th that were complete, but not yet submitted when the funding closed on April 16th, plus a second group of applications that were in process but incomplete. We will not be re-opening our portal for new applications as we are very focused on two priorities; submitting 100% of completed applications to the SBA, and meeting the 10 day window between SBA Authorization and funding of the approximate 1,100 PPP loans our clients are in need of.
UPDATE 4/9: We have received an overwhelming response to the Paycheck Protection Program and are pleased to be able to help so many of our clients in need of this program. In order to manage capacity and serve the needs of as many clients as possible, we are accepting applications until 11:59pm ET Thursday April 9, 2020 from those organizations which previously sent us a completed paper application to the [email protected] inbox, or who have begun an application in the online portal but not completed it. Our priority is to process 100% of these organizations.
UPDATE 4/5: We have received an overwhelming response to the Paycheck Protection Program and are pleased to be able to help so many of our clients in need of this program. In order to manage capacity and serve the needs of as many clients as possible, we have paused accepting applications at 11:59pm ET Sunday April 5, 2020. Our priority is to process 100% of the qualifying organizations who have applied thus far. Please contact [email protected] with any questions you may have.
UPDATE 4/4: Supporting your business through this challenging time continues to be our top priority. The following is an update on the current status of applying to the Small Business Administration’s Paycheck Protection Program through Boston Private.
To expedite the application process, please begin compiling all of the information required by the SBA, including the following:
- Company certified information demonstrating that a borrower had employees for whom the borrower paid salaries and payroll taxes on or around February 15, 2020
- Company certified schedule of average monthly payroll costs for the preceding calendar year supported by documents such as payroll processor records, payroll tax filings, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
If you have already submitted information to us, you will need to resubmit it via this online portal. We apologize for the inconvenience.
Per SBA guidelines, independent contractors and self-employed individuals should submit their application on or after April 10, 2020.
We cannot guarantee loan approval or funds availability.
Please note: If your business and the qualified applicant for the loan did not have an existing deposit account with Boston Private as of March 31, 2020 you will need to work with your current banking partner to apply to the SBA Paycheck Protection Program, and you may not hear back from us. Due to overwhelming demand, we are only accepting applications from existing business clients at this time.
We appreciate your patience as we navigate the SBA’s guidance as quickly as possible to get you the funds you critically need. For more information on the Paycheck Protection Program, we encourage you to visit www.sba.gov. Please be safe and we wish you continued health.