New PPP Applicants FAQ
If you did not draw from the first round of the Paycheck Protection Program in 2020, and you are a Boston Private client, you will now be able to apply for a first draw PPP loan.
AM I ELIGIBLE?
To be deemed eligible for a PPP loan your businesses must
- Have been in operation on February 15, 2020; and
- Be a small business or non-profit 501(c)3 with fewer than 500 employees (including sole proprietors, independent contractors, self-employed persons, private non-profit organization, or 501(c)(19) veterans organizations, 501(c)(6) organizations that meet certain criteria, housing cooperatives, direct marketing organizations, and certain non-profit news organizations).
In addition to the above, Boston Private requires that you are a business banking client with a Boston Private deposit account open in the name of the applicant business as of January 1, 2021.
HOW DO I APPLY?
By completing these forms -
- The SBA First Draw Application in our portal
- Gather and provide all supporting documentation including payroll information. Here is a link to the full list of Required Documentation. It is very important that you have all the necessary documents prepared when you are ready to submit.
Please save required documentation to your computer and upload to our online application when available. We hope to have the application available online by 1/18/2021.
WHAT IS THE APPLICATION DEADLINE?
Applications will be accepted through March 31, 2021, or until the funding has been exhausted, whichever is sooner.