The Paycheck Protection Program provides forgivable loans to small businesses to help them pay their employees and cover other eligible expenses during the COVID-19 crisis. Applications for the second round are now being accepted.
UPDATES: Second Round of the Paycheck Protection Program
- If you are applying for a new PPP loan, please do so by March 15, 2021. As of now, the SBA will not be allowing application submissions beyond March 31, 2021, and we will need sufficient time prior to this date to review your application. Please apply now.
- If you are a first time applicant we have created an overview of what you need to know here. If you are applying for a second time we have also created an overview of the process here.
- In order to apply, 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.
Documentation Needed Before Applying for a PPP Loan
In preparation for applying for this next round of PPP please gather all supporting documentation including payroll information with your application. Below 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.
UPDATES: Forgiveness Applications
- Boston Private has temporarily stopped accepting forgiveness applications while we implement new submission forms in the portal.
- We anticipate that these forms will be live in the portal by March 31, 2021 and will notify you once implemented.
- We have added How-To videos to the website to better educate clients on the forgiveness portal. You can watch them here.
- Boston Private has partnered with EY to bring you additional technical resources and expertise on the SBA Forgiveness Rules. You can access the Knowledge Center through the details below.
- EIDL Advance Deduction Requirement for SBA PPP Loan Forgiveness
- Boston Private PPP Portal
- What Documents Do I Need for Forgiveness?
- How to check your status in the Forgiveness Portal
- Frequently Asked Questions
- Client Town Hall: Paycheck Protection Program Loan Forgiveness Webinar
- Client Town Hall: Paycheck Protection Program Loan Forgiveness Deck (PDF)
- Small Business Administration website
- US Department of the Treasury FAQs
Boston Private has partnered with EY to bring you additional technical resources and expertise on the SBA Forgiveness Rules. Although these resources will not replace advice you receive from your tax attorney or CPA, they can help you understand a number of the more complex topics related to forgiveness.
To access the Knowledge Center, you will need to follow the instructions below:
- First you must create credentials using the email you used to apply for the PPP Loan in our Portal. Start Here
- Once Credentials have been created, you may access the Knowledge Center Here
Please note that your Knowledge Center login is different than your Portal login.
Client Town Hall: Paycheck Protection Program Loan Forgiveness
Listen to our webinar on the loan forgiveness phase of the Paycheck Protection Program. Jim Brown, President of Commercial Banking, leads a discussion with professionals from Ernst & Young for an overview of the loan forgiveness process. The discussion also includes details on the concepts, calculations and application steps necessary for loan forgiveness.
If you have a question that is not covered in the resources listed on this page, you can submit one here for our team to review.