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PPP Loans | New Applications


On December 27th, the Economic Aid Act was signed into law, part of which provides for another round of funding for the Paycheck Protection Program (PPP). Once again, we stand ready to help local businesses obtain these critical funds to maintain operations. During the initial rounds, we underwrote 1,386 PPP loans totaling just over $223 million, and have helped over 1,000 of those borrowers initiate the loan forgiveness process to date.

PPP Loans will be available to both first-time borrowers (First Draw PPP Loans) and borrowers that have previously received a PPP Loan (Second Draw PPP Loans), although each has different eligibility requirements. First and 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.


Please note, for this new round of funding, we will only accept applications from new and existing customers conducting business in Hampden and Hampshire Counties (Western Massachusetts), Hartford and Tolland Counties (Connecticut) and communities adjacent to a branch location located in another county (view a list of our branch locations here).  The application must come directly from the customer; we will not accept agent applications on behalf of customers. For first draw and non-customers, please reach out to a member of our Branch Management Team (View our Branches Here) to begin the application process.


Applying for Forgiveness on an Existing PPP Loan?  


Second Draw PPP Loans
 

Eligibility:

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

  • Previously received a First Draw PPP Loan and has used or will use the full amount only for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan
  • Has no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Maximum Loan Amount:

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5 times average monthly 2019 or 2020 payroll costs up to $2 million. For Accommodation and Food Services businesses (NAICS Code beginning with 72), the maximum loan amount for a Second Draw PPP Loan is 3.5 times average monthly 2019 or 2020 payroll costs up to $2 million.

Forgiveness
 

First and Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses
  • At least 60% of the loan proceeds are spent on payroll costs

More Information
 

For more information, including eligibility, maximum loan amount and calculations, supporting documentation, terms and conditions, and forgiveness, please review the following important documents at the links below:

  • Frequently Asked Questions
  • Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
  • Interim Final Rule on Second Draw Loans
  • Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
  • How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type
  • Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide

U.S. Department of the Treasury

U.S. Small Business Administration

Frequently Asked Questions
 

Q:  If I received a PPP Loan earlier in the year, am I required to apply for forgiveness before I can apply for a new Second Draw PPP Loan?

A:  No, you are not required to apply for forgiveness on your original PPP Loan before applying for a new Second Draw PPP Loan. However, you must have used or will use the full amount of your original PPP Loan only for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan.

 

Q:  What date must I have been in operation to be eligible for a PPP Loan?

A:  You must have been in operation on February 15, 2020, and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099–MISC, or you were an eligible self-employed individual, independent contractor, or sole  proprietorship with no employees.

 

Q:  I did not upload my supporting documentation when I submitted my application, how can I upload documentation afterwards?

A:  Once your application is submitted, you will receive a system generated email with a link to upload additional documentation. If you do not receive or have deleted this email, please call our PPP Help Desk at 413.598.3100.

 

Q:  I am submitting a new First Draw PPP Loan.  Since I am not in your PPP Loan system, I have contacted the bank and provided the necessary information. When and how do I start my application?

A:  Once you provide the bank with your information, you will be able to access our PPP Loan system and start your application within 1-2 business days. You will not receive a confirmation email and should access the system and start your application the following business day. If you are still unable to start your application after 2 business days, please call our PPP Help Desk at 413.598.3100.

Application Process
 

*** Please note, the U.S Small Business Administration (SBA) has established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees from Wednesday, February 24th - Tuesday, March 9th.  Applications received during this time period from borrowers with fewer than 20 employees will be submitted to the SBA.  Applications received during this time period from borrowers with 20 or more employees will be held until Wednesday, March 10th and then submitted to the SBA.***


Which of the following best describes your situation?
 

  • Have NOT Previously Applied for a First Draw PPP Loan OR Received a First Draw PPP Loan from Another Financial Institution
    Please contact us so that we can add your information to our PPP Loan System. You will not be able to access the online application until you contact our Call Center or one of our branch locations.
     
  • Received a First Draw PPP Loan from Westfield Bank
    Your information is already in our PPP Loan System. Please follow the steps below to apply.
     

To start the PPP Application Process, you will need to enter the following information:

  • Borrower's Tax Identification Number (TIN)
  • Email address of one Authorized Representatives
  • Social Security Number of that Authorized Representative

Once your information is verified in our systems, you will be guided through the online application. To streamline the process, this online application is completed solely by the borrower. You may be required to upload supporting documents. If you have specific questions regarding these documents, please contact your accountant or tax professional.

Fraud Alert
 

Unfortunately, during difficult times, there are individuals that try to take advantage of others during moments of weakness. The Coronavirus Pandemic is no different from many of these events. There have been increased reports of fraudulent emails and telephone calls, as well as fraudsters purporting to be agents of the SBA conducting site visits related to the PPP and other loan programs. The SBA is NOT conducting site visits and would NEVER request copies of sensitive documents in person. Please contact local authorities should you be visited by these individuals.

Questions?
 

Please call the PPP Help Desk at 413.598.3100 for more information regarding the PPP application process. As always, thank you for choosing Westfield Bank.