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Has COVID-19 negatively impacted your business?
Our business lenders can help.

Updated Monday, May 20

In addition to the humanitarian cost, the coronavirus pandemic has had a profound effect on the global, national, regional, and local economies. 

At Westfield Bank, we understand the fiscal challenges this pandemic has created for our business customers. If you're experiencing financial difficulties due to COVID-19, there are resources available. Please contact your commercial or small business loan officer so we can get up to speed on your situation and guide you towards available options. 

In addition to encouraging you to contact us, we wanted to share some lending and employee resources that might be helpful for your business. 

Paycheck Protection Program


Westfield Bank participated in the U.S. Small Business Administration (SBA) Paycheck Protection Program since its inception on April 3rd. Please note, as of May 15th the bank is no longer accepting new applications.

Westfield Bank is in the process of entering applications received to date.  Once an application is entered, you will receive an email to upload supporting payroll documentation if you have not provided it already. After acceptance from the SBA, you will receive an email with closing documentation and funding instructions, which must occur within 10 calendar days of approval in accordance with SBA guidelines.  In the event an application is incomplete or missing documentation, the applicant will be contacted to request the necessary information.

The Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is implemented by the U.S. Small Business Administration (SBA) with support from the U.S. Department of the Treasury. This program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Document Links

Frequently Asked Questions (5/19/2020) (PDF)
Interim Final Rule on Treatment of Entities with Foreign Affiliates (5/18/2020) (PDF)
Interim Final Rule on Eligibility of Certain Electric Cooperatives (5/14/2020) (PDF)
Interim Final Rule on Loan Increases (5/13/2020) (PDF)
Interim Final Rule on Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request (5/8/2020) (PDF)
Interim Final Rule on Nondiscrimination and Additional Eligibility Criteria (originally posted 5/5/2020) (PDF)
Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders (originally posted 4/30/2020) (PDF)
Interim Final Rule on Disbursements (originally posted 4/28/2020) (PDF)
Interim Final Rule Additional Criterion for Seasonal Employers (originally posted 4/27/2020) (PDF)
How to Calculate Maximum Loan Amounts by Business Type FAQs (4/24/2020) (PDF)
Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility (originally posted 4/24/2020) (PDF)
Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans  (originally posted 4/14/2020) (PDF)
Affiliation Rules (4/3/2020) (PDF)
Interim Final Rule on Applicable Affiliation Rules (originally posted 4/3/2020) (PDF)
Interim Final Rule 1(originally posted 4/2/2020) (PDF)
Borrower Information Sheet (3/31/2020) (PDF)
Program Overview (3/31/2020) (PDF)


*IMPORTANT* Please review the Interim Final Rule (IFR), Interim Final Rule/Additional Eligibility Criteria, and Frequently Asked Questions (FAQs) above provided by the U.S. Department of the Treasury, including IFR/Page 10 and FAQs/Questions 14 and 20, for important information on payroll costs and loan forgiveness:

  • Question: What qualifies as “payroll costs”?
  • Answer: Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
  • Question: What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts?
  • Answer: In general, borrowers can calculate their aggregate payroll costs using data either from the previous 12 months or from calendar year 2019. For seasonal businesses, the applicant may use average monthly payroll for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. An applicant that was not in business from February 15, 2019 to June 30, 2019 may use the average monthly payroll costs for the period January 1, 2020 through February 29, 2020. 

    Borrowers may use their average employment over the same time periods to determine their number of employees, for the purposes of applying an employee-based size standard. Alternatively, borrowers may elect to use SBA’s usual calculation: the average number of employees per pay period in the 12 completed calendar months prior to the date of the loan application (or the average number of employees for each of the pay periods that the business has been operational, if it has not been operational for 12 months).
  • Question: The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?
  • Answer: The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.

Additional information can be found at the U.S. Department of the Treasury and the U.S. Small Business Administration websites.

SBA Disaster Loans

The U.S. Small Business Administration's Economic Injury Disaster Loan (EIDL) program for businesses, private non-profits, homeowners, and renters is available for those impacted by COVID-19.  Learn more >

SBA Express Bridge Loans

The U.S. Small Business Administration's SBA Express Bridge Loan program can help overcome temporary loss of revenue or be used to bridge the gap while applying for an Economic Injury Disaster Loan.  Learn more >

MA Small Business Recovery Loan Fund

This program is closed to new applications. For program information or to check an application in progress, click here > 

CT Recovery Bridge Loan Program

This program is closed to new applications. For program information or to check an application in progress, click here >

Executive Office of Labor and Workforce Development 

The Executive Office of Labor and Workforce Development offers resources for businesses related to employee benefits. Helpful information includes:

These are certainly trying times, but we're confident the resilient spirit that defines our community will shine through. Thank you for your continued support and the trust you've placed in us. Please stay safe and know that you can always count on Westfield Bank.