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Paycheck Protection Program


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

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.

Paycheck Protection Program
 

Program Updates (Including Information on Loan Forgiveness)

  • Westfield Bank participated in the U.S. Small Business Administration (SBA) Paycheck Protection Program since its inception on April 3rd. Please note, although the SBA is accepting applications through June 30th, the bank is no longer accepting new applications.
     
  • The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to high subscription, at least 60% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. 

    The SBA continues to provide guidance on the loan forgiveness process. Once finalized, applicants of funded loans will receive an email outlining the necessary steps which will include uploading payroll documentation. There is no action required prior to receiving this email. The documents below are being provided for general information and to assist with gathering documentation, they do not need to be completed or submitted to the bank at this time.


Loan Forgiveness Document Links

Loan Forgiveness Application (6/16/2020) (PDF)
(This is for information only. This document does not need to be completed or submitted to the Bank at this time.)

Loan Forgiveness Application Instructions (6/16/2020) (PDF)
(This is for information only. This document does not need to be completed or submitted to the Bank at this time.)

Loan Forgiveness Application Form EZ (6/2020) (PDF) 
(This is for information only. This document does not need to be completed or submitted to the Bank at this time.)

Loan Forgiveness Application Form EZ Instructions (6/2020) (PDF)
(This is for information only. This document does not need to be completed or submitted to the Bank at this time.)

Interim Final Rule on Loan Forgiveness (5/22/2020) (PDF)

Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule (6/22/2020) (PDF)

 

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