Are you sure you want to Cancel this loan forgiveness application. Note: Once this application is started, you will not be able to save or return to previously completed pages. Check back here for further updates. Where do I find the PPP First Draw SBA Loan Number assigned to my First Draw PPP Loan? 7. Included PPP forgiveness, second loan draw and hold harmless language. At Bank of America, the Paycheck Protection Pr… 90% Upvoted. About Second Draw Loans. Maximum loan amount for a Second Draw Loan. A borrower is generally eligible for a Second Draw PPP Loan if the borrower: • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; Refer to your bank account records or emails received from Webster Bank for the correct ‘PPP Loan Disbursement Date’. The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. According to the law, Webster has sixty (60) days from receipt of a complete Forgiveness Application to render a forgiveness decision to the Borrower and the SBA. Webster provides fast and easy banking with better checking and savings, smarter financing, and more ways to help you build your nest egg. If only a portion of the loan is forgiven, or if the forgiveness request is denied, any remaining balance due on the loan must be repaid by the borrower on or before the maturity date of the loan. Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any … If you have any questions, please refer to our FAQ page or call us at 800-325-2424. The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating banks, including Bank of America, must follow. Per SBA guidance, the Lender has 60 days from receipt of a complete application to issue a decision to SBA. 9 comments. • Second draw PPP loan application – for eligible borrowers who received a PPP loan in a previous round of PPP lending through Bank of America For the latest details on PPP, including program rules … Cornerstone Bank announces new leadership posted on January 15, 2021 Todd Tallman and Randal D. Webber began new positions January 1 Cornerstone Bank, a community bank with 12 … Borrowers who previously participated in PPP are eligible for a second draw loan if they have used the full amount of the first loan … https://www.linkedin.com/company/webster-bank, https://www.pinterest.com/officialwebsterbank/, PPP Second Draw Loan less than or equal to $150,000*, PPP Second Draw Loan over $150,000 (capped at $2,000,000)**, relevant tax forms (941, 1040, 1099, etc. Second Draw: The maximum loan amount for a Second-Draw PPP loan is $2 million or an amount calculated using the payroll-based formula provided under the Second Draw PPP program, … You will be required to start the process from the beginning. Thank you for choosing Webster for your Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan. To reflect changes made by the PPP Flexibility Act, the SBA revised the standard Loan Forgiveness Application Form 3058 and released a new three-page Form 3508EZ. Webster Five is excited to provide information … If a PPP loan received an SBA loan number before June 5, 2020, the loan has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. Congress passed and President Trump signed amendments to the March 2020 CARES and other laws to create a new round of Paycheck Protection Program Loans to first-time borrowers; and a new PPP Second Draw Program for previous PPP borrowers. Our CEO, Michael Welch, was interviewed today about the Paycheck Protection Program (PPP) and how UniBank has already provided over $30M in loans for the second draw. To receive loan forgiveness, a borrower must complete and submit the Loan Forgiveness Application (SBA Form 3508, 3508EZ, 3508S) to the Lender. If SBA determines in the course of its review that the borrower was ineligible for the PPP loan based on the provisions of the CARES Act, SBA rules or guidance available at the time of the borrower’s loan application, or the terms of the borrower’s PPP loan application (for example, because the borrower lacked an adequate basis for the certifications that it made in its PPP loan application), the loan will not be eligible for loan forgiveness. The maximum loan amount for a Second Draw PPP loan is 2.5 times your average monthly 2019 or 2020 payroll. You’re likely considering the next step of applying for loan forgiveness from the SBA. If you are using 2019 payroll to calculate loan amount, that information should have been submitted with your First Draw loan and should be on record. The PPP Flexibility Act, which became law on June 5, 2020, extended the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. share. Webster Bank Chair Christine Channels Bank of America Chair-Elect Michelle Lee Wells Fargo. Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. … We offer personal banking solutions in CT, NY, MA, and RI. How can I apply? The SBA will have up to ninety (90) days to remit the appropriate forgiveness amount to Webster.*. Your SBA Loan Note (included in the Webster Bank closing documents sent via DocuSign) contains these and other important elements you’ll need to complete your Loan Forgiveness Application. Paycheck Protection Program (PPP) NOTICE: The Regions PPP Loan Portal is open for new first draw and second draw PPP Loan applications. Once your application is submitted, it may take several … Thank you. Webster Bank, the Webster Bank logo and the W symbol are trademarks of Webster Financial Corporation and Registered in the U.S. Patent and Trademark Office. Second Draw loans are targeted at smaller and harder-hit businesses with 300 or fewer employees that have used up, or have plans to use up, the full amount of their initial PPP loan. Borrowers that do not qualify to use Form 3508EZ must use the standard Form 3508. If you continue to our site, you agree to the use of such cookies and similar technology. 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