East Cambridge Savings Bank today announced its participation in the latest round of the Small Business Administration’s Paycheck Protection Program (PPP) – a loan program designed to help small and medium size businesses by providing loans that can be forgiven if certain criteria is met. Under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, the newly expanded Paycheck Protection Program provides:
A first draw option (“First Draw PPP”) for first time borrowers who never had a PPP loan.
A second draw option (“Second Draw PPP”) to eligible borrowers that previously received a PPP loan.
The Bank is accepting applications now through March 31, 2021.
During the initial rounds of PPP funding, the Bank helped keep paychecks going to 3,000 local employees. “When the Paycheck Protection Program was made public last spring, we immediately began working with both existing and new customers to process applications and get this critical funding to small businesses,” stated Tim Bombard, the Bank’s chief lending officer. “We fully intend to do that again and continue to do our part to assist small businesses throughout the communities we serve.”
Another important component of this program is that businesses can have the loan forgiven if certain criteria is met – which means they would not need to repay the loan. “In addition to helping local businesses, this program enables us to build strong relationships with customers. After a business receives PPP funding, our lending team can help them if they pursue loan forgiveness,” said Bombard.
Participating in the Paycheck Protection Program is one of many ways the Bank is helping customers and the community navigate the COVID-19 pandemic and business interruptions. “As a local bank, we are committed to doing our part to help small businesses and community members get through this crisis,” said the Bank’s president and chief executive officer Gilda Nogueira. “While help is on the way in the form a vaccine, there are more difficult months ahead for the small business community. The Bank is committed to doing everything we can to help these businesses continue to operate and emerge stronger when this is over.”
PPP loan applications are now being accepted online. To begin the application process with East Cambridge Savings Bank, please visit https://forms.onlineaccountaccess.com/secure1/eastcambridge or contact the Bank at [email protected]