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Coronavirus (Covid-19) Business FAQs

Government COVID-19 Disaster Relief Programs FAQ

Below is a list of the programs available to business owners through state and federal government agencies and the status of the programs. We will be regularly updating this page. Check back regularly for updates as conditions change.

Paycheck Protection Loan Program (PPP)

The Small Business Administration (SBA) announced that additional funds for the Paycheck Protection Program (PPP) have become available. While StonehamBank cannot guarantee that you will receive funding because of the limitation on funds and high demand across the country, the Bank will continue to aggressively move our existing applicants through the application process. At this time, we are not accepting new applications for this program.
 
As a reminder, our team will notify you if/when:
 
  1. We are missing supporting documentation from your application.
  2. The SBA provides a tracking number.
  3. The SBA provides an approval number.
  4. Your closing is scheduled.
 
The SBA requires StonehamBank to verify your payroll calculations and supporting payroll information before we submit the application. If you have not provided a complete PPP application with all supporting payroll information, it will delay the processing of your request. We will process completed applications first.
 
We will continue to update our customers through the process as updates become available.
Please be patient and know we are working hard for you. If you have any questions or concerns, please reach out directly to your loan officer.

 

Economic Injury Disaster Loan and Loan Advance (EIDLL)

This loan program consists of the potential for an advance of up to $10,000 to small businesses that are negatively affected by the Coronavirus and also provides the option to apply for a longer term loan of up to $2 Million to small businesses for working capital.

This loan program is up and running. The Small Business Administration SBA underwrites these loans directly with no involvement of a Bank. 

For more Information and to fill out an application, click here.

Small Business Adminstration (SBA) Bridge Loan (EBL)

This loan’s purpose is to supplement the SBA’s Disaster Loan mentioned above.  It is a bridge loan up to $25,000 that is available quickly via the SBA express program. 

This program is currently not available at StonehamBank.

Massachusetts Growth Capital Corporation

The purpose of MGCC is to create and preserve jobs at small businesses, inclusive of those owned by women, minorities, immigrants and veterans. MGCC also works to promote economic development throughout the Commonwealth, with special paid attention to business needs in underserved areas, Gateway Cities and low to moderate income communities.

For more information click here.

 

Who should I contact at StonehamBank with any questions or concerns?

Please feel free to contact any member of our Commercial Lending team:

Mark Drew, Senior Vice President | Senior Commercial Loan Officer

Michael DeMarco, Vice President | Commercial Loan Officer

Christopher Macomber, Vice President | Commercial Loan Officer

 

Have any questions?

 

Contact Us or Schedule an Appointment.

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