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Paycheck Protection Loan Program (PPP) Application Process

Paycheck Protection Loan Program (PPP) 

Application Process

The SBA released its final application, calculation to determine loan amount, and supporting document requirements on April 2, 2020.

Application Steps

  1. Download here the final approved application. 
  2. Verify your eligibility and calculate the maximum amount that you can borrow.  The eligibility information and calculation can be found on Page 5 to Page 13 of the SBA Interim Final Rule click here.
  3. Thoroughly complete the application.
  4. Compile all supporting detail required, including documentation necessary to establish eligibility click here and review Page 6 of the SBA Interim Final Rule.

    Payroll processor records, payroll tax filings, or Form 1099-MISC or income and expenses from a sole proprietorship.

    For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.

  5. Upload your completed application along with a copy of all supporting detail here. Only completed applications with supporting detail will be accepted. 

 

Please Note

  1. StonehamBank reserves their rights to ask for additional information necessary to process and document the loan.  
  2. StonehamBank will adhere to its credit and approval policies.
  3. The SBA has not provided final guidance to banks regarding application submission methods to the SBA for approval, length of time for approval, and loan funding processes.   StonehamBank will collect the required application and supporting detail from businesses and begin the review process.   Because final guidelines mentioned above have not been provided, StonehamBank reserves the right to discontinue the program at any time at its sole discretion.

Who should I contact at StonehamBank for 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

Christoper Macomber, Vice President | Commercial Loan Officer 

Have any questions?

 

Contact Us or Schedule an Appointment.

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