New Round of PPP Funding to Begin
North Shore Bank is pleased to be participating in the newest round of Paycheck Protection Program (PPP) loans — offered in conjunction with the Economic Aid Act approved on December 27, 2020. We will begin accepting applications immediately through our online portal.
As with the previous version of the program, provisions authorize the US Small Business Administration (SBA) to temporarily guarantee loans under the 7(a) loan program titled the Paycheck Protection Program (PPP). Loans guaranteed under the PPP program will be 100% guaranteed by SBA, and the full principal amount of the loans may qualify for loan forgiveness. For additional information regarding this program please refer to the United States Treasury website.
To submit a Paycheck Protection Program application now, simply click the button below and follow the online instructions. All supporting documentation must be uploaded through the portal, including a copy of the front and back of the applicant’s driver’s license, proof of payroll as of 2/15/20 and any other supporting payroll documentation.
Once your application is complete, and has been validated by the Bank, we will submit your loan to the US Small Business Administration for approval — starting as early as Tuesday, January 19th.
Other Important Considerations
Any incomplete applications could result in delays that could affect your approval status — particularly if the program becomes fully subscribed. It is also important to note that if the SBA funding pool for the Paycheck Protection Program is exhausted before your application is processed, then loan proceeds will not be disbursed.
You will be able to apply for your first or second PPP loan through this portal and you will be required to upload all documents to support your request. For more information about first-time PPP borrowing, click here. Current PPP loan customers can click here for further details.
Please note that if you are applying for a second PPP loan you will need the SBA Loan Number from your first PPP Loan, which can be found on your PPP Note (if you received your first PPP loan with NSB).
If you have any questions before beginning the application process, don’t hesitate to reach out at [email protected].