We are here to help your business.
The SBA Paycheck Protection Program (PPP) is a federal loan program helping eligible small- and medium-sized businesses affected by the COVID-19 pandemic to assist with covering costs related to payroll and certain other expenses. Monson Savings Bank was proudly able to help many local businesses during the initial round of PPP and is committed to helping the business community once again.
PPP Second Draw:
$284 billion funds will be available for loan to both existing and new applicants. We are accepting applications at this time.
Contact the Commercial Lending PPP Team
If you need assistance with PPP funding, please contact one of our PPP experts below. We are here and ready to help you through your PPP application process.
Senior Vice President
|Darlene Mark||Vice President
Commercial Loan Officer
December 27, 2020: A second stimulus package has been signed into law which includes a an additional $284.45 billion for a second round of PPP funding.
January 15, 2021: PPP loan portal will open to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications. Monson Savings Bank will begin submitting application to the portal received from borrowers at this time.
New First Draw Loans:
If you haven't applied for a PPP loan, you may be eligible for a first draw loan. Contact our Commercial Lending PPP team for more information.
Second Draw Loans:
For businesses who already received a PPP loan during the first draw, they will be able to apply for a second draw loan to be capped at $2 million.
- Utlized entirety of first PPP loan
- Have fewer than 300 employees
- Experienced at minimum of a 25% reduction in gross receipts in any quarter in 2020, when compared against previous quarterly receipts.
Details are subject to change. Please check back for updates.