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Updated March 31, 2021

New federal legislation, signed into law on March 30, 2021, a bill extending the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The PPP Extension Act allows loan applications to the program—which had been set to expire March 31, 2021—for two more months and gives the SBA 30 additional days to process loan applications made by the new May 31, 2021 deadline.

Information about Second Draw PPP loans 

The legislation allows eligible prior PPP borrowers to receive a "second draw" PPP loan if they have used all of their first loan proceeds (or will have by the time of disbursement of the second loan) have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%. For details on eligibility and requirements for this new round of PPP lending, please visit the SBA website.

How to Apply:

To ensure timely and efficient processing of your PPP second-draw application, please review and complete the following steps:

  1. Contact either your Commercial Lending Officer, Business Development Officer or Branch Manager for the Application Link. We will then determine your application eligibility (must maintain a primary Business account relationship with Manasquan Bank) and then provide you with the Application Link. 
  2. Once your application is completed, you may then electronically submit it to the Bank.
  3. Your application will then be forwarded to the SBA for processing. Please note: the application will be submitted once the SBA submission portal is open. 
  4. The SBA will review the application and once we have received a response from the SBA, Manasquan Bank will notify you with the next steps. 

To learn more about the SBA’s Interim Final Rule for the new PPP Second Draw Loans, please click here 

Information about First Draw PPP loans

According to the legislation, first draw PPP loans will be available to businesses with 500 or fewer employees that have not previously received a PPP loan to help with payroll, rent, utilities, healthcare costs and more.

How to Apply:

If you are first draw applicant and maintain your primary business account at Manasquan Bank please contact either your Commercial Lending Officer, Business Development Officer, or a Branch Manager.

If you have questions or need assistance, please contact the Commercial Lending Department at 732-292-8450 or email us at

Paycheck Protection Program (PPP) Loan Forgiveness Guidance*

*The SBA Guidance for PPP Loan Forgiveness is subject to change.

PPP Loan Forgiveness FAQ Guide

In an effort to support our borrowers and ensure they take full advantage of the program, we would like to provide loan Forgiveness guidance.

  • An email was sent to PPP borrowers on June 12, 2020, and a reminder on July 14, 2020, with instructions on how to apply for loan Forgiveness. Each borrower received a unique link that directs to a Forgiveness application through our portal.
  • If a loan was approved prior to June 5, 2020, the borrower is able to apply for forgiveness after their choice of either 8 weeks or 24 weeks “covered period” from receipt of loan funds. For loans made after June 5, 2020, the “covered period” is 24 weeks, and cannot extend after December 31, 2020.
  • When the borrower logs into the unique link provided, they will be directed to create a PIN (see attached) by entering 6-12 characters including numbers, letters, and special characters. For a PIN reset, please contact Commercial Lending.
  • Once logged into the portal, borrowers are encouraged to check their eligibility status to complete the 3508EZ (EZ Form) which is half the size of the revised full form – two pages rather than four.
  • When the borrower submits a completed loan Forgiveness application, the lending department will review the application and submit it to the SBA (once available) on their behalf.
  • The SBA is presently finalizing a partnership with a third party software company to collect the completed PPP Forgiveness applications from us (the Lenders). As of now, the SBA has not been able to provide any guidance as to when that submission portal will be available. The SBA has also noted that borrowers should be aware that the entire Loan Forgiveness process may take up to 5 months (60 days for lender to review application and 90 days for SBA to respond). The loan payments will be deferred during this time, however interest will continue to accrue.

In addition, please visit the SBA website to reference guidelines. 

SBA Disaster Assistance, Economic Injury Disaster Loans (EIDL)

Clients may be eligible for a low-interest disaster assistance loan. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The EIDL program is being offered directly through the SBA. Please note that an application submission to this program may prohibit participation in PPP. Please contact the SBA for further details.

Please click here to complete the EIDL application directly thru the SBA. 

In addition, Manasquan Bank is offering disproportionately impacted borrowers the following:

  • Negative Credit Impacts Resulting from Relief: Manasquan Bank will not report derogatory trade lines (e.g., late payments) to credit reporting agencies, consistent with applicable guidelines, for our borrowers taking advantage of COVID-19-related relief. 
  • Relief from Fees and Charges: For at least 90 days, Manasquan Bank will waive Commercial Lending fees for clients who have requested assistance.

As always, we’re here to help you access the resources you need. Please contact your commercial lender partner or contact us for additional information at 844.626.2265.​



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