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:
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 info@Manasquan.bank.
*The SBA Guidance for PPP Loan Forgiveness is subject to change.
In an effort to support our borrowers and ensure they take full advantage of the program, we would like to provide loan Forgiveness guidance.
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:
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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