Paycheck Protection Program (PPP)
UPDATE (5/5/2021): The Small Business Administration is no longer accepting PPP applications.
Watertown Savings Bank has helped many local businesses secure PPP loans. WSB will continue to monitor and inform its business community of any future changes and availability of PPP.
This application portal will lead you through your PPP Loan application, whether you are new First Time PPP Borrower or applying for your Second Draw PPP Loan.
If you are not currently a WSB customer, upon submission of your application, we will require that you open a WSB checking account. This will enable us to take the government-required identification and documentation steps necessary to grant the loan. If your loan is approved, we will fund your SBA loan using this account.
UPDATE 5/5/2021:
The SBA announced that it will no longer accept new PPP applications.
UPDATE (3/4/2021):
The SBA has adjusted PPP payroll Calculation for Sole Proprietors Borrowers
Sole proprietors who haven't already received a second draw could potentially qualify for a larger PPP loan by using their gross income from their schedule C rather than their net income. This calculation change will apply only to loans approved after the rule's effective date. Borrowers that have already had their loans approved cannot increase their PPP loan amount based on the new maximum loan formula. This rule change only applies to borrowers who have not already been approved for a second draw.
What does the newly reopened PPP do?
- Creates more favorable terms for the borrower and more simplified loan forgiveness
- Establishes a Second Draw opportunity, making additional loans available for existing PPP borrowers
- Increases the loan amounts available to specific industries such as restaurants and food service
- Sets aside $15 billion exclusively for customers of community banks like Watertown Savings Bank, so we are pleased to be able to work with you should you desire to explore a PPP loan
Who can WSB help?
- Existing WSB PPP Borrowers
- Existing WSB Business Customers
- First-Time PPP Borrowers
- Newly Eligible PPP Borrowers:
- 501(c)(6) organizations (Chambers of Commerce, Trade Associations, Real Estate Boards, Professional Associations, Boards of Trade, Business Leagues)
- Housing Cooperatives
- Newspapers
- Broadcasters
- Radio Stations
- Existing PPP Borrowers who received their first draw from another institution
