It’s time to apply for a Paycheck Protection Loan with your Local SBA Lender
What is the Paycheck Protection Program?
The Paycheck Protection Program provides 1% interest business loans to cover up to 2.5 times your average monthly payroll costs, with a cap of $10 million. The loans partially convert to grants as long as the majority of the loan is used for “payroll costs, interest on mortgages, rent, and utilities” The purpose is to help companies keep their staff employed when there might be little or no income coming in. Companies, including sole proprietors, the self-employed, independent contractors, nonprofits, and veterans’ organizations can apply through participating lenders starting TODAY.
What you need to know:
- You can borrow up to 2.5 times your average monthly payroll costs at an interest rate of 1%.
- The loan term is 2 years, but you get 6 months off from having to make payments.
- Eight Weeks of the payroll costs, interest on mortgages, rent, and utilities are CONVERTED TO A GRANT!!!
- You will need a report of your Average Monthly Payroll. This is used to calculate the amount of the loan.
- The money for the loan $349 billion is available until it runs out. Don’t Wait! Apply TODAY if Possible!
Littleton Area SBA Lenders
Here is a list of Participating SBA Lenders in Littleton. We reached out to all of them to get more info on how to apply and details are below. I hope this saves you some time. Note that most lenders require you to have a deposit account to apply with them.
- Main Street Bank – Stated that they will take applications on their website sometime soon. I recommend that you visit the site frequently to apply. https://www.bankmainstreet.com/ Call to confirm: (978)-486-8777
- Middlesex Savings Bank – Stated that they will take applications on their website sometime soon. I recommend that you visit the site frequently to apply. https://www.middlesexbank.com/ Call to confirm (978) 952-6366
- DCU – Call to be put on a list and they will get back to you (800) 328-8797
- Northern Bank – Call to be put on a list and they will get back to you. (978) 486-3543
- Citizens Bank – Call to be put on a list and they will get back to you. (617) 551-6216
- Workers Credit Union -Call to schedule a conference with a loan officer. (978) 345-1021
Details from Authoritative Sources:
Good luck!!!
James Kennedy
President
Littleton Business Association
Cell: 978-590-1460
Office: (978) 851-9077
www.mbateam.com
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Become an LBA Member For a Vibrant Business Community!
In order to become a member you must be an owner, partner, corporate officer or designated representative of a recognized business, business activity, profession, or other legitimate business enterprise located in or with offices in the Town of Littleton, or in an adjacent Town, whose business or activity has a business interest involving citizens of the Town of Littleton or with the Littleton business community. Members who represent a business that do not have an office located within the Town of Littleton shall not have voting rights for the organization but can participate in member activities to support the The Town of Littleton.
About the LBA
The Littleton, MA Business Association (LBA) is a an opportunity advocacy organization committed to facilitating a robust and vibrant business climate in Littleton that not only serves the interests of the membership but, also serves to better the community at-large.
The LBA seeks to inform and enlighten public officials and the general public on issues of importance to the business community in Littleton. The LBA exercises advocacy though the use of various means and media. Further, the LBA recognizes that through direct involvement with public officials and the public at-large, the membership can work with key stakeholders to help shape conditions in Littleton that mutually benefits all of Littleton.
The purpose of the association shall be to promote and encourage the commercial, retail, professional, artistic and civic interests of the residents and businesses within the Town of Littleton through the provision of information, education, and communications among the members and others interested in the Town of Littleton and the formulation of policies, plans and projects consistent with the economic, physical and social vitality of the Town.
