On this page, you will find:
- UPDATED January 19, 2021: Is Main Street Bank accepting new Paycheck Protect Program (PPP) loan applications?
- What is the Paycheck Protection Program?
- Is Main Street Bank accepting PPP Forgiveness loan applications?
- What should I do if I need support paying my business loan at Main Street Bank?
- How do I protect my business against fraud during this time?
- What if I have my personal accounts at Main Street Bank?
- What resources are there to help businesses during this time?
Is Main Street Bank accepting new Paycheck Protect Program (PPP) loan applications?
Yes, Main Street Bank is accepting additional PPP loan applications. Applications can be submitted online using the link below. Before submitting an application, please make sure your business meets the following criteria:
- Applicant Location: For SBA PPP applications, businesses must be located in Massachusetts or New Hampshire.
- Second Draw Applicants: If you previously received PPP funding for your business in 2020, you will be required to provide documentation demonstrating a revenue reduction of at least 25%, and have maintained ongoing activity in a primary deposit account with Main Street Bank since your original PPP loan deposit, to qualify for a new PPP loan with Main Street Bank.
- New Customers: If you are not an existing commercial lending or business deposit customer, you will be required to open your primary operating deposit account with Main Street Bank prior to closing your PPP loan.
What is the Paycheck Protection Program?
According to the U.S. Treasury, the Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. To see the program overview, visit these government resources.
Is Main Street Bank accepting PPP Forgiveness loan applications?
Our online SBA PPP loan forgiveness application portal is available via a customized link. You can now request a customized forgiveness application link by sending an email to the SBAPPP email on the PPP Forgiveness Instructions and Application Training page here.
Please note, your link may take longer to be sent due to the high volume of requests. We will update you with any new information.
What should I do if I need support paying my business loan at Main Street Bank?
For customers with a current business or commercial loan at Main Street Bank who are in need of loan payment relief due to circumstances related to COVID-19, we have developed a streamlined process designed to help with financial challenges. Please contact your commercial loan officer to find out more about loan payment relief.
How do I protect my business against fraud during this time?
Main Street Bank’s Cash Management solutions offer robust and automated ways to mitigate and protect your accounts from fraud.
To take advantage of these services, contact our Cash Management team today.
We also always encourage you to be cautious when opening emails and visiting websites. You should always be mindful when clicking on links from sources you don’t know or opening and clicking within emails sent from people or organizations you are not familiar with. Scammers have already tried to take advantage of the current economic and public health environment, and you should be critical of all information you receive from unknown sources. Learn more about what to look out for from the Federal Trade Commission Consumer Information or the Federal Communications Commission.
What if I have my personal accounts at Main Street Bank?
We are offering additional support and resources to our personal banking customers.
What resources are there to help businesses through this time?
We understand this is a challenging time for all our customers and neighbors, and offer you support by sharing the following reputable resources to help you manage your finances and get through this period.
RESOURCES FOR BUSINESSES