At Sawyer Savings Bank, we’ve weathered numerous financial and economic environments since 1871, and we are committed to making proactive, customer-oriented decisions during this difficult time as well.
Our communities and customers have loyally supported us for 150 years, and we are here to support your needs during this extremely difficult time. We deeply understand the challenges our local families, businesses, and non-profits are facing right now. One of the benefits of banking with a community bank, like Sawyer Savings, is our ability to listen and understand your unique circumstances.
Paycheck Protection Program Draw 2 Information
Paycheck Protection Program Draw 2 Information
The SBA has released rules for PPP2. In reviewing them, we prepared a quick synopsis for what the 2nd round of funding entails:
- The interest rate remains 1% while the term of the loan is 5 years
- Eligibility of PPP2:
- An employer must have 300 or less employees,
- A 25% reduction of gross revenue between any one (1) quarter in 2020 compared to 2019 (For example April, May and June of 2020 must have a reduction in gross revenues of 25% or more compared to April, May, and June of 2019),
- has used all funds given in the 1st round of funding prior to disbursement of the 2nd PPP loan
- Calculation of PPP2 Loan Amount:
- The monthly average of the last 12 months of payroll prior to loan OR 2019 payroll, multiplied by 2.5x (same as the 1st round)
- NAICS codes beginning with 72 are eligible for 3.5x times payroll amount. This would be for Accommodations, Hospitality, Restaurants and Food Service companies.
- Documentation:
- No additional docs needed if Borrower uses 2019 payroll as the basis for PPP2 loan and uses the same lender.
- If utilizing payroll for the last 12 months, we will need to see a payroll summary by employee, similar to last time.
- Loans under SBA review must be resolved before applying for a 2nd Draw
How Do I Apply?
Please visit the link to this application below and fill this out to the best of your ability. If you need help, please email us at ppp@sawyersavings.bank or call us at 888.772.1871. We’re here to help.
We are working diligently to track and review these programs to ensure that we will be able to assist you with your needs. We realize that these are daunting times, but we will be here to offer assistance and help you navigate through the process of obtaining assistance with your financial needs for both your family and your business. We are passionate about helping our customers and communities and, together we will get through these difficult times and be able to enjoy better times ahead.