Paycheck Protection Program (PPP)
The Village Bank understands how important local businesses are to our communities, and we’re committed to supporting you through good – and uncertain – economic times. That is why we were proud to originate $44 million in loans through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which helped 460 local businesses meet the unprecedented challenges of COVID-19.
Our work, however, is not done.
We are committed to participating in the next round of PPP funding and to helping provide the resources and support you and your business need to capitalize on the relief available to you. Therefore, whether you need 1) to apply for forgiveness on an existing PPP loan, 2) to apply for your first PPP loan, or 3) to obtain a second round of funding, we’re here for you.
Applying for Paycheck Protection Program Forgiveness?
It’s easy! Here’s all you need to do:
- Gather your PPP Promissory Note, which contains important information about your loan.
- Click here to access your PPP forgiveness loan application.
- You will then be asked to enter your:
• Business Tax Identification Number (TIN)
• PPP loan number (Note: This is the loan number from the SBA, not The Village Bank.)
• Loan amount
- When you click “Continue,” you’ll be directed to the forgiveness application.
Need assistance? For more information on the forgiveness process and guidelines, visit the U.S. Treasury Department’s CARES Act page.
If you have any questions about your existing PPP loan forgiveness, please email us at SBAForgiveness@village-bank.com. You can also call our Customer Care team at (617) 969-4300 for help with obtaining your SBA PPP loan number.
Applying for your First Draw Paycheck Protection Program loan?
If you are a customer of The Village Bank and did not participate with any lender in the first round of the Paycheck Protection Program and meet the eligibility requirements, you can apply with The Village Bank. To proceed:
- Visit the U.S. Treasury Department’s CARES Act webpage for program details and a full list of eligibility requirements.
- If you meet the requirements and are ready to apply, click here for the online application.
Applying for a Second Draw Paycheck Protection Program loan?
If you participated in the first round of the Paycheck Protection Program with The Village Bank and meet the SBA’s eligibility requirements, you can apply for a Second Draw. Please note, one important eligibility requirement with the new Second Draw PPP loans: You must have experienced a revenue reduction of at least 25% in the first, second, or third quarter of 2020 relative to the same quarter in 2019.
For further eligibility requirements and program details, please refer to the U.S. Treasury Department’s CARES Act page.
If you meet the requirements and are ready to apply, click here for the online application. PLEASE NOTE: To begin your second draw application, you must have the following information from your first draw loan:
- Business Tax Identification Number (TIN)
- PPP loan number (Note: This is the loan number from the SBA, not The Village Bank.)
- Loan amount
The Village Bank is here to help.
We have been granted access to the application portal from the SBA. If you have any questions about your PPP application or the information in this email, please email us at SBA@village-bank.com.
Please note we receive a high volume of applications, so we kindly ask for your patience if you have submitted a request. We will contact you when your request is being reviewed.
Thank you for allowing The Village Bank to serve your business.