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Paycheck Protection Program Loan

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Paycheck Protection Program Loans

Thank you for trusting Newburyport Bank with your Small Business Administration's (SBA) Paycheck Protection Program (PPP) loan. It is a privilege to serve you and to help your business navigate these unusual times.

As you are aware, the regulatory guidance for the SBA's PPP loans is ever changing. As the guidance evolves, our team works diligently to synthesis the changes and communicate them to you. Below is information regarding the forgiveness process and additional resources you may find helpful.


Forgiveness Process

Newburyport Bank is utilizing a software solution to assist our customers in the PPP forgiveness process. All Newburyport Bank PPP loan applicants should have received an individualized link via email. This link is unique to each PPP loan. By following this link, the PPP applicant will be guided through a series of questions to determine the appropriate application. The entire forgiveness process will be done electronically with step-by-step guidance throughout the application.

If you have not received your PPP Forgiveness link or have specific questions, please email

As always, our team is here to assist you. 


PPP Update

On Friday, June 5, 2020, President Trump signed a new bill amending certain terms related to the SBA's PPP. This amendment creates greater program flexibility in certain key areas as outlined below.

  • Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
  • Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
  • In addition, the new rules will confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.



Below is the link to the current SBA PPP FAQ.






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