Businesses can now apply for federal Paycheck Protection Program (PPP) loans. Applications can be sent to banks.
The loans can be forgiven if 60 percent of the funds are used for payroll. In the first round, the loans could only be used for payroll and rent, but the list has been expanded and now includes employee health benefits, mortgage interest, utilities and expenses that are essential to business operations.
Some changes have been made to the program, according to this Forbes magazine story.
Links to banks’ PPP application pages
Watertown Savings Bank: https://www.watertownsavings.com/PPP
Cambridge Savings Bank: https://www.cambridgesavings.com/covid-19-resource-center/small-business-programs/ppp
Eastern Bank: https://www.easternbank.com/paycheck-protection-program
Bank of America: https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus/small-business-assistance?cm_sp=EBZ-BAC-Announcement--NotAssigned--AMT2QHBL01_SB_SuperHighlights_Phase4PPP_Jan21_ppp4SHLCta
Chase Bank: https://business.chase.com/business-PPP-loan
Sovereign Bank: https://www.santanderbank.com/us/business/covidrecovery