Current Status of the Paycheck Protection Program

Updated May 17, 2021

After more than a year of operation, funding for the Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications. As of May 5, 2021, GSB will not be accepting any new applications.

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On December 27, 2020, legislation was signed that provides funding for a second round of SBA Paycheck Protection Program (PPP) forgivable loans for businesses. It includes significant changes to the program, including expanded eligibility and increased benefits for restaurant and lodging owners.

We understand how critical this funding is to our business community. Thank you for choosing Gorham Savings Bank as your banking partner for the Paycheck Protection Program.

 

First Draw PPP Loans

If you are applying for a first draw, please email PPP@gorhamsavings.bank.

  • Review the SBA’s First Draw PPP Loan eligibility guidelines here
  • Download and fill out the PPP First Draw Borrower Application Form here
  • Gather the following:
    • Payroll records
    • Payroll tax documents
    • Your business’s NAICS code
    • New customers: open a GSB business deposit account (required)

Second Draw PPP Loans

If you received your first draw through GSB, please contact your lender directly.

  • Review the SBA’s Second Draw PPP Loan eligibility guidelines here
  • Download and fill out the PPP Second Draw Borrower Application Form here

 

Information subject to change based on guidance from the SBA.