Current Status of the Paycheck Protection Program

On December 27th, 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 are awaiting guidance from the SBA on the application process and timing (expected later this week). In the meantime, get ready by checking your eligibility and filling out the application. 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 final guidance from the SBA.