Business Banking Paycheck Protection Program Update

Date: 5/18/2020

General Paycheck Protection Program Information 
While we are no longer accepting new Paycheck Protection Program (PPP) loan applications, Middlesex Savings Bank continues to process, approve and fund applications. We will contact you if your application has been approved by the SBA.
 
Paycheck Protection Loan Forgiveness Information
Middlesex Savings Bank is committed to supporting you and we are preparing to manage the large volume of requests that we anticipate receiving for forgiveness of Paycheck Protection Program (“PPP”) loans.

We will be accepting forgiveness applications via a new application portal that will allow you to enter information online. To prepare for the process, please do the following:
  1. Review the SBA’s Paycheck Protection Program Loan Forgiveness Application here. Do not begin to fill it out. You will enter the application information online when the portal is open.
  2. Gather the supporting documentation outlined in the application that you will need to submit.


We will update this web page with the new application portal shortly.


Please remember:

  • Loan forgiveness is available to all applicants who can demonstrate that the PPP funds were spent in accordance with the program.
  • The amount of forgiveness will be determined based upon your ability to show that PPP funds were spent in accordance with the program. 
  • Any proceeds from your PPP loan which are not forgiven must be repaid within 2 years and will have a 1% interest rate.