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Paycheck Protection Program

CARES Act- Assistance to Small Business


Updated May 18, 2020- see message below

The CARES Act provides financial relief to consumers and small businesses affected by the COVID-19 crisis. The Federal Paycheck Protection Program (PPP) is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
 
At this time we are only  accepting new applications from our existing customers.   
If you are an existing customer and would like to apply  email us.
 
A few reminders before you start your application. 

Determining your loan amount:  The loan amount cannot exceed 2.5 times  your average monthly payroll expenses for the prior year.   For example, if your monthly average payroll cost is $10,000, the loan amount CAN NOT exceed $25,000.  Also when inputting the monthly average payroll cost the cents must be input.  If not then $10,000 becomes $100.

Resuming your application: Do not restart another application once you have started the process. The first time you register you will receive a link.  If you need to go back or resume your application, please use the link you received at registration.

The online application is the only format we will accept.  For your security, applications sent via email, fax


May 18, 2020

Message to our existing PPP loan customers

Dear Friends,
We know you have been anxiously waiting for information regarding the forgiveness portion of your PPP loan and over the weekend the SBA finally released the forgiveness application, which is linked in the ABA press release below (it can also be found on the SBA website). As stated in the press release, further guidance will be forthcoming and once released the bank will forward the information to you. We hope this further guidance will answer your questions as well as ours. We hope you understand that at this time we have no other information than that provided in the link.
 
Finally, please note the following:
1) You cannot request forgiveness until at least 8 weeks from the date of your loan (which is the date you received the funds).
2) Norwood Bank will e-mail you your SBA and Norwood Bank loan numbers by June 5th .
3) Norwood Bank hopes to have an online application in the next few weeks.
 
 

 

 

 

 

 

 To learn more about the Paycheck Protection Program, access tools and FAQ's visit the U.S. Treasury.