CARES Act- Assistance to Small Business
Updated May 18, 2020- see message below
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
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.