We are here to help your business.

We understand the urgency of PPP funding for your business and are committed to helping you!

We know these are very challenging times and we want to help your business get the funding you need with a Paycheck Protection Program (PPP) loan.

We are currently accepting applications for SBA PPP Round 2. Whether you are a first time applicant or a borrower seeking a second draw loan, we understand the unique needs of your business and will do all we can to help keep your business running smoothly.

Contact a BSB Loan Officer To Get Started!

About SBA Paycheck Protection Program

PPP is a federal loan program formed under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and administered by the Small Business Administration (SBA) to make loans to businesses impacted by COVID-19.  PPP helps small and medium sized businesses by keeping their workers on the payroll and covering other expenses including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

This unique program includes a provision for the SBA to forgive up to the full amount of the loan if used for eligible expenses.

PPP Applications

Both First Draw and Second Draw PPP Loans can be used to help fund the following costs:

Payroll costs, including benefits
Mortgage interest
Rent
Utilities
Worker protection costs related to Covid-19
Uninsured property damage costs caused by looting or vandalism during 2020
Certain supplier costs
Certain covered operations expenses
PPP Forgiveness FAQ Sheet

PPP Forgiveness Applications

You (the borrower) can apply for forgiveness of your First or Second Draw Paycheck Protection Program (PPP) Loan using the SBA Forms below based on the following requirements:

SBA Form 3508S– Use this form if your PPP loan amount is $150,000 or less.
PPP Forgiveness Application 3508S- for loans less than $150,000
SBA Form 3508EZ- Use this form if your PPP loan amount is more than $150,000 and you can check at least one of the two boxes below.
If your loan is for more than $150,000 and you are unable to check one of the boxes below, you cannot use SBA Form 3508EZ and instead you must apply for forgiveness of your PPP loan using SBA Form 3508.

If you can check at least one of the two boxes below, complete the SBA Form 3508EZ, and submit it to your BSB Lender (or the Lender that is servicing your loan).

🟦The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000.);

AND

The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.

  • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, the last day of the Covered Period).
  • Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

🟦 The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000,);

AND

The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First Draw PPP Loan and a Second Draw PPP loan. For a Second Draw PPP Loan in excess of $150,000, you must submit a loan forgiveness application for your First Draw PPP Loan before or simultaneously with the loan forgiveness application for your Second Draw PPP Loan, even if the calculated amount of forgiveness on your First Draw PPP Loan is zero.

Meet Our Lending Team

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BSB Lending Team
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For all products and services listed within, additional fees and rules may apply. Please contact a Bennington State Bank Account Representative for Product and Service Disclosures, Agreements, and full details.