Paycheck Protection Program (PPP) Updates

Latest Update, 11/09/20: 
As the PPP Loan Forgiveness Process continues to evolve, we will update information here.

 

BOOKMARK THIS PAGE FOR UPDATED RESOURCES, LINKS, AND INFORMATION

In response to the economic standstill caused by the COVID-19 pandemic, Enterprise Bank came to the aid of more than 2,700  existing business customers. As an authorized lender for the Small Business Administration Paycheck Protection Program (SBA PPP) under the CARES Act Stimulus Program, we received SBA approval through June 30th on more than 2,700 loans to local businesses and non-profit organizations totaling more than $500 million. The volume of PPP loans approved between April and June surpassed the number of commercial loans typically done by the Bank in an 18-month period. The median loan amount processed by Enterprise Bank under the PPP program is $67,000.

Although Congress has yet to pass a bill to expedite the Paycheck Protection Program (PPP) Loan Forgiveness process for many Program participants, we have begun accepting PPP Loan Forgiveness Applications.

Starting in October and over the course of the next few months, we will email notices to our PPP customers with a link and login information to our online PPP Loan Forgiveness Portal. Our secure online portal will help our customers complete and submit their PPP Loan Forgiveness Application and required supporting documents.

Please note: All PPP Loan Forgiveness Applications must be submitted through our online portal, manually completed applications cannot be accepted.

Customer Communications

Press Release – Enterprise Bank Helps Over 2,400 Local Businesses and Non-Profits Secure $500 Million in SBA PPP Loans – May 12, 2020

Please be sure to review the resources below as a first step before beginning your application. The information is designed to help you as you make your application for forgiveness.

Strategies for Success and Forgiveness Checklist

Before you begin, view tips for a sucessful submission and items needed to submit your forgiveness application.

3508 Application Instructions

Download and print the 3508 Application Instructions.

3508EZ Application Instructions

Download and print the 3508EZ Application Instructions.

3508S Application Instructions

Download and print the 3508S Application Instructions.

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