Paycheck Protection Program (PPP) Updates

Latest Update, 1/25/21: 
As the PPP Loan Forgiveness Process continues to evolve, we will update information here:
 

Review information and important highlights of Round 3 Paycheck Protection Program funding passed under the Consolidated Appropriations Act. Click here.

Download and print an important checklist about the Round 3 application. Click here.

We are happy to report that we are now accepting new PPP applications from our existing Enterprise Bank clients. All applications will be submitted and accepted through our Enterprise Bank web portal located at this link
 

BOOKMARK THIS PAGE FOR UPDATED RESOURCES, LINKS, AND INFORMATION

The night of Sunday, December 27, 2020, a new COVID-19 Relief Act was signed into law with the Consolidated Appropriations Act. As part of the Act, the new legislation allocates funding for a new, third round of PPP loans and simplifies the forgiveness of existing PPP loans of $150,000 or less.

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

Major areas of focus of the new Act are as follows:

  • The Inclusion of $284.5 Billion in New (Round 3) PPP Funding to the SBA
  • Provisions for Qualified First-Time PPP Borrowers and for Second Draw PPP Borrowers
  • Expanded Eligibility for Borrowers in Round 3 of PPP Funding
  • Simplified, Streamlined Forgiveness for PPP Loans of $150,000 or Less (This Includes current, outstanding PPP Loans Not Yet Forgiven)*
  • Full Forgiveness of EIDL Advances
  • Clarification of Tax Deductibility of PPP Expenses

At the present time we are limiting applications to those existing clients who had maintained a banking relationship with Enterprise Bank as of January 11, 2021. 

For more details about the differences in First Draw and Second Draw Loans, other important information about the application process including what you will need to get started, we strongly encourage you to review the critical information before beginning your application in the Overview of Round 3 Funding box below. 

* All Customers with PPP loans of $150,000 or less will receive an email from us. The information is also available below.

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 successful submission and items needed to submit your forgiveness application.

Application Instructions

Download and print the 3508 Application Instructions. Click here.

Download and print the 3508EZ Application Instructions. Click here

Download and print the 3508S Application Instructions. Click here.

 

SBA EIDL Advance Impact on Forgiveness Amount

Download information on the SBA EIDL Advance Impact on Forgiveness Amount.

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