Paycheck Protection Program (PPP)
WSB is accepting PPP Loan Applications and submitting them to the Small Business Association (SBA) for formal approval starting on Tuesday, January 19th.
This application portal will lead you through your PPP Loan application, whether you are new First Time PPP Borrower or applying for your Second Draw PPP Loan.
If you are not currently a WSB customer, upon submission of your application, we will require that you open a WSB checking account. This will enable us to take the government-required identification and documentation steps necessary to grant the loan. If your loan is approved, we will fund your SBA loan using this account.
New PPP Borrowers: First Draw PPP FAQ section
Existing PPP Borrowers: Second Draw PPP FAQ section
What does the newly reopened PPP do?
- Creates more favorable terms for the borrower and more simplified loan forgiveness
- Establishes a Second Draw opportunity, making additional loans available for existing PPP borrowers
- Increases the loan amounts available to specific industries such as restaurants and food service
- Sets aside $15 billion exclusively for customers of community banks like Watertown Savings Bank, so we are pleased to be able to work with you should you desire to explore a PPP loan
Who can WSB help?
- Existing WSB PPP Borrowers
- Existing WSB Business Customers
- First-Time PPP Borrowers
- Newly Eligible PPP Borrowers:
- 501(c)(6) organizations (Chambers of Commerce, Trade Associations, Real Estate Boards, Professional Associations, Boards of Trade, Business Leagues)
- Housing Cooperatives
- Radio Stations
- Existing PPP Borrowers who received their first draw from another institution