New Paycheck Protection Program Loan FAQs
How can I apply for a PPP Loan through Dedham Savings?
Dedham Savings will provide a simple, online means of applying for a PPP Loan via a link on our website (www.dedhamsavings.com) to a secure Portal where existing Dedham Savings customers (defined as those customers who have a current account or contract for services with Dedham Savings as of December 01, 2020) may log in to begin and complete an application for an SBA PPP Loan. The Portal will allow for upload by customers of all required supporting information to be submitted to the SBA with the Application. All documentation will be securely emailed to customers for signature and returned to the Bank the same way.
Can I apply for an SBA PPP Loan through Dedham Savings in person, via email or via phone?
NO. Dedham Savings will only be accepting SBA PPP Loan applications via the secure Portal.
I am not a current customer of Dedham Savings. Can I apply through Dedham Savings for an SBA PPP Loan?
NO. Dedham Savings will only be accepting SBA PPP Loan applications from existing Dedham Savings customers (defined as those customers who have a current account or contract for services with Dedham Savings as of December 01, 2020).
How will I show that I am an existing Dedham Savings customer?
Within the Portal you will be required to enter a current, active Dedham Savings deposit account number. This account will be the account to which PPP Loan funds (if approved for an SBA PPP Loan) will be deposited.
I am a customer of Dedham Savings but I wish to obtain an SBA PPP Loan in a different name than the name on the deposit account. How do I ensure that the deposit account funded will be in the name of the Applicant/Borrower (if approved)?
You will be required to open a new deposit account in the name of the Applicant/Borrower for receipt of the funds from an approved SBA PPP Loan. The account must remain open as long as a balance is outstanding on the SBA PPP Loan and must meet all Dedham Savings account requirements including, if applicable, minimum balances and fees, etc.
Where can I find out more information regarding the SPA PPP Loan Program?
You can find more details regarding the SBA PPP Loan Program on the SBA website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program) or the US Treasury website (www.treasury.gov/CARES). Specific information regarding aspects of the Program are contained in the documents referenced below (available on the SBA website):
- Further information at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-9
How will I complete the PPP Loan Application Form?
The SBA Application Form will be completed by the customer/applicant within the Portal. When completed the Form will be submitted to Dedham Savings for review and then securely emailed to the customer for signature. Once the Application is digitally signed by the customer/applicant the Form will be securely returned to the Bank for approval under the Bank’s Loan Approval Policies. If the Application is approved by the Bank the Application will then be submitted to the SBA for their Approval.
I/my company has already received an SBA PPP Loan. Can the Bank use the documents I uploaded for that Application for my new Application?
NO. You will need to upload a new set of documents for this Application, even if some of the documents are the same as you uploaded with your prior Application.
- What information and documents will I need to complete an Application for a New SBA PPP Loan through the Dedham Savings Portal?
a) While the SBA Application requirements vary based on variables such as loan amount, organizational type and other factors the following list should provide a good idea of the information and documents needed.
(i) Photograph of front and back of Drivers License or Photo page of valid US Passport.
(ii) Scan of:
2019 or 2020 Federal Income Tax Return
Quarterly Revenue from Q1, Q2, Q3 or Q4 of 2019 (only one quarter needed)
Quarterly Revenue from Q1, Q2, Q3 or Q4 of 2020 (only one quarter needed, MUST be same quarter as 2019)
Articles of Organization, LLC Operating Agreement, Trust Agreement, or similar organizational document
Document confirming payroll
Dedham Savings Deposit account showing Account Number and Account Name and mailing address
b) Note: this list is not all inclusive and may not apply to every Application
How do I determine if I/my company is eligible for an SBA PPP Loan?
The first step is to visit the SBA website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program) or the US Treasury website (www.treasury.gov/CARES) and review the available information.
I received an SBA PPP Loan in the spring. Am I eligible for a second SBA PPP Loan?
YES, subject to meeting the program requirements for eligibility. Refer to the SBA website for details regarding requirements for those applying for a second SBA PPP Loan.
I did not apply for or receive a previous SBA PPP Loan. Am I eligible for an SBA PPP Loan?
YES, subject to meeting the program requirements for eligibility. Refer to the SBA website for details regarding requirements for those applying for a first SBA PPP Loan.
How can I contact the Bank regarding the SBA PPP Loan Program?
The best way to contact the Bank is by emailing [email protected]. If you call the Bank you will be referred to this email. You may also visit www.dedhamsavings.com and follow the links for the PPP Program. On our PPP page you will a link to sign up for emails regarding the PPP Loan program and other helpful information and links.
Why is Dedham Savings directing Customers to use email as the best form of communication?
There are a number of reasons why contacting the Bank via the email address [email protected] is recommended. First, not all Bank personnel are working on the PPP program or have received the same level of training as members of the Bank’s PPP Team. Inquires made in person, by phone, or email are referred to the [email protected] email address for response. Second, using the email address allows the Bank to respond to inquiries in the order they have been received, providing fair and equitable service to all of the Bank’s customers. Third, due to the nature of the PPP program, there are times when the high volume of customer inquiries makes responding to each inquiry immediately difficult.
Once I have started an Application in the Portal how will the Bank communicate with me?
Communication from the Bank (including secure messages containing documents to be signed) will come from secure email embedded within the Portal. To ensure you receive these emails you may wish to add the following to your “whitelist” of approved email addresses or to your Contacts: [email protected] and [email protected]. You should also “register” in the portal by creating a username (typically your email address) and password so that you may log in to the portal at anytime to see the status of your PPP Loan Application.
How will I know if I am Approved or Declined for an SBA PPP Loan?
IF APPROVED: You will receive a secure email with loan documents for your signature.
IF DECLINED: You will receive an email indicating that your application has been declined.
If I/my company is approved for an SBA PPP Loan how will I receive the funds?
The Bank will deposit the funds in the deposit account you provided on your Application provided the account is in the same name as the Applicant. If you do not have a current Dedham Savings deposit account in the same name and with the same Tax Identification Number (TIN) as the Applicant, your Application will be paused until you open one. You will be required to open a new deposit account in the name of the Applicant/Borrower for receipt of the funds from an approved SBA PPP Loan. The account must remain open as long as a balance is outstanding on the SBA PPP Loan and must meet all Dedham Savings account requirements including, if applicable, minimum balances and fees, etc.
I have an existing SBA PPP Loan. Are there changes to the SBA PPP Loan Forgiveness regulations that might affect my Forgiveness Application?
Possibly. The new guidelines and processes for the new Forgiveness rules have not been published by the SBA. (It may be several weeks or more before the SBA publishes these changes). The changes may result in a simpler Forgiveness process for you/your company.
I have already started/submitted an Application for Forgiveness of my SBA PPP Loan. Should I make a new Forgiveness Application?
If you have already submitted an Application for Forgiveness you can make no changes and your application will be processed as is, whether your Application has been approved and Forgiveness payment has been made or your Application for Forgiveness is still pending with the SBA.
If you have not completed an Application for Forgiveness you may wait until the new regulations are published. If the new regulations result in a simplified Application for Forgiveness process for you/your company you may request the Bank delete your current Application and then may start a new one under the new guidelines. AFTER reviewing the new guidelines when published by the SBA you may request the Bank delete your current Application by emailing the Bank at [email protected] with “Delete Application” in the email subject line.
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