January 19, 2021
January 15, 2021
Pro tips for when you apply for your loan – we're all learning as we go!
January 14, 2021
Reading Cooperative Bank is pleased to participate in the new Paycheck Protection Loan Program which allows for Second Draw PPP loans.
To be eligible for a second PPP forgivable loan, your business must have experienced a reduction in Gross Receipts by 25% or more in 2020 as compared to your gross receipts in 2019. If you have never received a PPP loan, you are also able to apply for your first PPP loan.
If you are ready to apply, please click here and advance to our online portal.
Si solicitó a través de MCCI y necesitas servicios de traducción, contáctelos directamente para ayudarlo.
Please know that this automated system will generate email responses from firstname.lastname@example.org and reference the Affiliate Capital Loan Trading Platform. As always, Reading Cooperative Bank employees are here to help!
Things you should know before applying:
At 9am on Friday, January 15th, the SBA will begin accepting PPP loan applications from community banks. The Reading Cooperative Bank applicant portal will be ready to accept applications at this time.
This PPP round (for first draw or second draw PPP loans) ends on either March 31, 2021 or on whichever date the funds have been exhausted prior to March 31, 2021.
Documents you will need handy to complete the application:
For loans greater than $150,000, you will need to provide documents demonstrating that your gross receipts declined by 25% or more from 2019 to 2020:
There is a video you can view in advance of applying that will help you prepare.
Highlights of Second Round PPP Funding Under the Consolidated Appropriations Act, 2021:
The following terms and conditions are the same for both First Draw and Second Draw PPP Loans:
Differing eligibility for Second Draw PPP funding:
Please contact us with any questions by calling 781.942.5000, emailing email@example.com, or by using the messaging feature within the online application portal.
The current approval timeline from the SBA is 3-5 business days after application submission. You will hear from us at that time.
What to expect once you have submitted your loan:
We will review your entire application to make sure that your submission is complete and that you have included all the appropriate documents. If there are any problems or discrepancies, we will send you an email or call you with instructions.
Once the application has been reviewed (and any problems corrected), we will automatically create the SBA 2483/2483SD application form required for PPP Loan applications that includes all your loan information and send this document to you electronically for your final review and electronic signature.
Once signed, we will prepare and transmit your request to the SBA automatically. The SBA will then review and decide on your loan request - they have indicated that the turnaround time will be 3 days.
Upon approval by the SBA, we will prepare your loan closing documents for you for final review and electronic signature. Disbursement of the approved loan amount will take place after we review your signed loan closing documents.
What if I realize that I made a mistake?
Contact your banker or the bank directly. They can unlock the application, which allows you to make changes and resubmit it. If the application has already been accepted by the SBA, it may be too late to affect any changes. Your lender will be able to check on the status of your application for you.
Updated January 11, 2021
We would like to remind those of you who have exhausted your PPP funds and who haven't yet applied for loan forgiveness to please do so by visiting our PPP Forgiveness Application Portal and uploading all of the necessary documentation to the site.
If you would prefer to use a visual guide, we have step-by-step instructions for you to follow as you complete the application process.
And if you haven't yet heard, a new round of PPP has been authorized! We have just begun receiving guidance from the Treasury Department and are awaiting more specific details from the SBA. We will share that with you as soon as we have it.
We are currently in the process of finalizing an automated platform for the third round of PPP loans to make things easier for you to apply and automate the delivery to the SBA.
What we know so far:
There have been over 100 pages of PPP rules already released. We will be sifting through the data as we prepare to launch our application portal later this month. The 100 pages of PPP guidance can be read using the following links:
We will be in touch as soon as new information becomes available.