We have recently received the initial federal guidance from the SBA on loan forgiveness and are evaluating automated systems to help you navigate the forgiveness process in the easiest way possible. We will notify you once we are prepared to start accepting forgiveness applications.
If you received an SBA PPP loan closing package, please click here for screen shots to help you complete and sign your loan documents.
We are accepting PPP applications from both customers and non-customers. Non-customer borrowers must have businesses located in one of the following towns or cities in order to be eligible to apply through RCB: Andover, Bedford, Billerica, Burlington, Lawrence, Lexington, Lynnfield, Methuen, Middleton, North Andover, North Reading, Reading, Stoneham, Tewksbury, Wakefield, Wilmington, Winchester, and Woburn.
To have your application ready to submit for the second round of funding, please complete this form and send along with the appropriate documents listed below to email@example.com. To learn more about the SBA program, please refer to the PPP Borrower Fact Sheet.
For corporations, please provide the following documentation along with your application:
For sole proprietors or 1099 contractors, the following will satisfy the requirements of 4 & 5 above:
Have you submitted an SBA PPP application at another financial institution? If yes, please explain in your email.
At the end of this crisis, if you intend to apply for forgiveness, you will be required to demonstrate that you spent 75% of the loan on payroll related expenses and no more than 25% on utilities, rent or interest expense.
We will update the Q&A as more information about the second round of SBA funding becomes available.
If you have a mortgage or home equity loan with RCB and need payment relief because you have been terminated, laid off, furloughed, or have had your household’s income reduced because of the current pandemic, you can obtain approval to modify your payment obligations for up to 90 days in order to allow you to use your current funds for living expenses.
For all mortgage-related inquiries, please call 781-670-1501 or email firstname.lastname@example.org.
If you would like to request a deferment on your loan, please email email@example.com.
For general updates at RCB, please visit our coronavirus response page. Thank you for your patience and for banking with RCB.