We’re proud of our commitment to helping during the COVID-19 pandemic and have been working closely with our small business lending customers to help them apply for funding through the SBA’s Paycheck Protection Program. Due to the overwhelming popularity of the program and the delays being experienced at the SBA, we have reached our lending limit.
However, our commitment doesn’t end there. We're pleased to share with you that we’ve partnered with Kabbage*, a well-respected online small business lender, to continue accepting applications for the program through June 30, 2020.
To apply through Kabbage for the Paycheck Protection Program, please click below:
If you have any questions, please contact us directly at [email protected].
*There is no guarantee your application will be approved, as approvals are subject to the sole discretion of Kabbage.
We continue to prioritize the safety of our customers and employees, while delivering financial solutions through our branches, along with 24/7 access to your accounts using our online banking, mobile app, telephone banking, and ATMs.
We’re all in this together and we’re committed to supporting you through this unprecedented time. Please stay safe and know that you can count on Provident Bank.
Chairman, President & CEO
LOAN DETAILS AND FORGIVENESS
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll).
Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease per program guidelines.
This loan has a maturity of 2 years and an interest rate of 1.00%.
If you wish to begin preparing your application, you can download the application form above. Use the informational packets as a guide.
For a complete description about the program: