Affinity's Current Status on SBA Paycheck Protection Program (PPP) Loans
Important Update: The Biden/Harris administration has announced the below changes to the SBA Paycheck Protection Program effective March 3.
The PPP loan program was officially extended to May 31st with President Biden's signature on March 30th at 2pm. Affinity is now accepting applications again. To apply, please click here.
Members who have received this portal for forgiveness will use the same username and password to login.
Instructions to help guide you through the process can be found within the portal and here.
As a general overview, the following is a list of the minimum information needed with your application. Affinity staff need to verify the figures on your application with the documentation provided. Additional information may be required:
The following links can assist you in researching what you will need to apply for this round of PPP loans and allow you to begin gathering your required documentation.
Note: If you are not an existing Affinity member your membership will need to be established prior to your application being processed. An Affinity representative will reach out to you to begin that process.
A summary of some of the differences is listed below. Specific guidance can be found in the links referenced above.
Yes, to be eligible for a Second Draw PPP Loan, a business must have:
In general, the maximum loan amount is the lesser of 2 ½ months average monthly payroll or $2 million.
Businesses with an NAICS code beginning with 72 are eligible to receive the lesser of 3 ½ months average payroll or $2 million.
Documentation will vary slightly based upon the loan amount and type of business but in general:
Second Draw proceeds may be used to pay for the following expenses during the Covered Period:
Please check all guides and FAQs issued by the Treasury and SBA for details to ensure proceeds are used correctly for forgiveness.
The Second Draw PPP loan has an interest rate of 1.00% and a term of 5 years. There are no collateral requirements. Interest and principal payments are deferred until either forgiveness is finalized or ten months from the end of the covered period which can be from 8 weeks to 24 weeks at member's selection. If proceeds are used per terms permitted, the loan may be fully forgiven by the SBA.
A Business Banker will reach out to you to assist with the process. Questions may be sent to 908.860.7370. Please leave a message with your business name, your name and contact information. A Business Banker will return your call within two business days to assist you with the process.
We are now working diligently to guide our loan recipients through the forgiveness phase of the PPP program. If your loan has already been forgiven and was reduced due to prior EIDL advances, you may be contacted to adjust the forgiveness amount.
At this time, Affinity is not accepting forgiveness applications for loans made under the Economic Aid Act, this would include any PPP loans made in 2021. We are still awaiting final guidance from the SBA and will need to update our system. Please continue to check this page for further updates.
Members with PPP loans equaling $150,000 or more should have received an email with a link to an online portal to complete the forgiveness application specific to these loans and upload all supporting documentation. Once the covered period of your PPP loan has ended (either 8 or 24 weeks from the date the loan was loan funded), you may begin the forgiveness application process.
If you did not receive an email from Affinity inviting you to use our online PPP loan forgiveness application, please contact us at 908.860.7370 and leave a message including your name, the business entity name, email and phone number. A representative will respond to you within two business days.
The Economic Aid Act provided for a shorter form forgiveness application for PPP loans less than $150,000. This form has now been activated in Affinity's secure portal. Access the portal and begin your forgiveness application.
If you have questions regarding your forgiveness application please contact us at 908.860.7370 and leave a message with your name, business entity name, email and phone number. A representative will respond to you within two business days.
A guide to help you navigate our online portal can be found here. Information on how to complete the forgiveness application can be found on the portal. We also encourage you to refer to the SBA's Frequently Asked Questions here to ensure adherence to the program's forgiveness eligibility requirements.
The U.S. Small Business Administration is sending a cyber warning alert to loan applicants seeking federal aid in response to the Coronavirus (COVID-19) pandemic. Email phishing campaigns where malicious actors are impersonating the SBA and its Office of Disaster Assistance to collect personally identifiable information (PII) for fraudulent purposes have surfaced. For more information on how to recognize fraudulent emails from the SBA and how to report them visit, https://www.sba.gov/document/report-sba-programs-scams-fraud-alerts
Thank you for your continued patience and understanding as, together, we navigate the SBA PPP loan product requirements.
By accessing the noted link you will be leaving Affinity's website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Affinity's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Affinity.