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Emergency Relief SBA Loans

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UMassFive is proud to be an approved Small Business Administration (SBA) lender for the Paycheck Protection Program (PPP).

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As of Wednesday, May 5, 2021 the Payroll Protection Program (PPP) has exhausted its funds and new requests can no longer be submitted.

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Existing UMassFive Round #1 and Round #2 Borrowers:

Forgiveness applications for businesses that have already used their First Draw and/or Second Draw PPP Loan are being accepted through our Digital Business Lending Center.

Due to the significant number of PPP Loan forgiveness requests, the SBA may be delayed in processing forgiveness applications. We encourage you to submit your forgiveness application as soon as your elected coverage period ends (after either 8 or 24 weeks). Please remain patient for an SBA response in confirming receipt of your forgiveness application once you have submitted it.

For more information on how to apply for forgiveness, please see below. We will communicate any new information via email, and on this page, as we receive additional guidance from the SBA.


WHEN/HOW DO I APPLY FOR LOAN FORGIVENESS?

All borrowers interested in applying for loan forgiveness simply have to visit the UMassFive Digital Business Lending Center and follow these steps:

1. Click on "Continue."

2. On the next page, answer the questions shown (enter in either Jeff Simpson, or Dan Thies, as the person you are working with here at UMassFive) and then click on "Continue"

3.On the next page, select "PPP Forgiveness" and then click on "Continue."

4. On the next page, select "Sign In Here" and login with the same credentials you used to apply for your PPP loan to get started with the forgiveness application.

If you have additional questions, please reference this short YouTube video that was recorded to assist PPP loan borrowers with the forgiveness application process.

In order to understand the deadlines you should be marking in your calendar, you’ll need to reference your PPP Loan funding date, and your elected coverage period. This information can be found by logging into the UMassFive Digital Business Lending Center.

If you selected 8 weeks of coverage, your coverage has likely already ended; if you selected 24 weeks of coverage, you may be at, or fast approaching, the conclusion of your coverage. Fortunately, the end of your coverage does not mean you owe money, or are racing the clock to apply for forgiveness. Once you have the date that your coverage ends marked in your calendar, flip ahead 10 months from that day, and that is your deadline to submit your forgiveness application. That date is also the day that your first payment would be due, so be sure to mark it in red pen, no matter where you stand in the forgiveness application process.