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Emergency Relief SBA Loans


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

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Updates to UMassFive existing Round #1, and prospective Round #2 PPP Loan Borrowers:

We are pleased to announce that Round 2 Paycheck Protection Program (PPP) loan applications are available in our Digital Business Lending Center. Below you'll find some additional guidance on how Businesses may qualify for a First, or Second Draw PPP Loan.

Click here for a video tutorial on how to apply using our DBLC. 


The Second Draw application form is available if you obtained and used PPP Loan funds in 2020:

  • In order to qualify for a second-time PPP loan, businesses must have used the full amount of your first draw loan, or plan to do so before disbursement of Second Draw funds, have no more than 300 employees, and be able to demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • If you applied the first time around with UMassFive, your account is already created and you may use the same username and password to login to our Digital Business Lending Center (DBLC). An advantage to using UMassFive for your Second Draw application is that our DBLC is integrated directly with the SBA, so your application will begin processing as soon as you submit without any middleman processing the data.
  • The max loan amount for most Second Draw borrowers is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million, with exceptions for borrowers in the Accommodation and Food Services sector who can borrow up to 3.5x.
  • Please note that forgiveness applications for businesses that have already used their First Draw have temporarily been paused while the Second Draw is made available. We are awaiting more guidance on how forgiveness will work for those who may participate in both draws, however we can confirm that forgiveness will also be available for this second round.
  • Click here for a list of documents your business will need for the application

The First Draw application form is available if you did not obtain and used PPP Loan funds in 2020:

  • First Draw applicants must create a profile in the Digital Business Lending Center.
  • In order to qualify, businesses will have to meet the same criteria as the first round of PPP loans for a loan up to $10 million for a business with less than 500 employees.
  • Businesses who are approved for their First Draw during this second round will still be able to apply for loan forgiveness based on the first round criteria
  • Click here for a list of documents your business will need for the application

We will communicate any new information via email, and on this page, as we receive additional guidance from the SBA.


Please note the information presented below applies only to the first round of Paycheck Protection Program funding.

The Paycheck Protection Program (PPP) provides loans to small businesses (generally under 500 employees) that are designed to offer a direct incentive to keep their workers on the payroll. See below for the answers to common questions.



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What is my Maximum PPP Loan Amount?
How Can I Use a PPP Loan?
What is the Interest Rate and Term On My Application?
Can My PPP Loan Be Forgiven?
When/How Do I Apply for Loan Forgiveness?
Additional Resources


Small business loan applicants are generally eligible to borrow up to a maximum amount that is calculated using a formula that takes the average monthly payroll costs for the most recent 12 month period (calendar year 2019 can also be used) and then multiplies that amount by 2.5.

Payroll costs over 12 months include the following:

  • Salary and wages up to a maximum of $100,000 per employee.
  • Payments made for vacation, parental, family, medical, or sick leave.
  • Payments made for employee benefits such as group health care coverage, employer paid retirement plan contributions, employer paid state and local taxes, and certain other less common costs as outlined in the CARES Act.


The PPP loan proceeds must be used for the items identified below:

  • Payroll and benefit costs as defined above
  • Rent or lease payments
  • Utility payments
  • Mortgage interest payments
  • Other less common items as outlined in the CARES Act


The interest rate will be one percent (1.00%). Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.


The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

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.


In order to qualify for the loan forgiveness process at this time, you must be a business that did not have a reduction in pay or headcount of greater than 25%.

If your business meets this criteria, you are eligible to apply for PPP loan forgiveness right now. And even better, if you applied for a PPP loan of up to $50,000, you’ll be able to take advantage of the streamlined application process.

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 myself, 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.

If your business does not meet the criteria at this time, or if you would simply prefer to wait, the good news is there’s no need to rush to apply for forgiveness just yet. 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.