SBA PAYCHECK PROTECTION PROGRAM (PPP)
Now Accepting SBA PPP Applications from ALL Businesses!
4/2 Update: Due to the high volume of PPP applications, Unity Bank will only be processing PPP loans for applicants in New Jersey and Eastern Pennsylvania. Any applications from outside that area will not be processed.
SBA PPP Loan Deadline Extended to May 31st:
The SBA has extended the PPP application deadline to May 31, 2021. Applications are being processed on a first come, first served basis.
All Existing Unity Bank customers AND ALL Unity Bank First Draw applicants should email us at SBA_PPP@unitybank.com with your company/borrower name and your request for a first or second draw PPP application link. Our SBA team will send you a link to the application.
- Be sure to read all application instructions carefully and fill out the application in its entirety. FAILURE TO COMPLETE THE APPLICATION ACCURATELY AND COMPLETELY MAY RESULT IN THE SBA REJECTING THE APPLICATION. SBA PPP funds are limited and on a first come first served basis. Unity Bank is not responsible for failure to qualify for PPP funds as a result of the submission of inaccurate or incomplete information on the applications.
- Application links are only “live” for 72 hours and will expire thereafter. If you need a new link due to time expiration, please request a new link by emailing: SBA_PPP@unitybank.com. Please indicate the name of the company applying for the PPP loan.
SBA PPP Program Resources:
3/25 SBA PPP Loan Forgiveness Update
The simplified PPP loan forgiveness application for loans less than or equal to $150,000 is now available. We will be sending out unique loan forgiveness application links to all qualified borrowers. Please keep an eye out for the email.
Borrowers will simply certify several questions pertaining to how the loan proceeds were utilized and sign the form. No supporting documentation will be required.
Please Note: If you do not receive an application link by March 31st, please email the borrower’s legal name and business name to: SBA_PPP@unitybank.com.
SBA 7(a) Loans:
Great news! The SBA is forgiving up to the first 6 months of principal and interest payments, capped at $9M per month, on new SBA loans approved between 2/1/21 and 9/30/21. The SBA guaranty fee has been waived for all loans approved before 9/30/21 resulting in a significant savings in closing costs. Further, borrowers who have already received 6 months of SBA loan payments in 2020 will receive an additional 3 months of payments beginning with their February payment, capped at $9M per month. After the 3-month period, certain hard-hit industries will get an additional 5 months (also capped). Please email SBA_PPP@unitybank.com.
SBA EIDL Grant Update - 3/9 Update:
The SBA released a new notice announcing that a new round of EIDL grants will be available to businesses that received a prior EIDL. These are grants up to $10,000, not loans, so there’s no repayment. To qualify, businesses need to be:
- located in a low-income community as defined in the IRC- link to map: https://sbaeidl.policymap.com/app
- have > 30% loss in a 2-month period this year v. the same 2 months last year.
- have <300 employees
For more information, please visit the following SBA resources:
SBA EIDL Program Info
SBA Targeted EIDL Frequently Asked Questions