The Paycheck Protection Program for business recovery

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Webster Bank’s SBA PPP application portal is open and we are ready to accept applications for PPP Second Draw Loans. Please have the following information ready to submit your application:

Criteria

Documents Required

PPP Second Draw Loan
less than or equal to $150,000*

PPP Borrower Application Form SBA Form 2483-SD

PPP Second Draw Loan
over $150,000 (capped at $2,000,000)**

PPP Borrower Application Form SBA Form 2483-SD
Documentation sufficient to highlight a reduction in revenue including:

  1. relevant tax forms (941, 1040, 1099, etc.)
  2. a copy of the applicant’s quarterly income statements, (as applicable) or
  3. bank statements covering 12 months (as applicable)

*For PPP Second Draw Loans less than or equal to $150,000, Borrower may certify to the 25% or more reduction in gross receipts (by corresponding quarter or annually) as noted on the PPP Borrower Application SBA Form 2483-SD but must provide the supporting documentation at or prior to forgiveness.

**For PPP Second Draw Loans over $150,000, supporting documentation must be provided at the time of application.

We will begin accepting applications soon for current customers who will be taking out a PPP First Draw Loan as well as new customers. Check back here for further updates.

If you have any questions, please refer to our FAQ page or call us at 800-325-2424.

Once you have completed SBA Form 2483-SD and have accompanying documentation ready, begin the application process.

Note: Once this application is started, you will not be able to save or return to previously completed pages. You will be required to start the process from the beginning. Thank you.

Ready to begin the application process for a PPP Second Draw Loan?

Apply

PPP loan forgiveness

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Recent updates

January 20, 2021
Webster’s forgiveness application is temporarily paused to update the SBA Guidelines released on January 19, 2021.

January 19, 2021
Borrowers please be advised, in accordance with the federal Economic Aid Act, the SBA will be publishing new guidance on a simplified forgiveness process for loans equal to or less than $150,000. We will provide this new information as soon as it is published by the SBA.


Thank you for choosing Webster for your Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan. You’re likely considering the next step of applying for loan forgiveness from the SBA.

There are certain requirements for loan forgiveness such as using the loan proceeds for eligible costs incurred or paid during the Covered Period. As a reminder, the Paycheck Protection Program Flexibility Act provides additional flexibility within the forgiveness component of the Act, including lengthening the covered period from 8 to 24 weeks.

Once you’ve reviewed the latest guidance from the US Department of Treasury and the SBA, confirmed you are ready to apply, and determined which Forgiveness Application Form to use, simply:

  1. Download and complete the SBA Loan Forgiveness Application
  2. Gather all required supporting documentation
  3. Complete Webster’s digital application, upload your Form and supporting documentation

It is extremely important that the Forgiveness Application is complete, including all supporting documentation. We cannot accept an incomplete application to review for forgiveness. According to the law, Webster has sixty (60) days from receipt of a complete Forgiveness Application to render a forgiveness decision to the Borrower and the SBA. The SBA will have up to ninety (90) days to remit the appropriate forgiveness amount to Webster.*

We’ll send you a confirmation email and follow up if we have any further questions or need more information.

We encourage you to review the ‘Frequently Asked Questions’ below before applying.

* Webster will not be able to review your Forgiveness Application if the SBA is reviewing your Loan or Loan Application. Webster is required to notify you if the SBA is undertaking such a review.

Frequently Asked Questions

Disclaimer

* Payroll costs are capped at $100,000 per employee.

PPP Loans are subject to SBA eligibility guidelines and SBA approval