Paycheck Protection Program loans are designed to provide a direct incentive for eligible small businesses to keep their workers on the payroll. The program provides eligible small businesses with funds to pay 10-14 weeks of payroll costs including benefits. Funds can be used to pay rent, interest on mortgages, utilities, certain operational expenses and other items as specified.
Applications for first and second draw PPP loans will follow a multi-step review and approval process involving both People’s United and the SBA. Once your application is submitted, it may take several days for it to be validated and then reviewed by the SBA. The SBA is using a “batch” process to review loans that may result in confirmations taking longer to deliver than was typical of last year’s first and second PPP rounds. We understand the urgency of obtaining PPP funds as quickly as possible, and appreciate your patience in understanding the time it may take to receive confirmation from the SBA that your loan application has been approved.