Paycheck Protection Program

PPP Forgiveness Updates CARES Act Updates

last updated: 3/30/21 

PPP Program Extension Act of 2021 - The PPP Program Extension Act of 2021 has been signed into law, which extended the PPP Application Period to May 31, 2021.

Protection Program Origination

We are now accepting new Paycheck Protection Program (PPP) applications. Please use this link to access our loan portal.

This Borrower Video will walk you through the application portal step by step. Borrower Video Tutorial

View a step-by-step outline of the application process in our Customer Experience Document.

We will update this page regularly with helpful information to guide you through the loan application process. Thank you for your trust in Cambridge Savings Bank.

Paycheck Protection Program (PPP) Questions & Answers

SBA CARES Act Debt Relief Program

The SBA is providing debt relief for all 7(a) loans. The SBA will cover monthly payments of the principal and interest on these qualifying loans, beginning with your February 2021 payment, up to $9,000. If your loan payment is in excess of $9,000, the amount over $9,000 is the borrower's responsibility and will be automatically deducted from your account. The duration of the payment period varies by industry type. For businesses that were hit especially hard and fall under specific NAICS codes (retail, restaurant, lodging, arts & entertainment), the SBA will cover five (5) months of payments. For all other businesses, the SBA will cover two (2) months of payments.  

Throughout this 2 or 5-month Debt Relief period, payments cannot be "paused" - if you choose to opt out at any point within the 2 or 5-month period, you will not be able to opt back in. For revolving lines of credit, the SBA will make loan payments only if the borrower has an outstanding balance. The borrower does not need to maintain an outstanding balance. The payments made by the SBA may not be used to cover balloon payments.

Please note that while Congress has appropriated $3.5 billion for the SBA Debt Relief Program, it is only available until the funds are expended.

cares Act Frequently Asked Questions

PPP Forgiveness

To view a video tutorial on our Loan Forgiveness Portal, click here

View PPP Forgiveness Application Customer Experience Outline.

Loan Forgiveness Portal

PPP Loan Forgiveness Questions and Answers