Updated: January 19, 2021

Paycheck Protection Program Round 2 (PPP2)

Cambridge Trust understands the economic challenges local businesses are continuing to face due to COVID-19.  We are committed to being the trusted resource our clients rely on, and we’re here to support and guide you throughout this process.

Cambridge Trust is participating in the latest round of PPP2, created as part of the CARES Act and recently extended by the Economic Aid Act.  This program provides temporary assistance to address the financial impacts of COVID-19 on American workers and small businesses, including loans and loan forgiveness for businesses that retain employees according to program guidelines. Eligible companies include companies that previously received a PPP loan during the first round of lending, as well as those applying for the first time.
 
We are pleased to be able to take loan applications for the PPP2 from current, qualified clients who require this necessary assistance. Due to the high volume of interest in this program, we appreciate your patience, as we assist all of our clients who qualify for this loan program. Please contact your Cambridge Trust Banker or Commercial Lender directly if you are interested in applying. You can also contact our Client Resource Center by calling 617-441-1444 or 1-844-251-4244 or by email: [email protected].  For existing clients, we encourage you to prepare for the application process by reviewing the materials outlined on the SBA’s website.


Updated: April 27, 2020

CARES Act and the Paycheck Protection Program (PPP)

Cambridge Trust will resume submitting previously completed applications to the SBA for approval beginning April 27, 2020. Unfortunately, we are unable to accept any new applications, as our teams are working diligently to process clients’ existing completed applications with the SBA.

We understand the frustration of some of our clients who have not been able to complete applications or receive funding. Please know that we are committed to helping all of our clients navigate these challenging times. We encourage you to reach out to the SBA directly or contact PayPal or Credibly, two of many Fintechs that are assisting small businesses at this time. In the meantime, if you have any questions, please reach out to your Private Banker or Commercial Lender who can provide advice and guidance.


Updated: April 20, 2020

CARES Act and the Paycheck Protection Program (PPP)

Small Business Administration PPP Loan Forgiveness and COVID-19 Resources: 
Below is a list of useful resources regarding the PPP loan forgiveness and COVID-19.
Note: the provided information is for consideration purposes only. We encourage you to do your own research.
 
As a reminder, once a PPP Loan is funded, it is the responsibility of the borrower to track the expenditures associated with the funds to ensure they qualify for the loan forgiveness. Please continue to monitor the SBA's website for updates on loan forgiveness and interim rules on how it will be calculated.
 
We highly recommend that you to speak to your CPA or accounting professional regarding SBA PPP Loan Forgiveness.
 
PPP Loan Forgiveness Resources

 
We will continue to update you about how Cambridge Trust is adapting so we may continue to service your needs without disruption, and we urge you to check our website frequently for the latest information.