Business Relief Loans

We’re all in business together, and we’re all in THIS together.

These are unprecedented times, especially for businesses in the Northeast Kingdom, Central Vermont and New Hampshire’s North Country.

While it’s hard to know what tomorrow will bring, the best thing we can do right now is support each other. If your business is feeling the stress of uncertainty, your friends at Passumpsic Bank are ready to help. 

We have developed several loan options to assist your business. Our Commercial bankers are prepared to discuss options from extensions to lines of credit, extending the maximum available credit on existing Lines of Credit and forbearance agreements. 


SBA Paycheck Protection Program

The SBA Paycheck Protection Program provides small businesses with funds to pay up to 10 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Updated detailed information is available at the US Treasury site at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

All Small Businesses Eligible

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

How to Apply

The second round of funding closed on June 30, 2020. Another round may be available soon. We will provide updates on this page. If additional funds are authorized, we will do our best to submit applications that are fully complete and supported with all required supporting documentation on a first come, first serve basis.

Passumpsic Bank is committed to making the PPP Application process as easy and transparent as possible, please contact us:

Call our Paycheck Protection Program Hotline from 8 a.m. to 5 p.m. Monday - Friday

Toll Free: 1-888-863-4347
or
Email: ppp@passumpsicbank.com

Let's talk

Contact us today and we’ll find a solution that works for you.

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