Small Business Administration (SBA) Paycheck Protection Program (PPP) for Northern Bank Customers
For more than 60 years, Northern Bank has been a trusted partner and source of strength for our communities and customers we serve. We have earned the trust and confidence of our clients by working diligently and collaboratively with them when they face both challenges and opportunities.
The coronavirus pandemic presents new and different challenges for all of us, but as always, we are here to help our customers overcome the obstacles that stand in the way of their goals and persevere through trying times.
SBA PPP Loan Forgiveness
Northern Bank has created a portal to allow borrowers to submit all of the documents needed to process their SBA PPP forgiveness application. It mirrors the information laid out in the SBA’s PPP forgiveness application. As a reminder, in order to know what information you need to apply, you must read the full instructions and FAQs provided by the SBA before logging in to the application portal. We recommend consulting with your attorney and/or accountant for advice on your application.
The following How-To Apply Guides are for Northern Bank clients to walk you through all of the steps when applying for PPP loan forgiveness through our portal:
- Download How-To Apply Guide for Form 3508: Standard application
- Download How-To Apply Guide for Form 3508S: For borrowers with PPP loans of $50,000 or less
- Download How-To Apply Guide for Form 3508EZ: For borrowers who did not reduce employee levels, wages or hours; or for borrowers who are self-employed with no employees
Your team at Northern Bank has been working around the clock, to help clients secure PPP loans and obtain forgiveness. As you can imagine, the demand for PPP loans has been extraordinary and we were able to fund more than 1,300 loans. The program has been challenging because the Small Business Administration (SBA) and U.S. Treasury continues to develop and refine the processes, and release or update guidance daily.
What you need to know about the Paycheck Protection Program
The Paycheck Protection Program (PPP), part of the new CARES stimulus package, is a federal loan program* aimed at helping small businesses who have been severely impacted by Coronavirus maintain their workforce.
The Treasury Department has up-to-date information about this program. We encourage customers to visit the small business section of the Treasury Department CARES website.
- This is not a link to apply.
- Do not send us any SBA or Treasury department forms.
- Check back for updates.
We recommend that you consult with your attorneys and accountants if you need professional advice.
- Terms and conditions are subject to change.** Check back for updates.
Be aware and protect yourself from scams
Northern Bank will not ask for confidential information—such as your name, password, PIN or other account information—if we reach out to you. See the Federal Trade Commission’s advice.
SBA LOAN PROGRAM OPTIONS
Payroll Protection Program (PPP)
Rent and Utilities
Interest on debt incurred before 2.15.20
2.5 times the business's average monthly payroll
1% fixed annual percentage rate
No payments for the first 6 months, and a total 2-year term
Up to 100% with approval
Economic Injury Disaster Loan (EIDL)
Other expenses that can't be paid because of the disaster's impact
Up to $2 million
3.75% annual percentage rate
Up to 30 years
Emergency grants available up to $10K
*All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
**This information is accurate and updated as of 11.15.2020. Terms and conditions are subject to change.
Northern Bank | Member FDIC