*****Currently only loans received and disbursed in 2020 currently qualify for forgiveness (Round 1). BankNewport is NOT accepting forgiveness applications for loans obtained on or after January 19, 2021 (Round 2). BankNewport will be accepting Round 2 Forgiveness Applications in late summer 2021 *****

Please note: For 3508S Forgiveness Applications (to be used for loans of $150,000 or less) the following information is NOT required to be completed/input in the Portal:

  • EIDL Advance Amount
  • EIDL Application Number
  • 2019 Revenue
  • Documents are not required to be attached - simply disregard this tab.

Please be advised we will communicate with you via the Portal so it is important that you access the Portal regularly to check your mail and loan status.

The SBA and Treasury Department has opened the Paycheck Protection Program (PPP) on January 19, 2021, for new borrowers (First Draw Loans) and certain existing borrowers (Second Draw Loans). This round of PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $285 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

We have worked diligently with our partners to develop a streamlined online PPP Loan Application process, which is now available to you in our new PPP Loan Application Portal. THIS NEW ONLINE APPLICATION PORTAL IS FOR FIRST DRAW PPP LOAN APPLICATIONS AND SECOND DRAW PPP LOAN APPLICATIONS ONLY. For borrowers who demonstrate that there is no ability to have access to a computer please contact one of the following Branch Offices for assistance.

Branch Banker Phone Number
Newport Evan Rose 401.849.1244
Middletown Patrick Burns 401.846.3610
Narrangansett Lynn Wagner 401.782.1089
East Greenwich Kathleen Sanderson-Upham 401.886.1681
Chapel View Ron Greenwood 401.437.8044
Warren Victor Correia 401.245.5522
Dorrance Laura Guillen 401.228.8242
Dorrance John Tancredi 401.228.8242

Please note: BankNewport will only be accepting new PPP Loan Applications through our new PPP Loan Application Portal AND you must have an open business checking or statement savings account relationship with BankNewport prior to submitting a PPP Loan Application. IF you do not have an existing open business checking or statement savings account relationship please contact any one of our branch offices to open a business checking or statement savings account.

Existing BankNewport PPP customers can expect to receive regular email communications from us, and as always you can visit this page for important updates and additional information.

Below are the Key PPP Loan Application general updates provided by the SBA and specific updates on 1. (Second Draw Loans) and 2. (First Draw Loans)

KEY SBA PPP UPDATES:

  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations.
  • The PPP provides greater flexibility for seasonal employees or businesses.
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount.
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
    • Has no more than 300 employees;
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Borrowers can apply for a Second Draw PPP Loan or a First Draw PPP Loan until March 31, 2021. To apply for either a Second Draw PPP Loan or First Draw PPP Loan access the BankNewport PPP Loan Application Portal below. 

Apply Now

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

SECOND DRAW LOANS

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The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Targeted Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan AND will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5 times the average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector, (NAICS Business code must start with “72”), the maximum loan amount for a Second Draw PPP Loan is 3.5 times the average monthly 2019 or 2020 payroll costs up to $2 million.

Information needed to apply for a Second Draw PPP Loan

  1. Name and Address of your business as it is registered with the Secretary of State or Rhode Island. To obtain this information access the Rhode Island Secretary of State website’s business portal at the following link: https://www.sos.ri.gov/divisions/business-services.  You will also need your date of incorporation (if a business entity), which can be found at the same link above.  If you are incorporated outside of Rhode Island, go to that State’s Secretary of State website and look up your information.
  2. BankNewport business checking or savings account number. All applicants must have a BankNewport checking or savings account with the same legal name as your PPP Loan Application. This is where we will deposit your PPP funds. 
  3. Signer’s Driver’s License number, state of issuance and expiration date.
  4. Average Monthly Payroll number you will use to calculate your loan amount
  5. Quarterly or yearly Revenue comparison information

How and When to Apply for a Second Draw Loan

Borrowers can apply for a Second Draw PPP Loan until March 31, 2021. To apply for a PPP Second Draw Loan access the BankNewport PPP Loan Application Portal below. 

Apply Now

Please follow the steps below to create an account and begin your PPP Loan Application process within the portal. This new online portal will guide you through; the PPP loan application based on your unique situation and how you answer questions within the portal. This new Portal has DocuSign as a feature which will allow you to sign all required documents electronically. PLEASE BE ON THE LOOKOUT FOR EMAILS FROM “DocuSign” DURING THE APPLICATION PROCESS. These emails will not come from BankNewport, but from DocuSign. BankNewport will not be conducting in-person loan closing in this round of PPP Lending.

  1. When logging into the Loan Application Portal, please use Google Chrome, Microsoft Edge or another browser but not Internet Explorer. The Portal will not work using Internet Explorer.
  2. Create an account, enter an email address and password. This will allow you to access your account to view current status, pending items, e-sign documents and review messages. Click Create Account. Please remember your user name (email) and password. You will need it to check into the Portal.
  3. We recommend that you review the Borrower Tutorial Video once you log into the BankNewport PPP Loan Application Portal which can be found under the "Helpful Links" tab in the upper left corner.
  4. Please note: BankNewport has made the following changes to the instructional information provided in the Borrower Tutorial Video to make your PPP Loan Application process more streamlined:
    1. Date of Establishment: For businesses registered with the state please enter the “Date of Incorporation” found on your Articles of Incorporation which can be located using this link: https://www.sos.ri.gov/divisions/business-services.  For non-registered businesses please enter the “Business Start Date” in this field. For businesses incorporated in another State please go to that state’s Secretary of State Website and look up your information.
    2. The PPP Loan Application Portal will require you to input your SBA PPP Loan number from your 1st draw PPP Loan. Please note:  This number can be found on your original SBA PPP Note OR you may email us at PPP@banknewport.com to obtain your SBA PPP Loan number.  Once the number is entered you will need to click the “Validate First Draw” button (see below) to verify the information is accurate.
    3. Please be advised: if you received a First Draw PPP Loan from BankNewport last spring AND supplied us with your 2019 payroll documents - No further payroll documents or other documents (i.e. Articles of Incorporation, License etc.) are needed for this PPP Second Draw Loan application. We already have them. Therefore, we are not requiring you to attach these documents in the online portal system.  You may skip that section of the portal application.
    4. For all Second Draw PPP Loans you must attach your revenue reduction documentation showing the 25% reduction from at least one quarter in 2020 to the comparable quarter in 2019. YOU MUST USE A CALENDAR QUARTER IN YOUR CALCULATIONS. Revenue reduction documentation may be management prepared financials, bookkeeping reports, annual tax return documents, bank statements or any other document which shows the revenue reduction such as an excel spreadsheet etc.
    5. If you are applying for a larger Second Draw PPP Loan than you received on your First Draw PPP Loan you must attach supporting payroll documents that justify the larger loan amount. 

AGAIN THE ABOVE 5 POINTS ARE SOMEWHAT DIFFERENT THAN WHAT IS PRESENTED IN THE VIDEO TUTORIAL

***Please note: You must have an existing, open business checking or statement savings account relationship with BankNewport prior to applying for a new PPP Loan. If you do not have an existing, open business checking or statement savings account relationship please contact one of our branch offices to open a business checking or statement savings account.***

FIRST DRAW LOANS

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The Paycheck Protection Program (PPP) will allow borrowers that did not previously receive a PPP loan to apply for a First Draw PPP loan. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Full Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Refinancing of Economic Injury Disaster Loan (EIDL)

If you have an EIDL loan it can be refinanced if you did not receive a PPP Loan previously and the EIDL loan was made between January 31, 2020 and April 3, 2020. Please be advised that this is for the EIDL Loan only not for EIDL advances/grants (which are already automatically forgiven by the government).    

Who Can Apply

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

Also eligible to apply for First Draw PPP Loans are businesses with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.

Reapplying and Loan Increases

Existing BankNewport PPP borrowers that did not receive loan forgiveness by December 27, 2020, may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible. We expect this pool of borrowers to be very limited and if this applies to you please contact us at PPP@banknewport.com.

Information needed to apply for a First Draw PPP Loan

  1. Name and Address of your business as it is registered with the Secretary of State or Rhode Island. To obtain this information access the Rhode Island Secretary of State website’s business portal at the following link: https://www.sos.ri.gov/divisions/business-services.
  2. BankNewport business checking or savings account number
  3. Signer’s Driver’s License number, state of issuance and expiration date.
  4. Average Monthly Payroll number you will use to calculate your loan amount

How and When to Apply for a First Draw Loan

Borrowers can apply for a First Draw PPP Loan until March 31, 2021. To apply for a PPP First Draw Loan access the BankNewport PPP Loan Application Portal below. 

Apply Now

Please follow the steps below to create an account and begin your PPP Loan Application process within the portal. This new online portal will guide you through; the PPP loan application based on your unique situation and how you answer questions within the portal. This new Portal has DocuSign as a feature which will allow you to sign all required documents electronically. PLEASE BE ON THE LOOKOUT FOR EMAILS FROM "DocuSign" DURING THE APPLICATION PROCESS. These emails will not come from BankNewport, but from DocuSign.

  1. When logging into the Loan Application Portal, please use Google Chrome, Microsoft Edge or another browser but not Internet Explorer. The Portal will not work using Internet Explorer.
  2. Create an account, enter an email address and password. This will allow you to access your account to view current status, pending items, e-sign documents and review messages. Click Create Account.
  3. We recommend that you review the Borrower Tutorial Video once you log into the BankNewport PPP Loan Application Portal which can be found under the helpful links tab in the upper left corner.
  4. Please note: Date of Establishment: For businesses registered with the state please enter the “Date of Incorporation” found on your Articles of Incorporation which can be located using this link: https://www.sos.ri.gov/divisions/business-services.  For non-registered businesses please enter the “Business Start Date” in this field.  For businesses incorporated in another State please go to that state’s Secretary of State Website and look up your information Please be advised that you will be required to attach payroll documentation.

***Please note: You must have an existing, open business checking or statement savings account relationship with BankNewport prior to applying for a new PPP Loan. IF you do not have an existing, open business checking or statement savings account relationship please contact one of our branch offices to open a business checking or statement savings account.***

Frequently Asked Questions: Paycheck Protection Program (PPP) Round 2:

FORGIVENESS

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*****Currently only loans received and disbursed in 2020 qualify for forgiveness (Round 1). BankNewport is NOT accepting forgiveness applications for loans obtained on or after January 19, 2021 (Round 2). BankNewport will be accepting Round 2 Applications in late summer 2021 *****

Please note: For 3508S Forgiveness Applications (to be used for loans of $150,000 or less) the following information is NOT required to be completed/input in the Portal:

  • EIDL Advance Amount
  • EIDL Application Number
  • 2019 Revenue
  • Documents are not required to be attached - simply disregard this tab.

When Can I apply for Loan Forgiveness?

You can apply for forgiveness any time after the end of your covered period up to the maturity date of the First Draw PPP Loan.  If you do not apply for forgiveness within 10 months after the last day of your covered period, then your PPP loan payments are no longer deferred, and you must begin making loan payments to BankNewport.

What type of Application should I use?

Each PPP loan must use a separate loan forgiveness application. When you are in the PPP Forgiveness Portal you will have the choice of using one of the 3 forgiveness application types below:

Form 3508S

Applies to borrowers who received a First Draw PPP Loan of $150,000 or less. Form 3508S requires fewer calculations and less documentation for eligible borrowers. (Please Note: No payroll documentation is required to be attached to the forgiveness application for First Draw PPP Loans).

Form 3508EZ

Applies to borrowers who meet any one of the two criteria outlined below and the PPP loan is greater than $150,000. (Please note: Payroll documentation is required to be attached to the forgiveness application for First Draw PPP Loans).

Use form 3508EZ if:

The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000.) ;AND The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period.

  • Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020 (or, for a PPP loan made after December 27, 2020, the last day of the Covered Period).
  • Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.

OR

The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period. (For purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000). ; AND The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 (or, for a PPP loan made after December 27, 2020, requirements established or guidance issued between March 1, 2020 and the last day of the Covered Period) by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.

Form 3508

Applies to all others. (Please note: Payroll documentation is required to be attached to the forgiveness application for First Draw PPP Loans.)

How do I Apply for PPP First Draw Loan Forgiveness?

You may access the Forgiveness Request Portal here.

Apply Now

Please follow the steps below to create an account and begin your PPP Loan Forgiveness Application process.

  • When logging into the Loan Application Portal, please use Google Chrome, Microsoft Edge or another browser but not Internet Explorer. The Portal will not work using Internet Explorer.
  • If you have previously accessed the Portal – (i.e. you applied for a First Draw or Second Draw PPP Loan via the BankNewport Portal)
    • Enter your email address (the same email address used to apply for your First Draw or Second Draw PPP Loan)
    • Enter your password (the same password used to apply for your First Draw or Second Draw PPP Loan)
    • Click Login
  • If this is your first time accessing the Portal:
    • Type in your EIN or SSN (with no dashes) and the ten-digit SBA Loan Number (Note: this is not the same as your BankNewport loan number. Your SBA Loan Number can be found on your note or you may email us at PPPforgiveness@BankNewport.com to obtain it).
    • Click “Find Your Loan”.
    • Verify SBA Loan Amount (you will chose the correct amount of your PPP Loan from 5 available choices).
    • Create an account, enter an email address and password. This will allow you to access your account to view current status, pending items, e-sign documents and review messages.
    • Click Create Account.

This new online portal will guide you through the PPP Loan Forgiveness Application process. It also has DocuSign as a feature which will allow you to sign all required documents electronically. Make sure you are on the lookout for emails from “DocuSign”. Please be advised we will communicate with you via the Portal message box so it is important that you access the Portal regularly to check your messages and loan status.

Frequently Asked Questions (FAQ) Paycheck Protection Program (PPP) Forgiveness: