PPP Loan Information
 

Paycheck Protection Program Loan Information Center

Ambler Savings Bank is here to help our community businesses!

What is the Paycheck Protection Program (PPP)?

The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA). Loans are designed to provide a direct incentive for small businesses to keep their workers on payroll.

Forgiveness of the loans is provided if all employee retention criteria are met and the funds are used for eligible expenses.

Ambler Savings Bank is here to help local businesses, both customers and non-customers, apply for PPP loans to help keep their business in operation during the pandemic. We are open for in-person appointments. Contact us today!

Loan Overview

  • Businesses that received 2020 PPP loans may be eligible for a 2021 PPP loan.
  • To be eligible, businesses must employ no more than 300 employees and demonstrate a 25% or more reduction in revenue in any 2020 quarter compared to a similar period in 2019. 
  • Eligible businesses can borrow 2.5 times (certain businesses 3.5 times) their average monthly payroll cost.
  • You must use at least 60% of funds for eligible payroll costs to qualify for full loan forgiveness
  • You can use up to 40% of funds for eligible non-payroll costs
  • PPP loans have an interest rate of 1%.
  • No collateral or personal guarantees are required.
  • Neither the government nor Ambler Savings Bank will charge small businesses any fees.
  • Other criteria determined by the SBA may apply.

For the latest information from the SBA, visit their website here.

How to Apply

Ambler Savings Bank is a registered SBA 7(a) lender, qualified and ready to process your PPP loan application.
Contact our lending department to start the application process. Our team is ready to help get you approved quickly – just like we did for 355 businesses in 2020.

  • Review the loan overview above.
  • Complete Second Draw Borrower Application. Download the application form here.  
  • Contact Us: Contact our lending department to start the application process. Our team is ready to help walk you through the process and build a lasting relationship.

Our PPP Lending Team 

Erin Cohen 2020

Erin Cohen

Vice President
Retail Officer

Patrick Rice 2020

Patrick Rice

Vice President
Commercial Lending 

Helen Graner 2020

Helen Graner

Commercial Lender

 
 
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