PPP First and Second Draw Loan Options

Updated February 4, 2021

In January the SBA reopened the Paycheck Protection Program (PPP) for both first and second draw applications. These loans are intended for small businesses that are experiencing financial hardships resulting from the continued duration of the pandemic. The program is available for businesses applying for the second time (second draw) as well as companies applying for the first time (first draw). 

We are accepting applications and receiving applications through a secure online portal. To get started, contact your Banker. 


Second draw loan details and eligibility 

  • Funds can be used to help fund payroll costs, including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs resulting from looting or vandalism in 2020, and certain supplier costs and expenses for operations 
  • For most borrowers, the amount of your second draw PPP loan can be up to 2.5x your average monthly 2019 or 2020 payroll costs, up to $2 million
  • For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for your second draw PPP loan can be up to 3.5x your average monthly 2019 or 2020 payroll costs, up to $2 million 
  • You may be eligible for a second draw PPP loan if you previously received a first draw PPP loan and have or will use all of the full amount for authorized uses, have no more than 300 employees, and can demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020 


Supplemental materials 


First draw loan details and eligibility 

  • First draw PPP loans can be used to help fund payroll costs, including benefits, and may also be use for mortgage interest, rent, utilities, worker protection related to COVID-19, uninsured property damage costs caused by looting or vandalism in 2020, and certain supplier costs and expenses for operations 
  • You are eligible to have your loan forgiven by the SBA if you meet the employee retention requirements and used funds for eligible expenses 
  • You may be eligible for a PPP loan if you are a sole proprietor, independent contractor, are self-employed, a small business concern that meets SBA’s size standards, any business, 501 (c)(3) non-profit organization, 501 (c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
         500 employees, or
         That meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Visit the SBA website for the latest details and eligibility requirements 


Supplemental documentation 

Loan Relief Options for Westfield Bank Loans

If you have an existing Westfield Bank loan, we are offering 90 days of immediate payment deferral with no credit bureau impact or late fees. Interest will continue to accrue during this time. We can also help you with restructuring, access to short term working capital, and other financing options. 

Next steps
To learn more about your options and request assistance, call us at 800.368.8930 (Monday – Friday 8:00 am – 7:00 pm or Saturday 9:00 am – 12:00 pm) or upload your request form using the following instructions.  You will need to contact us to participate in these loan relief efforts.  

  1. Download and save our Hardship Relief Request form. Then complete the downloaded application form.
  2. Upon completion, click here to securely upload all documentation through ShareFile.
  3. If you have any questions while completing the form, please contact your relationship manager or call us at 800.368.8930 (Monday – Friday 8:00 am – 7:00 pm or Saturday 9:00 am – 12:00 pm). You will need to contact us and fill out this form to participate in these loan relief efforts.