Paycheck Protection Program Loan

Updated 3/26/2021

Needham Bank is accepting Paycheck Protection Program (PPP) Loan applications from businesses that are eligible to receive their first PPP loan as well as those that have already received a PPP loan and are eligible to receive a second PPP loan in this round of funding (a “Second Draw PPP loan”). 

Our online borrowing portal is available to both customers and non-customers.  Please see the links below for more information:

Existing Needham Bank
PPP Borrowers Click Here

New Borrowers
Click Here


Please note that we will accept online applications only in order to provide a better customer experience. Paper applications will not be accepted.

For information about Paycheck Protection Loan forgiveness for PPP Loans in 2020 (the first round of funding), click here.

Frequently Asked Questions

Can I apply for a Second Draw PPP loan even if my business already received a PPP loan in the first round of funding in 2020?

Yes, you can apply for a Second Draw PPP loan if:

  • Your business has 300 or fewer employees
  • You have used the full amount of your first PPP loan before your second loan is funded
  • You can show that your business had at least a 25% decrease in gross revenue in any 2020 quarter compared to the same quarter in 2019
  • Current economic conditions make a PPP loan necessary to support ongoing operations

How do I determine the loan amount to request for my Second Draw PPP loan?

  • You can request a loan amount of up to 2.5 times your average monthly payroll costs, up to a total of $2 million
  • If you are in the accommodation or restaurant business (North American Industry Classification System (NAICS) codes starting with 72), you can request 3.5 times your average monthly payroll costs, up to a total of $2 million
  • Seasonal employers may calculate their maximum loan amount based on a 12-week period beginning February 15, 2019 through February 15, 2020

For the latest guidance from the SBA on how to calculate revenue reduction and maximum loan amounts for a Second Draw PPP loan, please visit:

This will be the first PPP loan for my business. What are the requirements?

You can apply for a first PPP loan if:

  • Your business was in operation before February 15, 2020 AND
    • Your business has 500 or fewer employees and is eligible for other SBA (7a) loans  
    • You are a sole proprietor, independent contractor or self-employed individual
    • Your business is a non-profit (including churches and 501(c)(6) membership organizations)  
    • Your business is an accommodation or food service operation (those with NAICS codes starting with 72) with fewer than 500 employees per physical location

How do I determine the loan amount to request for my first PPP Loan?

You can request a loan amount of up to 2.5 times your average monthly payroll costs, up to a total of $10 million. For the latest guidance from the SBA and Treasury Department on how to calculate the maximum loan amount for a first draft PPP loan, please visit:

On 3/3/2021 the SBA revised the rules for Sole Proprietors applying for a PPP Loan.  Below are some common questions our Sole Proprietors have:

Can I revise my loan application if my PPP Loan has already been disbursed/funded into my account?

Unfortunately, if your PPP Loan has already been disbursed/funded, you are not eligible to reapply with the updated formula (as specified under new guidelines).

What if the loan has not been disbursed/funded, can I increase my PPP Loan amount?

Yes. The SBA has put new rules in place that may allow you to increase the maximum eligible loan amount on your PPP Loan application.  Please see additional information below on how to request an increase. 

How do I revise my PPP Loan application?

Access the NB PPP Loan portal here:  Sageworks by Abrigo (

Log in with the existing credentials you established at PPP Loan origination with Needham Bank.

Go to the Loan Information page/tab and update the appropriate fields.

Do I have to reapply?

No, if you already started an application in our online system, you do not have to start a new application.  The system has been updated and will allow you to make the appropriate changes. 

Do I have to provide any additional Documentation?

If you have already uploaded your Schedule C, the SBA now allows you to use the gross income from Line 7 to calculate your maximum eligible PPP Loan amount.  You need to select “Sole Proprietorship” as the business type and confirm that you are using Line 7 in the “Loan Amount” section of the PPP Loan application.  If you have not uploaded your Schedule C, you must do so, whether it has been filed with the IRS or not, in order to calculate and allow Needham Bank to validate your loan amount.

If you have employees, you will also be required to upload Federal and State quarterly remittances (941’s /WR-1’s).

What is the interest rate on Paycheck Protection Loans?

The interest rate is 1%.

What is the term of the Loan?

The term of the loan is 5 years.

When do PPP funds need to be spent?

PPP borrowers choose either an 8-week or 24-week covered period in which to spend the loan proceeds.

How will loan forgiveness work?

PPP borrowers will need to spend at least 60% of their loan proceeds on payroll over a covered period of either 8 or 24 weeks. 

Other uses of loan proceeds that will be potentially forgivable include:

  • Qualified mortgage interest, rent, and utilities
  • Covered worker protection and facility modification expenditures after March 1, 2020, including personal protective equipment to comply with COVID-19 federal health and safety guidelines
  • Expenditures to suppliers for current operations
  • Covered operating costs such as software and cloud computing services and accounting needs

We will continue to update this page as new information is available. If you have additional questions, please call our Paycheck Protection Program loan specialists at 781-474-5845.

Please note that this is a summary of the PPP program. For complete details and restrictions, please refer to the U.S. Small Business Administration (SBA) and U.S. Treasury website. 

For an updated list of PPP Frequently Asked Questions (FAQs), please click here.