IMPORTANT UPDATE: On April 24, 2020 President Trump signed into law an amendment to the CARES Act, which authorizes an additional $320 billion for the SBA Paycheck Protection Program. We are accepting PPP applications on a first-come, first-serve basis. Please read below for important information about the program and how to apply.
If you previously submitted an application during the first round of funding and have already been contacted by a Loan Officer, you do not need to re-apply. We are submitting eligible in-process applications to the SBA for approval and will contact you as soon as we have a response from the SBA.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. The Act created the Paycheck Protection Program, which serves as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing us to provide federally-backed, forgivable loans to eligible businesses. As an SBA Preferred Lender, Thomaston Savings Bank is participating in this program to help offer relief to businesses in our community.
The Paycheck Protection Program is administered by the SBA. The intent of the program is to provide loans on favorable terms to small businesses impacted by the challenging economic environment caused by the COVID-19 pandemic.
The information provided above is preliminary and subject to change until the SBA issues final guidance.
As a mutual savings bank, we are committed to helping the businesses in our local community. Therefore, we will only accept applications from businesses that operate in our lending assessment area. Our lending assessment area includes the following Connecticut towns: Avon, Bantam, Bethlehem, Bristol, Burlington, Canton, Canton Center, Cheshire, Collinsville, Farmington, Goshen, Harwinton, Lakeside, Litchfield, Marion, Middlebury, Milldale, Morris, Naugatuck, New Britain, New Hartford, New Preston Marble Dale, Newington, North Canton, Northfield, Oakville, Oxford, Pequabuck, Pine Meadow, Plainville, Plantsville, Plymouth, Prospect, Roxbury, South Britain, Southbury, Southington, Terryville, Thomaston, Torrington, Unionville, Washington, Washington Depot, Waterbury, Watertown, West Hartford, Winchester Center, Winsted, Wolcott, Woodbury.
If your business does not operate in our lending assessment area, we encourage you to find an approved SBA lender in your area.
To complete the application, you will need to calculate average monthly payroll. We recommend you have the following documentation readily available. We will request copies of this documentation later in the application process, so keep it handy.
For Corporation, S-Corp, LLC, 501(c)(3) Non-Profit, 501 (c)(19) Veterans Organization, and Tribal Business (sec. 31(b)(2)(C) of Small Business Act:
For Sole Proprietor and Independent Contractor:
Once you have compiled the supporting documentation, click Apply Now below to access our secure Paycheck Protection Program portal to apply online. The application will open in a new browser window so this page will remain available for reference. If you want to prepare your application in advance of inputting your responses online, click here for the list of questions you will be required to complete.
Once you have submitted your application at the link above, a Loan Officer will review it and contact you to collect the supporting documentation listed above.
We are working as quickly as possible to process the extraordinary volume of requests we have already received; please allow us up to five business days to respond. Participation in the SBA Paycheck Protection Program is subject to verification of payroll and financial information, SBA approval, and availability of program funds.
Thank you for choosing Thomaston Savings Bank. We appreciate your business.