Support for Amalgamated Clients
Paycheck Protection Program
Paycheck Protection Program
Amalgamated Bank1 is proud to participate in the Paycheck Protection Program (PPP) to help small businesses during the Coronavirus pandemic. The PPP was created by the CARES ACT to provide a direct incentive for small businesses to keep their workers on the payroll. The program is administered by the Small Business Administration (SBA), which guarantees 100% of the loans.
PPP
About the program
The program is designed such that the SBA will forgive the loan if all employee retention criteria are met, and the funds are used for eligible expenses.2 Loan features in the original program included:
- An interest rate of 1%
- A maturity of 5 years
- No collateral or personal guarantees required
- Maximum loan amount of $10 million, not to exceed 2.5 times average monthly payroll
- The loan may be forgivable
- For more information regarding the PPP, please visit the SBA or the Treasury’s website.
Information
How the process works
Amalgamated Bank has created an easy to use platform which will allow you to apply for a PPP loan with the SBA.
Please read the information below regarding applying for a PPP loan on the Amalgamated Bank platform:
For Existing Amalgamated Customers:
You will need to enter the following information on file with the Bank
- Company Tax ID Number
- Email of authorized signer
- SSN of authorized signer
(Please be aware that if the information entered is not recognized, you may apply as a new customer or contact your banking representative.)
For New Amalgamated Customers:
Please click on the link in the platform indicating “Not an Existing Customer”
Upon completion of the application, the Bank will submit your application directly to the SBA for the determination of eligibility and approval. You can check the status of your application at any time by clicking the link in the email you receive upon submitting your application.
For questions about the PPP, please email PPP@AmalgamatedBank.com.
1 As America’s socially responsible bank, Amalgamated does not lend to organizations that don’t align with our corporate mission.
2 The PPP official laws, rules, and regulations may continue to evolve and change over time as a result of actions taken by Congress or the SBA. The informational material provided by Amalgamated Bank on this webpage is general in nature and we encourage you to review all of the updated SBA guidance related to PPP on a periodic basis to ensure that you are staying up to date on the developing rules. In the event of any discrepancies between the information on our website and official laws, rules, and regulations governing PPP, the official laws, rules, and regulations shall control. You should also consult with your legal counsel to ensure that you are staying in compliance with the latest rules. For more information regarding SBA matters, please visit the SBA or Treasury’s website.
