UPDATED MAY 10, 2021 AT 12:30 PM
Paycheck Protection Program (PPP) Under The Economic Aid Act
Since the EAA Paycheck Protection Program (PPP) opened in January 2021, Lakeland Bank has proudly processed over 1,200 applications with the SBA.
The SBA announced that PPP funding was exhausted as of May 4, 2021, and no additional PPP applications can be processed or submitted to the SBA.
As a result, Lakeland Bank is no longer accepting or processing PPP applications. If you submitted a complete PPP application and supporting documentation through our online portal and your application is in process with the SBA, it is our understanding it will be reviewed, decisioned, and funded by the SBA based on available funds.
Please refer back to this website for updates.
Your application was submitted to the SBA only if the status states:
- Application Transmitted to the SBA - Your application is pending SBA review.
- Sign - Your application was approved by the SBA and you should have received an email with instructions sign the PPP loan documents.
For information regarding the status of current forgiveness applications related to PPP funding previously received under the CARES Act, visit LakelandBank.com/PPP-Loan-Forgiveness.
Additional tips from our partner BDO, an accounting firm specializing in PPP guidance, are available here.*
* All content on the BDO website is the opinion of and owned by BDO USA, LLP and is based upon information that BDO considers reliable. Lakeland Bank does not warrant its completeness or accuracy.
Economic Injury Disaster Loans (EIDL)
If your business has been impacted or is suffering substantial economic injury because of the Coronavirus COVID-19 pandemic & is located in a declared disaster area, you may be eligible for a low-interest disaster assistance loan through the Small Business Administration (SBA). These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
Follow this link for information and how to apply through the SBA.
New Jersey Business Portal
In addition, New Jersey has created a website for businesses to find resources. There is a chat bot (live chat) where you can ask questions and receive answers in a timely manner. Businesses may also call 1-800-JERSEY-7.
