COVID-19
SBA Relief
at your fingertips.

Paycheck Protection Loan

Dear Business Owner:

Thank you for visiting Leader Bank’s COVID-19 SBA relief website. We know that virtually every business has been significantly impacted by this crisis. As a small business owner who founded Leader Bank in 2002 to provide high quality community banking services to our local cities and towns, I understand the challenges our business customers are facing due to the economic uncertainty caused by the COVID-19 pandemic. As an SBA Preferred Lender, Leader Bank is proud to participate in the Paycheck Protection Program to help provide small businesses obtain the funding they need to support their employees during these difficult times. Our dedicated commercial lenders and local analysts and underwriters understand the needs of our local businesses, and will work to respond quickly to your needs. Please answer few simple questions to check your company’s eligibility, if you qualify, you can begin the application process.


If eligible, to help expedite the process, please have the following information completed and prepared to submit.

  • Paycheck Protection Program Application Form (you can download from SBA website referenced below)
  • Your Fiscal Year 2019 Payroll detailing each employees earnings.
  • Profit and Loss Statement for your company for the 2019 fiscal year.
  • For more detailed information on PPP, more information has been posted on SBA’s Website: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

We look forward to working with you to help process your application for a Paycheck Protection Program loan with the SBA.

Sushil Tuli, CEO

FAQs

Loans made to small businesses under the Paycheck Protection Loan program under Section 7(a) of the Small Business Act.
Paycheck Protection Loans may be used for payroll costs, utilities, rents and certain existing debt service payments and will be guaranteed by the U.S. government.
We understand the importance of time. Once we receive the required documentation for your loan request, we can generally close within 7 business days. Leader Bank is a preferred SBA lender, which allows quick turnaround time.
Generally, Businesses or tax-exempt Non-profits with less than 500 total employees which were operational on February 15, 2020 should be eligible.
The maximum PPP loan is equivalent to 250% of the Applicant’s average monthly payroll costs during the preceding calendar year or $10 million, whichever is less.
The SBA guaranty fee is waived for Payroll Protection Loans, and we will minimize any other applicable costs.
The loan term will be 2 years at a fixed interest rate of 1.0%. Payments can be deferred for 6 months.
The loan proceeds could be used for payroll, rent, utilities, interest on mortgage payments, and interest on other debt incurred in the last 12 months.
The applicant must submit SBA Form 2483 (Paycheck Protection Program Application Form), 2019 profit and loss statement, and payroll documentation such as payroll processor records, payroll tax filings, or Form 1099-MISC.

Have any questions?

Any of our SBA professionals would love to speak with you about your lending needs. Call or email today - we are happy to answer your questions whether you need a loan from us right now or are just looking for advice for the future.

Contact Us

SBARelief@leaderbank.com

781-646-3900

By Mail

180 Massachusetts Ave, Arlington, MA 02474

Our Small Business Lending Team

Patrick Daaboul

Sandeep Jain

Kevin McSweeney

#1


SBA Lender in MA among banks with less than $10 billion in assets.

290


Number of loans closed since the 2015 SBA fiscal year providing more than $30M in capital.

#1


Lender to veteran-owned businesses in 2018.


We are a Small Business Administration Preferred Lender.