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Online Banking is temporarily unavailable.

Our Online Banking is shedding its old skin to become new and improved. To make the transition, the service will be down for maintenance from 5pm, July 7 to 9am, July 8. We apologize for any inconvenience this may cause.

Online Banking is temporarily unavailable.

Our Online Banking is shedding its old skin to become new and improved. To make the transition, the service will be down for maintenance from 5pm, July 7 to 9am, July 8. We apologize for any inconvenience this may cause.

Personal Banking
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New PPP Loan Application

The SBA has reopened the Paycheck Protection Program to assist small businesses impacted by COVID-19. Even if you’ve already taken advantage of a PPP loan, you can apply again. The program expires March 31, or earlier if the money runs out. We recommend applying as soon as possible.

Benefits of Applying

  • 100% loan forgiveness for using funds as intended.
  • 1% flat interest on unforgiven loans.
  • Five-year maturity.
  • No collateral or personal guarantees required.

What a PPP Loan Covers

  • Payroll (using at least 60% of the loan).
  • Costs related to the continuation of group health care.
  • Mortgage interest payments.
  • Rent and utilities.
  • Operational expenses.
  • Expenses related to protection against COVID-19.

Eligibility

  • Small businesses, independent contractors, self-employed individuals and sole proprietors are among the list of eligible applicants.
  • You must have no more than 300 employees.
  • If you have received a PPP loan before, you must use it up before receiving a second draw.
  • You must demonstrate a revenue reduction of 25% or more between 2019 and 2020.

Required Documents

To help you get started, here is a short list of documents you'll need to round up.

  • PPP loan application (download below).
  • Copy of valid ID, such as a driver’s license.
  • Copy of a voided business check.
  • Proof of business ownership (SSN, TIN or EIN)
  • Verification of payroll costs and revenue loss, such as tax forms or bank statements.

If you are applying for a PPP loan for the first time, use the Paycheck Protection Program Borrower Application Form.

Application

If this is your second PPP loan, use the PPP Second Draw Borrower Application Form.

Application

Instructions for Uploading All Your Documents

  1. Accept Electronic Document Agreement.
  2. Click Upload Documents below.
  3. Enter your email, name and company.
  4. Drag and drop your application and required documents.
  5. Click the blue Upload button.

PPP Loan Forgiveness

As of Jan. 19, the SBA has released additional PPP guidance and clarification on PPP loan forgiveness. Here are some of the highlights.

  • Additional operations expenditures, supplier costs and worker protection expenditures are now eligible for forgiveness.
  • Borrowers may submit a forgiveness application any time on or before the maturity date of the loan if they have used up all the proceeds for which they are asking forgiveness.
  • Second-time borrowers of $150,000 or less must submit their First Draw forgiveness applications before or simultaneously with their Second Draw forgiveness applications.
  • Borrowers of $50,000 or less are exempt from any reductions to the loan forgiveness amount.
  • For borrowers that apply for loan forgiveness, payments are deferred until the SBA provides Andover State Bank with the loan forgiveness balance, or a decision not to forgive the loan.

For details, see the SBA’s Interim Final Rule on Loan Forgiveness Requirements. The PPP loan process is continually changing. Please check back here for updates.

Loan forgiveness applications are available to download below. They contain instructions, a list of documents to submit with your application, and a list of documents you must keep on file for six years after the date the loan is forgiven or repaid in full.

PPP Loan Forgiveness Application Form 3508S

  • For loans totaling $150,000 or less.
  • Fewer calculations and supporting documents required.
  • To fill out the application: Download the PDF, open it in your PDF viewer, and click Fill & Sign from the tools pane on the right. After completing the application, save it until you’re ready to upload all your documents.
Application

PPP Loan Forgiveness Application Form 3508EZ

  • For loans greater than $150,000 that meet certain exemptions from maintaining FTEs or wages.
  • Must submit supporting documents to Andover State Bank.
  • To fill out the application: Download the PDF, open it in your PDF viewer, and click Fill & Sign from the tools pane on the right. After completing the application, save it until you’re ready to upload all your documents.
Application

PPP Loan Forgiveness Application Form 3508

  • For borrowers who cannot use Forms 3508S or 3508EZ.
  • Must submit supporting documents to Andover State Bank.
  • To fill out the application: Download the PDF, open it in your PDF viewer, and click Fill & Sign from the tools pane on the right. After completing the application, save it until you’re ready to upload all your documents.
Application

Required Documents

To help you get started, here is a short list of documents you may need to round up. See your application's instructions for details.

  • Bank statements showing employee compensation
  • Tax forms that overlap covered periods
  • Documentation of contributions to employee insurance and retirement plans (receipts, canceled checks or account statements)
  • FTE documentation
  • Documentation of payments toward mortgage interest, rent, lease and utilities

Andover State Bank will have up to 60 days to review these documents. After our review, the SBA has an additional 90 days to reject or concur with our decisions. All interest paid on forgiven loans will be the SBA’s responsibility, so this delay will not cost you. We will keep you updated and submit your documents as soon as we can.

Instructions for Uploading All Your Documents

  1. Accept Electronic Document Agreement.
  2. Click Upload Documents below.
  3. Enter your email, name and company.
  4. Drag and drop your application and required documents.
  5. Click the blue Upload button.

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