COVID-19 Update: *We ask that if you have had any Covid-19 related symptoms OR had close contact with OR cared for somebody with Covid-19 symptoms in the last 14 days OR if you have recently traveled outside of the Northeast United States, please note that Massachusetts requires that you self-quarantine for 14 days. If any of the above circumstances apply to you, please utilize our drive-thru or online services.
Bank Lobbies Open Please Read Details. Schedule an Appointment or click here for more info
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Current Events


Closed for Thanksgiving

Nov 20, 2020

BankGloucester will be closed Thursday, November 26, 2020 for Thanksgiving. Please plan your banking accordingly and remember, online banking and mobile banking are ALWAYS available!

We hope you have a safe and happy holiday! 


Donate to the Cape Ann Kids Holiday Fund

Nov 18, 2020

The holidays can be a difficult time for families, especially this year. Because of the pandemic we are in, many families are struggling and have lost wages, have lack of childcare and are financially unstable.

Action Inc., Pathways for Children and Wellspring House, Inc. have teamed up in order to help struggling families the best way possible this year. Rather than collecting toys like previous years, they feel collecting money to buy gift cards will offer families with the safest, most flexible option to provide gifts for their children. They want to make sure all the kids on Cape Ann are able to have a magical and bright holiday and help ease the financial burden it may have on parents.


Join BankGloucester in supporting families on Cape Ann this holiday season. All donations are appreciated and no donation is too small!

Donations can be made at: capeannkids.org


Donate to the Open Door Food Drive

Nov 16, 2020

As the holidays approach, it is a good time to reflect and think of those less fortunate.

Typically, we have a food drive with a bin in our lobbies. Due to the circumstances, we feel it the safest option to do a virtual food drive this year. Below is a link where donations can be made. A little goes a long way and any donation helps! Please help BankGloucester reach our goal by donating and putting food on someone less fortunate’s table this holiday season.


https://theopendoor.networkfor...



Care Dimensions

Nov 10, 2020

Honor a loved one by illuminating a light on one of Care Dimensions Hospice Tree of Lights and inscribing their name in the Tree of Lights Honor Roll Book.
Tree of Lights Logo.jpg

With the safety of both you and our communities in mind, this year Care Dimensions invites you to join us from the comfort and warmth of your home for our tree-lighting ceremony on Tuesday, December 8, 2020 at 5:30 p.m., with all the tradition and reverence you have cherished in years past.

 After December 8, lights will shine at our main lobby on 160 Main Street.

Click here to illuminate a light for your loved one: https://giving.caredimensions....




Closed for Veterans Day

Nov 9, 2020

A special thank you to all Veterans for their service and sacrifice.

In honor of Veterans Day, BankGloucester will be closed on Wednesday, November 11, 2020.

Please plan your banking accordingly, and remember - online banking is always available!


Update on Parking Lot Closing on 10/29

Oct 28, 2020

Dear Customers, 

Our parking lot was going to be closed tomorrow from 1:15 PM - 4 PM for the Kops N Kids Halloween parade. 

Due to expected rain, the Kops N Kids Halloween Parade on Main Street scheduled for tomorrow, 10/29 is canceled. Since Main Street will remain opened, our parking lot will be opened. 

Thank you, and we look forward to assisting you! 


BankGloucester awards $25K to local organizations

Oct 15, 2020

BankGloucester awards $25K to local organizations in thirteenth annual ‘Banking for the Community’ program

 The results are in for BankGloucester’s 13th annual Banking for the Community Program! Special thanks to the general public for their participation and voting; making this program’s most successful year yet, with close to 10,000 votes cast! A total of 87 local organizations received votes this year and 21 received a combined total of $25,000.

“We’re grateful to be in a position where we are able to continue this important community-wide program, particularly through the pandemic. We are fortunate to be part of a great community that truly cares about each other, and we are happy to join them in support of so many deserving organizations that have made such a positive impact on our community.” Stated Patrick Thorpe, President & CEO of BankGloucester”.

Community votes determined how the funds were distributed. Votes were cast through the Bank’s website at www.BankGloucester.com or via paper ballot at the Gloucester, Essex and Ipswich branch locations. There were 20 organizations featured on the ballot and as always, write-ins were welcomed and this year one write-in organization was a winner.

And the winners are...

Cape Ann Animal Aid received the most votes and was awarded $5,000. The organization receiving the second most votes was The Open Door who received $4,000. The organization with the third most votes was Generous Gardeners receiving $3,000. Both the Backyard Growers and Ipswich Humane Group / Animal Shelter received $2,000 each and Gloucester Education Foundation and Wellspring House received $1,000 each. The following organizations received $500 each: Schooner Adventure, Seaside Sustainability, Action Inc., SeniorCare Inc., Essex Shipbuilding Museum, Care Dimensions, Rose Baker Senior Center, Three Sisters, Ipswich Caring, Essex Senior Center, Ipswich Dinner Bell, Friends of Manchester Council on Aging, Education Foundation Rockport and Cape Ann Symphony Orchestra was our write-in winner!



For additional information please contact:
Kathryn Wall, Marketing Specialist at BankGloucester - 978-675-9903 or kwall@bankgloucester.com


Closed Columbus Day

Oct 11, 2020

All BankGloucester locations will be closed on Monday, October 12th in observance of Columbus Day. Don't forget you can bank with us from anywhere at any time with our online banking and our free mobile app.



Closed for Labor Day

Sep 4, 2020

BankGloucester will be closed on LABOR DAY - Monday, September 7th, 2020. We hope you have a safe and happy day! 

Please plan your banking accordingly and Remember...  ONLINE Banking is ALWAYS available.



BankGloucester will award $25K to local organizations in thirteenth annual ‘Banking for the Community’ program

Aug 26, 2020

BankGloucester is pleased to announce that voting in their 13th Annual “Banking for the Community” program will begin on September 1st and end on September 30th. Over the past twelve years, through this program, the Bank has awarded over

$200,000 to dozens of deserving non-profit and community organizations. This year the Bank will award a total of $25,000 to 21 organizations. Community votes will determine how the funds are allocated. Last year nearly 9,000 community members participated in the voting process.

The organization with the most votes will receive $5,000. The organization receiving the second most votes will receive $4,000. The organization with the third most votes will receive $3,000. Organizations with fourth and fifth most votes will receive $2,000 each and sixth and seventh will receive $1,000. Fourteen other participating organizations will receive $500 each.

Voting will take place through BankGloucester’s website https://bankgloucester.com and ballots will also be available for completion at the Bank’s Gloucester, Essex and Ipswich branches for those without access to a computer. You may vote for up to three organizations on each ballot. One entry per person/email address or one ballot per person. Winners in this years’ program will receive a phone call and checks will be presented at the organizations location.

“BankGloucester is fortunate to be part of a great community and we feel it is important to be active in it and give back to it. Our Banking for the Community program is one of the many ways we do this and we are happy to be celebrating the 13th year of this event” stated BankGloucester President and CEO, Patrick Thorpe.

The following organizations are included on this year’s ballot: Action Inc., Backyard Growers, Cape Ann Animal Aid, Care Dimensions, The Educational Foundation for Rockport, Essex Shipbuilding Museum, Friends of Manchester Council on Aging, Generous Gardens, Gloucester Education Foundation, Ipswich Animal Shelter, Ipswich Caring, Three Sisters Garden Project, Ipswich Dinner Bell, Open Door (the), Rose Baker Senior Center, Essex Senior Center / Council on Aging, Schooner Adventure, Seaside Sustainability, Senior Care and Wellspring. There is also a space where voters may write-in an organization of their own choice. Information about the organizations is available on the Bank’s website and in the Bank’s lobbies located at 160 Main Street in Gloucester, 15 Martin Street in Essex and 143 High Street in Ipswich.

For more information about each organization click here: https://bankgloucester.com/bal... 



BankGloucester Awards Scholarships for Graduating Seniors

Aug 17, 2020


GLOUCESTER, MA, August 17, 2020


BankGloucester is pleased to announce that they have awarded four deserving high school seniors scholarships for $2,500
each. Through their hard work, academic achievements and commitment to community service, these candidates have proven to be students that BankGloucester wants to recognize.

Recipients were selected from the four different public schools that serve Cape Ann. Each recipient had to have intent to further his or her education at a two or four year institute of higher education. A transcript was required of the students that proved their academic performance as well a letter including the volunteer experience they had and how they plan to further their volunteering and community service. At BankGloucester we believe it is important to give back and support the communities in which we serve and encourages employee volunteerism in the community. The selected recipients for the four scholarship awards are as follows:


Gloucester
High School -
Richard Jabba. Richard will be attending UMASS Lowell and studying engineering.

Rockport High School-Amanda Verga. Amanda will be attending Hobart & William Smith College.

Manchester Essex Regional High School-Madison Bourbon. Madison will attending UMASS Amherst.

Essex North Shore Agricultural & Technical School- Cameron Ellis- Cameron will be attending UMASS Lowell and studying nursing.


The team at BankGloucester wishes all the recipients of this award success throughout their college careers and future endeavors.




Why You Should Switch to e-Statements

Aug 7, 2020

E-Statements provide fast, safe, and secure delivery and storage. These electronic documents replace and improve your paper statements with added convenience and security benefits—which means less worry for you. Find your statements easily when you need it and have less clutter around the house! Watch our quick how-to video on how to sign up for e-Documents: https://www.youtube.com/watch?v=AiXoPFMEex0


New BankGloucester lobby hours

Jul 10, 2020


Thank you for your patience and understanding as we reopen our lobbies.  To make sure the process goes smoothly we will be adjusting branch operating hours at all locations. Beginning on Monday, July 13th our lobbies will be open from 8:30 a.m. – 4 p.m., Monday through Friday and Saturday from 8:30 a.m. – 12:00 p.m.

Our drive-up hours will remain the same: Monday through Friday 8 a.m. – 4:00 p.m. and Saturday 8:00 a.m. – 12:00 p.m.


Customers can also bank with us from almost anywhere 24 hours a day, 7 days a week using our online and mobile banking features, which includes paying bills, depositing checks, checking your balances and transferring money between your BankGloucester accounts.

We will continue to update you through email, social media and our website. 


PPP Loan Forgiveness Through Interactive Portal. ​

Jul 8, 2020


BankGloucester is excited to announce that you can now apply for your PPP Loan Forgiveness through our interactive portal.   This interactive online portal makes the process of applying for forgiveness quick and easy. 

Paycheck Protection Program Loan Forgiveness Application

Please feel free to call us with any questions and remember….you now have 24 weeks to apply for forgiveness and then the bank has 60 days to approve the forgiveness application and SBA has 90 days to approve it.


Warm Regards,

The Commercial Lending Team

978-283-8200



Re-opening of Branch Lobbies

Jul 2, 2020

BankGloucester re-opening branch lobbies beginning Monday, July 6th.

Thank you for your patience as we’ve worked together to rely on alternative ways to serve your banking needs. At this time, we are prepared to safely welcome you back into our lobbies beginning July 6th. Hours of operation are Monday thru Friday 8 am to 4 pm and Saturday 8 am to 12 pm. Please note that maximum client occupancy standards will be maintained at each branch location.

For basic banking transactions, we strongly recommend the continued use of our drive-up windows and digital banking services, as they are still looked at as the safest and easiest option for you to perform simple banking transactions.

In order to abide by maximum occupancy and social distancing, we will continue to encourage scheduling in personappointments with Retail Banking Specialists, Residential Lenders and Commercial Loan Officers between the hours of 9am and 2pm Monday thru Friday and 9am thru 11am on Saturday.

To schedule an in branch appointment visit our website at www.bankgloucester.com or call 978-283-8200 and ask for the appropriate department.

To ensure the health and safety of our customers, employees and our community, we have implemented new guidelines:

What you can expect from our Staff:

  • Staff is required to wear masks while assisting customers.
  • Plexiglas panels will be in place as a barrier between customers and staff.
  • Customer areas of the bank will be cleaned and sanitized at least once every two hours.
  • Staff will sanitize their stations after each transaction.
  • Staff is expected to participate in a health screening each time they come to work.

What you can expect as a Customer:

  • When you arrive for your appointment, there will be a greeter at the entry to assist you with our safety and social distancing requirements.
  • You may be asked to lower your mask briefly for identification purposes, as you enter the front of the building.
  • Use of hand sanitizer will be required upon entering the bank.


As a reminder, many of our products and services are available remotely or in a manner that minimizes person-to-person physical contact. 

  • Online and mobile banking is available to view transaction details, pay bills, transfer money internally or to other banks and make mobile check deposits.

  • ApplePay, Samsung Pay, and GooglePay is available for making purchases using your smart phone.

  • Night bag drops at all of our locations for our business customers.

  • Online account opening and online applications: open a checking and/or savings account online in minutes and apply for a mortgage 24/7.

  • Telephone banking – you can reach customer service during our business hours by calling 978-283-8200, or use our 24 hour Telephone Banking system 1-800-955-9978 anytime to review balances and transaction history and transfer funds. 



    Please feel free to reach out with any questions you may have. 978-283-8200.

     

    We look forward to seeing you again!


 Please note: *We ask that if you have had any Covid-19 related symptoms OR had close contact with OR cared for somebody with Covid-19 symptoms in the last 14 days OR if you have traveled out of the country or had close contact with somebody who has traveled out of the country in the last 14 days that you utilize our drive-thru or online services.



Revised Full Forgiveness Applications for PPP

Jun 18, 2020

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program 

On June 17th, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:


  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers.  Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.  


Click here to view the EZ Forgiveness Application.

Click here to view the Full Forgiveness Application.

Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to the Third and Sixth Interim Final Rules





Re-opening of Branches by Appointment Only

Jun 16, 2020

BankGloucester announces limited re-opening of branches by appointment only starting Thursday, June 18th

 

Dear Valued Customer,

Starting on June 18th, all BankGloucester branches will be open for in person appointments with Retail Banking Specialists, Residential Lenders and Commercial Loan Officers between the hours of 9am and 2pm Monday thru Friday and 9am thru 11am on Saturday.

To schedule an in branch appointment Click here to schedule an appointment  or call 978-283-8200 and ask for the appropriate department.

*We ask that if you have had any Covid-19 related symptoms OR had close contact with OR cared for somebody with Covid-19 symptoms in the last 14 days OR if you have traveled out of the country or had close contact with somebody who has traveled out of the country in the last 14 days that you utilize our drive-thru or online services.

To ensure the health and safety of our customers, employees and our community, we have implemented new guidelines.


What you can expect from our Staff:
·     Staff is required to wear masks while assisting customers.
·     Plexiglas panels will be in place as a barrier between customers and staff.
·     Customer areas of the bank will be cleaned and sanitized at least once every two hours.
·     Staff will sanitize their stations after each transaction.
·     Staff is expected to participate in a health screening each time they come to work.

What you can expect as a Customer:
·      Customers who schedule appointments will be required to wear masks when entering the building.
·      When you arrive for your appointment, there will be a greeter at the entry to assist you with our safety and social distancing requirements.
·      You may be asked to lower your mask briefly for identification purposes, as you enter the front of the building.
·      Customers will be required to use hand sanitizer upon entering the bank.


As a reminder, you can do most of your banking with us remotely and/or through our drive-up windows. Drive-up will remain open ­­­during normal business hours.


·     Online and mobile banking is available to view transaction details, pay bills, transfer money internally or to other banks and make mobile check deposits.        
·     ApplePay, Samsung Pay, and GooglePay is available for making purchases using your smart phone.
·     Night bag drops at all of our locations for our business customers.
·     Online account opening and online applications: open a checking and/or savings account online in minutes and apply for a mortgage 24/7.
·     Telephone banking – you can reach customer service during our business hours by calling 978-283-8200, or use our 24 hour Telephone Banking system 1-800-955-9978 anytime to review balances and transaction history and transfer funds.

 

 We will continue to monitor conditions and may adjust plans as necessary to protect the health and well-being of our customers, our employees and community.


Thank you.


Sincerely,

Patrick B. Thorpe
President & CEO



PPP Loan Update

Jun 9, 2020
PPP Loan Update
The Paycheck Protection Program Flexibility Act became a law on June 5th. The Act gives business owners more flexibility in how PPP funds may be used, as well as additional time to use the funds and regain headcount.  

Listed below are some important changes:

 
SBA, in consultation with the Treasury, will be issuing rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP. 

We will provide the information once we receive it. 

  • Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
  • Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
  • In addition, the new rules will confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.
Please reach out with any questions that you may have. 
   
Lisa Shanko: lshanko@bankgloucester.com -Direct line: 978-675-9970
Kim Spaner: kspaner@bankgloucester.com -Direct line: 978-675-9954
Mark Grenier: mgrenier@bankgloucester.com -Direct line: 978-675-9929
Jessica Margiotta: jmargiotta@bankgloucester.com -Direct line: 978-675-9923

Closed for Memorial Day

May 21, 2020

BankGloucester will be Closed on Monday, May 25th in celebration of Memorial Day. Please plan your banking accordingly. Remember - online banking is ALWAYS open!


Update on Operations and Services in Response to COVID-19

May 19, 2020


As of May 19th, all drive up locations will remain open during the following hours of operation: Monday through Friday 8 am to 4 pm and Saturday 8 am to 12 pm. All lobbies will remain closed to customers.

ATMs and Night Drop boxes are available 24/7 at all offices (Essex, Ipswich and Gloucester). 


As always, many of our products and services are available remotely or in a manner that minimizes person-to-person physical contact.  When possible, we encourage our customers to utilize the following:

  • Online and mobile banking is available to view transaction details, pay bills, transfer money internally or to other banks and make mobile check deposits.

  • Drive-up windows and drive-up ATMs at our Gloucester and Ipswich locations.

  • ApplePay, Samsung Pay, and GooglePay is available for making purchases using your smart phone.

  • Night bag drops at all of our locations for our business customers.

  • Online account opening and online applications: open a checking and/or savings account online in minutes and apply for a mortgage 24/7.

  • Telephone banking – you can reach customer service during our business hours by calling 978-283-8200, or use our 24 hour Telephone Banking system 1-800-955-9978 anytime to review balances and transaction history and transfer funds. 

    If you need further banking assistance, whether it’s for customer service, safe deposit box access or residential lending or commercial banking services; we have staff available in all departments of the bank ready and willing to help. Please contact 978-283-8200 to speak with a BankGloucester representative.

    We remain committed to you, our customer. We appreciate your business and are doing what we can to help during these uncertain times. We will continue to update you through email, social media and our website. 

     



PPP Update - FAQ

May 16, 2020

Please click here to load the Payment Protection Program FAQ's PDF



Rules of Paycheck Protection Program

Apr 20, 2020

The Rules of the Paycheck Protection Program:

The funds from the PPP can be used for the following purposes:

  • Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits
  • Mortgage interest—as long as the mortgage was signed before February 15, 2020
  • Rent—as long as the lease agreement was in effect before February 15, 2020
  • Utilities—as long as service began before February 15, 2020.

1. Eight weeks of coverage

·         Eligible expenses are those that are incurred over eight weeks, starting from the day the first payment was made by your lender. This is not necessarily the date on which you signed your loan agreement.

·         Depending on your payroll schedule, you may want to adjust the timing of your payroll date to accommodate as many payroll cycles as possible.

·         For example, if your PPP loan gets deposited in your bank account on April 15, you could only use the funds on expenses incurred during the eight weeks following April 15.

2. The 75/25 rule

At least 75% of your loan must be used for payroll costs. Payments to independent contractors cannot be included in the payroll costs.

3. Staffing requirements

You must maintain the number of employees on your payroll.

Here is the calculation you can use to determine if you’ve met this requirement:

First, determine the average number of full-time equivalent employees you had for:

  • The 8-week period following your initial loan disbursement, (A)
  • February 15, 2019 to June 30, 2019, (B1)
  • and January 1, 2020 to February 29, 2020. (B2)

Take A and divide that by B1. Do the same with B2. Take the largest number you obtain. If you’re a seasonal employer, you must divide by B1.

  • If you get a number equal to or larger than 1, you successfully maintained your headcount and meet this requirement.
  • If you get a number smaller than 1, you did not maintain your headcount and your forgivable expenses will be reduced proportionately.

4. Pay requirements

You must maintain at least 75% of total salary.

This requirement will be individually assessed for every employee that did not receive more than $100,000 in annualized pay in 2019.

If the employee’s pay over the 8 weeks is less than 75% of the pay they received during the most recent quarter in which they were employed, the eligible amount for forgiveness will be reduced by the difference between their current pay and 75% of the original pay.

5. Rehiring grace period

You can rehire any staff that were laid off or put on furlough and reinstate any pay that was decreased by more than 25% to meet the requirements for forgiveness. You have until June 30th to do so.

Forgiveness for self-employed individuals

You are entitled to use the PPP loan to replace lost compensation due to the impacts of COVID-19. However, you are not entitled to use the full amount to replace pay. Eight weeks’ worth of your 2019 net profit will be eligible for forgiveness.

If you have mortgage interest, rent, or utilities expenses, you must have claimed or be entitled to claim a deduction for those expenses on your 2019 Form 1040 Schedule C in order to claim them for forgiveness.

For example, if you worked in an office space in 2019 and did not have a home office, you could not have claimed a deduction on your home mortgage interest. Even if you are currently working at home now, you are not eligible to claim home mortgage interest payments for forgiveness.

After the eight weeks: applying for loan forgiveness

Applications for loan forgiveness will be processed by your lender. They’ll provide you with instructions on where to apply

After you submit your application for forgiveness, your lender is required by law to provide you with a response within 60 days.

Record-keeping and required documents for forgiveness

These are the required documents you will need to collect to provide with your PPP forgiveness application. Your lender may have additional requirements.

  • Documents verifying the number of full-time equivalent employees on payroll and their pay rates, for the periods used to verify you met the staffing and pay requirements:

o    Payroll reports from your payroll provider

o    Payroll tax filings (Form 941)

o    Income, payroll, and unemployment insurance filings from your state

o    Documents verifying any retirement and health insurance contributions

  • Documents verifying your eligible interest, rent, and utility payments (canceled checks, payment receipts, account statements)

If you’re a sole proprietor, you can have eight weeks of the loan forgiven as a replacement for lost profit. But you’ll need to provide documentation for the remaining two weeks’ worth of cash flow, proving you spent it on mortgage interest, rent, lease, and utility payments.

Good recordkeeping and bookkeeping will be critical for getting your loan forgiven—you’ll need to keep track of eligible expenses and their accompanying documentation over the eight weeks. Your lender will likely require these documents in digital format, so take the time to scan any paper documents and keep backups of your digital records.

What happens if I’m not approved for forgiveness?

Your lender may allow you to provide additional documentation so they can reevaluate your request.

Otherwise, your outstanding balance will continue to accrue interest at 1%, for the remainder of the 2-year period.

There is no prepayment penalty. You can pay off the outstanding balance at any time with no additional fees.

Please reach out to BankGloucester's Commercial Lending Team with any questions that you may have.

978-283-8200


SBA PPP Loans - Application & Updates

Apr 16, 2020

FUNDING FOR THE PAYCHECK PROTECTION PROGRAM HAS RUN OUT. WE WILL NO LONGER BE ACCEPTING NEW APPLICATIONS FOR THIS PROGRAM.

Additional details on the Paycheck Protection Program:

*It’s important to note, that funds are limited and will be given out at a first come first serve basis.

Downloadable forms & Information

  FORM: Paycheck Protection Program Application

  FORM: Checklist for Applicants

  FORM: Certification of Ownership

  Information: PPP--SBA (Details about the program)

  Calculator - Average Payroll Calculator for bigger businesses

 Who can apply for these loans?

  • This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
  • Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
  • Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

Loan Details:

  • The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). The loan will be forgiven provided funds are used in accordance of SBA guidelines.
  • Loan payments will also be deferred for six months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.
  • Rate is 1.00%
  • Term is two years

Forgiveness:

  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  
  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Borrower must submit:

 PPP borrower application form 

  • Proof of 2019 Payroll costs for employees whose principal place of residence is the United States:
    • Payroll processor records
    • Payroll tax filings
    • Form 1099 – MISC
    • Income and Expenses for sole proprietorship
    • For borrowers that do not have any such documents, the borrower must provide other supporting documentation, such as bank records sufficient to demonstrate the qualifying payroll amount

Beneficial Ownership Form

 Maximum amount borrower can apply for:

 Under the PPP, the maximum loan amount is the lesser of $10 million or an amount that can be calculate using a payroll-based formula as explained below: 

  1. Aggregate payroll costs from the last twelve months for employees whose principal place of residence is the United States.
  2. Subtract any compensation paid to an employee in excess of an annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year.
  1. Calculate average monthly payroll costs (divide the annual cost by 12)
  2. Multiply the average monthly payroll cost by 2.5% - this will be the maximum amount to apply for

 If you have any questions or would like to submit your application, please contact one of our commercial loan officers.

 Mark Grenier: mgrenier@bankgloucester.com
 Kim Spaner: kspaner@bankgloucester.com
 Lisa Shanko: lshanko@bankgloucester.com
 Jessica Margiotta: jmargiotta@bankgloucester.com

 


Small Business Administration Loan Programs

Mar 31, 2020

Small Business Administration Loan Programs

Paycheck Protection Program: - Coming Soon (Waiting for SBA Official Guidelines)!

  • Must apply with SBA approved Lender (BankGloucester is an SBA approved lender)
  • Eligibility
    • Business or Non-Profit Organization 501c3with less than 500 employees
    • Sole Proprietors, Independent Contractors, Self-Employed Persons
    • Businesses must have been in operation on February 15, 2020
  • Information Needed to Apply – Still being determined
    • Initial indications are documentation detailing number of employees and payroll expenses in the previous year.
    • A Good Faith Certification that states:
      • The uncertainty of current economic conditions make the loan request necessary to support ongoing operations
      • The borrower will use the loan proceeds to retain workers and maintain payroll and/or make mortgage, lease, and utility payments
      • The borrower does not have an application pending for a loan for the same purpose and amounts that are being applied for now
      • Independent contractors, sole proprietors, or self employed individuals, will be asked for certain documents such as payroll tax filings, Forms 1099-MISC and income and expenses from the business.
  • Forgiveness of indebtedness
    • Some or all of the loan may be forgiven depending on what it was used for and if some or all of the business’ employees were retained.
  • Interest rates and Terms (Differ on a case by case basis)
    • Term 2 years 
    • Interest rate: 0.50% fixed rate
    • No collateral or personal guarantees are required.
    • Loan payment will be deferred for at least 6 months 

SBA Economic Injury Disaster Loans:

  • Must apply with SBA directly – https://disasterloan.sba.gov/e...
  • Loan amounts up to $2 million per small business
  • Fixed Rate 3.75%
  • Terms up to 30 years
  • Up to $25,000 unsecured
  • Businesses must meet the SBA size standard
  • Principal and Interest deferments
  • Loans must be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses

 

Emergency Economic Injury Grants:

  • Must have applied for an Economic Injury Disaster Loan
  • Advances up to $10,000
  • Must have 500 or fewer employees
  • Advances do not need to be repaid
  • May be used to keep employees on payroll, to pay business obligations, including debts, rent and mortgage payments

SBA Express Bridge Loan:

  • Must have a current relationship with an SBA Express Lender
  • Must apply with current SBA Express Lender
  • Loans up to $25,000
  • Will be repaid in full or in part by proceed from the Economic Injury Disaster loan

SBA Debt Relief Program:

  • SBA will cover all loan payments on non-disaster loans, including principal, interest, and fees, for six months
  • SBA loans that qualify are: 7 (a) loans, 504 loans and microloans
  • Businesses must meet the SBA size standard

For small business guidance and additional information on loan resources and programs please visit www.sba.gov

If you have any questions or need guidance on which option is best for you, please reach out to our Commercial Lending Team at 978-283-8200. BankGloucester is an SBA approved lender.

*Loans are subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. 




Temporary Modified Hours

Mar 24, 2020

IMPORTANT INFORMATION – TEMPORARILY MODIFYING HOURS OF OPERATION, RELATED TO COVID-19

With the recent emergency order issued by Governor Charlie Baker and in order to safeguard the health and safety of our customers and employees; BankGloucester has decided to temporarily change our hours of operation. 

Effective Thursday, March 26th, all drive up locations will remain open during the following hours of operation: Monday through Friday 8 am to 4 pm and Saturday 8 am to 12 pm. All lobbies will remain closed to customers.

Drive-up windows will remain open and available at both our Gloucester and Ipswich locations, during business hours.

ATMs and Night Drop boxes are available 24/7 at all offices (Essex, Ipswich and Gloucester). 

If you need further banking assistance, whether it’s for customer service, safe deposit box access or residential lending or commercial banking services; we have staff available in all departments of the bank ready and willing to help. Please contact 978-283-8200 to speak with a BankGloucester representative.

In addition we continue to have several convenient options to bank with us without entering one of our branches:

  • Online and mobile banking is available to view transaction details, pay bills, transfer money internally or to other banks and make mobile check deposits.

  • Drive-up windows and drive-up ATMs at our Gloucester and Ipswich locations.

  • ApplePay, Samsung Pay, and GooglePay is available for making purchases using your smart phone.

  • Night bag drops at all of our locations for our business customers.

  • Online account opening and online applications: open a checking and/or savings account online in minutes and apply for a mortgage 24/7.

  • Telephone banking – you can reach customer service during our business hours by calling 978-283-8200, or use our 24 hour Telephone Banking system 1-800-955-9978 anytime to review balances and transaction history and transfer funds.

    We also want to reassure our customers that there is no safer place to have your money than here at BankGloucester. We provide both FDIC and DIF insurance on your deposits and all of our customer deposits at BankGloucester are insured in full.

    Please contact us for assistance with any of these options.

    We remain committed to you, our customer. We appreciate your business and are doing what we can to help during these uncertain times. We will continue to update you through email, social media and our website. 

     

    Sincerely,

    Patrick B. Thorpe

    President & CEO