UPDATED MARCH 18, 2021 AT 5:00 PM
Paycheck Protection Program (PPP) Under The Economic Aid Act
Lakeland Bank is currently accepting online applications for PPP First Draw Loans and PPP Second Draw Loans for eligible PPP borrowers under the Economic Aid Act.
Applications will be accepted from existing bank customers and eligible businesses located in New Jersey as well as Orange County, New York and will be subject to Lakeland Bank’s standard Deposit Account Guidelines.
If you are interested in applying for funding under these programs, information regarding next steps is outlined below. Additional tips from our partner BDO, an accounting firm specializing in PPP guidance, are available here.*
Please refer back to this website for updates.
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.
* 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.
If you previously received PPP funding from Lakeland Bank or you have already been granted access to our online portal:
- You may access our online portal using the "Start Application" button below to begin, continue or check the status of your application.
If you are an existing Lakeland business customer (as of 12/31/20) and have not previously received PPP funding from Lakeland Bank OR if you have received PPP funding from another financial institution:
- Please complete our inquiry form using the "Complete Inquiry Form" button located below to enable our team to confirm your business information and allow access to our online application portal. This inquiry form is not an official application and should only be submitted once per business entity.
- By completing the inquiry form, you are consenting to receive electronic communications from Lakeland Bank for all matters related to this inquiry and/or associated PPP application.
- It is our intention to review the provided information and contact you within five business days if additional details or documents are needed at the phone number or email address you provided
- If no further information is needed, it is our intention to email you within five business days with instructions on how to access to our online application portal.
- Upon satisfactory review and approval of your completed online portal application, Lakeland Bank will submit your application to the SBA for final review and approval. The SBA review and approval may take several days.
- Contact may be delayed based upon request volume. If the Bank does not contact you within five business days, please email SBAPPPOriginationCommunication at lakelandbank dot com.
If you are new to Lakeland Bank or are not an existing Lakeland Bank business customer (as of 12/31/20):
- Please complete our inquiry form using the "Complete Inquiry Form" button located below to enable our team to confirm your business information and allow access to our online application portal. This inquiry form is not an official application and should only be submitted once per business entity.
- You will be required to upload the following supporting documentation for your business in order to submit the completed inquiry to us:
- Copy of SBA Note for your existing First Draw PPP Loan (if applicable)
- US/State Government Issued Photo ID of All Business Owners with 20% or greater ownership and the Authorized Representative (if not an owner)
- Complete month-end bank statement for your primary business account for February 2020
- Filed State Formation Document* (Certificate of Incorporation, Certificate of Formation, Certificate of Partnership, Trade Name [DBA] Certificate)
- Organization Documents* (By-Laws, Operating Agreement, Partnership Agreement)
- IRS Form SS-4,* Application for Employer Identification Number (EIN)
- By completing the inquiry form, you are consenting to receive electronic communications from Lakeland Bank for all matters related to this inquiry and/or associated PPP application.
* Not required for Sole Proprietorships using SSN or Independent Contractors.
- It is our intention to review the provided information and contact you within five business days if additional details or documents are needed at the phone number or email address you provided
- If no further information is needed, it is our intention to email you within five business days with instructions on how to access to our online application portal.
- Upon satisfactory review and approval of your completed online portal application, Lakeland Bank will submit your application to the SBA for final review and approval. The SBA review and approval may take several days.
- Contact may be delayed based upon request volume. If the Bank does not contact you within five business days, please email SBAPPPOriginationCommunication at lakelandbank dot com.
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.
