Are you applying for a PPP loan for the second time with Bangor Savings Bank? Please prepare the following documents and information in preparation for applying using our online portal. 
  • An open Bangor Savings Bank business deposit account required to complete an application
  • Proof your business was in operation on February 15, 2020 by submitting a bank statement, utility bill, etc.
  • Funds from your first PPP loan must be used in full on or before the expected disbursement date of the second PPP loan
  • Your business employs no more than 300 people
  • Your business must have sustained a 25% or more drop in revenue in any quarter of 2020 compared to the same quarter in 2019 or annually 2020 as compared to 2019. 
  • Your loan amount will be calculated using your average monthly payroll as defined in the PPP Loan Application
  • Organize and scan your payroll records and payroll tax documents (e.g. third party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)
  • To receive 100% loan forgiveness at least 60% of the PPP loan funds must be used for eligible payroll expenses

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