Key aspects of the program:
- Funding for loan forgiveness is fully reserved;
- Interest on the PPP loan is also forgivable;
- Customers have up to 10 months after their covered period ends to apply for loan forgiveness; the PPP loan will remain deferred during this time.
New Forgiveness Applications
The SBA has updated Forms 3508, 3508EZ, and 3508S, and will begin accepting applications on these new forms starting March 5, 2021.
- Please follow this link to submit a new application
Forgiveness for Borrowers with funds received in 2021
First Draw PPP Loans - The bank is updating first draw PPP loan information in the portal on a weekly basis, and will send each qualifying borrower an email with a link and instructions on how to apply. Please note that in order to apply for forgiveness, you must have passed the required minimum 8 week Covered Period.
Second Draw PPP Loans - Forgiveness is not currently available for second draw PPP loans received in 2021. Please continue to check this page for updates.
Which form should you use?
Apply Online Now
- If your loan is less than $150,000, please use the 3508S form, which allows you to submit your application without any supporting documentation
- If your loan is $150,000 or more, you may use Form 3508EZ if the business did not reduce employee levels, wages, or hours
- Otherwise, please use the standard form 3508
The Paycheck Protection Program (PPP) is governed by the Small Business Administration (SBA), including guidelines and use of funds and is subject to change. Bangor Savings Bank and its representatives are unable to provide legal or tax advice, please consult an appropriate advisor regarding any legal or tax consequences related to a PPP loan. Additional information about the SBA’s PPP program is available at their website at www.sba.gov.