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 and Second Draw PPP Loans - We are happy to report that we are now able to accept both First and Second Draw forgiveness applications! The bank is updating 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
First Draw Documentation Requirements
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- If your loan is up to $150,000, no documentation is required if using the 3508S form
- If your loan is > $150,000, you will need to provide supporting payroll documentation, including a payroll report and related 941 reports that span your Covered Period. If you are also including other qualifying expenses, we will need appropriate supporting documentation such as invoices, copies of leases, bank statements showing interest on mortgage loans, etc.
Second Draw Documentation Requirements
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- Documentation supporting your 25% revenue decline may be needed – if so you will be prompted within the application.
- If your loan is >$150,000, you will need to provide the same documentation as listed under First Draw loans of this size
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.