UPDATED ON 12/28/2020 - On December 21st Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act that includes significant changes to the Paycheck Protection Program (PPP) and its forgiveness parameters which we believe are advantageous to customers with PPP loans under $150,000 or for those who have EIDL loans in addition to their PPP loan. We are awaiting required guidance from the SBA to determine how the changes will affect our PPP customers.
As a result, we will temporarily suspend our PPP loan forgiveness online portal on Wednesday, December 30th at 5:00 p.m. We will resume accepting applications once we have received all information and guidance necessary to make the required changes to our application.
If you have already submitted your PPP forgiveness application, we will continue to process your loan application. If you have not yet submitted your PPP loan forgiveness application, we strongly recommend waiting until the new process and rules are determined by the SBA.
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.
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.