Machias Savings Bank

We are now accepting applications for the Second Round Payroll Protection Program loans! Our online application is now up and running, along with additional resources. Apply here!

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Ready. Set. Go. Finally!

We are now accepting applications for the Second Round Payroll Protection Program loans! Our online application is now up and running, along with additional resources. Apply here!

Also of note to Maine business owners, the SBA extended the Economic Injury Disaster Loan (EIDL) program for the entirety of 2021. Loans are offered at very reasonable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and non-profit are encouraged to apply here to get the resources they need. This is not a loan program offered by Machias Savings Bank.

The Small Business Administration (SBA) and the Treasury Department released new guidelines and an updated application for all Paycheck Protection Program (PPP) loans under $50,000. Originally, Congress and the SBA were targeting loans under $150,000, so the reduced loan amount is a significant change.

Machias Savings Bank will send PPP forgiveness applications via email for the following loan categories:

  • On August 11, we emailed forms to customers with loans greater than $150,000.

  •  On October 9, we emailed forms to customers with loans between $50,000 and $150,000.

  • If your loan is under $50,000 you will receive your form during the week of November 9th, the day of the week depends on your place in the alphabet.

    • Tuesday 11/10: All customers with business/last names including #'s-D
    • Wednesday 11/11: All customers with business/last names E-H
    • Thursday 11/12: All customers with business/last names I-0
    • Friday 11/13: All customers with business/last names P-Z

All PPP loan forgiveness applications will arrive electronically to the email address you used on your original application from pppworkflow@machiassavings.com. If you have not received a forgiveness application by the dates listed above, please contact Machias Savings Bank. For questions regarding PPP loan documentation and the workflow process for requesting loan forgiveness, contact your relationship banker. Please consult your accountant if you have any questions or concerns regarding the forgiveness of your PPP loan.

For loans under $50,000, if you have changed your email address from what was used on your original application, please contact your business banker before November 1.

For more information on PPP loan forgiveness, please access the forgiveness toolkit below! 

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foregiveness checklist  sba ppp loan forgiveness  sba forgiveness applications

 

 PPP Loan Forgiveness FAQs - Get Help Here!

OUR FOCUS

As a customer of Machias Savings Bank, the focus is on you. We will enhance your banking relationship by working with you to discover your banking needs. We will be there when you need us.

 

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Member FDIC. Equal Housing Lender logo Equal Housing Lender.
Routing Number: 211274531
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NMLS Number: 469539

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