PPP Loan Forgiveness

We will begin accepting PPP Forgiveness applications in early June for the second stimulus package. As a reminder, this is NOT a first-come, first-serve situation. Apply only after you have expended all your SBA PPP funds and are ready with the required documentation. If needed, you have up to 10 months after your chosen 8 to 24 week Covered Period to complete this process.

If you haven’t completed forgiveness for the first PPP package (2020) and cannot locate your emailed application, please reach out to PPPForgivenessTeam@machiassavings.com.

Our PPP Forgiveness Team is here to help.

We have established a team of people to walk you through your forgiveness process. Our team can be reached through email at PPPForgivenessTeam@machiassavings.com. We are here to answer any and all questions regarding your process. If we don’t have an immediate answer, we’ll reach out to obtain one for you.

One of the key roles of the Forgiveness Team is to ensure you provide the correct documentation. If you received a second PPP loan in 2021, SBA will require documentation proving that you had a 25% reduction in revenue. For those of you with loans over $150,000, we have that information on file. If you have a loan under $150,000 and did not provide upfront documentation, we will be requesting materials with your forgiveness application.

Here’s Your Next Steps to Forgiveness

1. Your forgiveness process will be initiated by Machias Savings Bank through an email from PPPWorkflow@machiassavings.com. Please check your email for this communication in June.
2. Find your instructions based on your PPP loan type and size below:

First Draw Under $150,000 (No documentation required)

General Information Needed for PPP Loan Forgiveness Application:

• Payroll amount
• Employees at time of loan application and at time of forgiveness
• Covered period end date (Start date is the same as PPP loan disbursement date)

Please be sure to retain additional documentation for 6 years (If applicable):

• Payroll documentation
• FTE documentation
• Non-payroll documentation
  • Rent
  • Interest on mortgage and other business-related debt obligations
  • Utilities
  • Other eligible expenses

Forgiveness Application Walk-Thru Instructions

First Draw Over $150,000 (submit new Payroll/Expense documentation)

Forgiveness Checklist

Forgiveness Application Walk-Thru Instructions

Second Draw Under $150,000 (Revenue reduction documentation required if not previously submitted)

Forgiveness Checklist

Forgiveness Application Walk-Thru Instructions

Second Draw Over $150,000 (Revenue reduction documentation already on file with MSB, submit new payroll/expense documentation)

Forgiveness Checklist

Forgiveness Application Walk-Thru Instructions