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For those of you especially hard hit by the pandemic, more support is finally on the way. On December 27, 2020, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act to give small businesses much-needed assistance through additional PPP Funding. The legislation included critical updates impacting round 2 PPP eligibility requirements, the forgiveness process, and PPP Loans' tax treatment.
Although we don’t know the exact date, we anticipate the Small Business Administration (SBA) will open Round 2 of the Paycheck Protection Program for lenders like us in the very near future. Fingers crossed, we anticipate having our applications online by Tuesday, January 19, along with updated resources. Please check back for updates!
The SBA said they will announce when non-CFI lenders are allowed to take applications. We are tuned in to all SBA's announcements and are currently planning out our process so we are ready when they say "Go!"
Borrowers can apply for a Round 2 First Draw PPP Loans and Round 2 Second Draw PPP Loans until March 31, 2021.
Loan Amount: Up to $10 million
Loan Amount: Up to $2 million
A NAICS Code is a classification system developed for use by Federal Statistical Agencies for collection, analysis, and publication of statistical data related to the US Economy. You must self-select the code that best matches your primary business activity. The SBA requests that the NAICS Code on the PPP application match the business activity code provided on your IRS income tax filings, if applicable. Please refer to your tax forms for that number, or contact your tax preparer, or visit NAICS.com to look up your code.
In Round 2 NAICS code plays into two areas, (1) eligibility and (2) calculation of payroll costs.
The EIDL Advances will no longer be part of your PPP loan application and will not negatively impact your forgiveness. Further, the SBA will forgive EIDL Advances from Round 1, and those funds will be applied to your original SBA PPP loan. The latest changes to the EIDL advance also affect loans already forgiven too. SBA will automatically send a payment to us for the previously-deducted EIDL Advance amount, plus interest through the remittance date. Upon receipt of money, we will pay down, pay off, or reimburse the funds based upon each impacted customer's loan status. We do not know when Machias Savings Bank will receive the reconciliation payment; however, we will be in touch with Borrowers affected as soon as we have their funds.
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.
Member FDIC. Equal Housing Lender.
Routing Number: 211274531
Wire Instructions for Customers
NMLS Number: 469539
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