Machias Savings Bank

We anticipate our first round of Stimulus Payments beginning Wednesday, 3/17, for customers meeting the income guidelines. You can access stimulus information through the ATM and Online/Mobile Banking, as well as through Customer Service and in branches. Branches will re-open on 3/15. Debit cards have a daily cash limit of $1,525 and a purchase limit of $3,500 in stores. ATM’s dispense $800 daily to an individual account holder.

The Round 2 PPP funds are expected to run out before the May 31st application deadline. If you intend to apply, please submit your application as soon as possible to improve your chance of securing a loan before the money runs out. Apply here!

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Get Ready for Round 2 PPP!

WE’RE ACCEPTING APPLICATIONS FOR ROUND 2 PPP LOANS FOR BOTH EXISTING CUSTOMERS AND NEW CUSTOMERS.

The Round 2 PPP funds are expected to run out before the May 31st application deadline. If you intend to apply, please submit your application as soon as possible to improve your chance of securing a loan before the money runs out. If you have any questions or concerns, please reach out to your Relationship Banker.

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. We’re excited to guide you through the PPP application process and help move your business forward!

Three paths to funding your PPP loan:

  1. If you have not previously taken a PPP Loan: You are eligible to apply for a “first Draw” PPP loan under the existing rules here
  2. If you want a second PPP Loan: You must meet the new eligibility requirements that were put in place to provide assistance to smaller businesses. Businesses will need to have 300 employees or fewer and demonstrate a minimum 25% reduction in gross revenues for at least one quarter of 2020, compared to the same quarter in 2019. Loan amounts are equal to 2.5 times monthly payroll up to $2 million. Certain industries, such as hotels and restaurants (or all NAICS codes starting with 72), can request loan amounts equal to 3.5 times monthly payroll up to $2 million. Please note: Even though it is NOT a requirement to have your current PPP loan forgiven to apply for the new funds, you still need to expend all your first-round PPP funds to qualify for a second draw loan.
  3. If you want to modify an existing first draw PPP Loan: You may be able to request a loan modification that will increase your loan balance to the maximum amount for which you are eligible. The SBA will allow lenders to start approving increases on first draw loans on January 25, 2021. If you would like to inquire about this, please contact your relationship banker.

Please use the applicable checklist and application walk-thru instructions to help you nail your PPP application on the first submission!

PPP Checklists:

First Time Borrower Checklist

Second Time Borrower Checklist

PPP Application Walk-Thru Instructions:

First Time Borrower Walk-Thru Instructions

Second Time Borrower Walk-Thru Instructions

If you are ready, apply below!

First Time Borrower Application 

Second Time Borrower Application

Current guidance from the SBA:

  • When you can apply: The SBA announced that banks like us are now allowed to accept PPP applications. When you are ready and able, you can now apply for a PPP loan.
  • Loan approval times: The application and closing process will be a bit slower as the SBA seeks to reduce fraud and ensure the money goes where it’s needed most.

Round 2 PPP FAQ - 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
Wire Instructions for Customers
NMLS Number: 469539

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