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Get Ready for Round 2 PPP!

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!

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.

Current guidance from the SBA:

  • When you can apply: We have not received a date when banks like us can submit PPP Loans to the SBA for approval. We will be in touch with you once we begin accepting applications.
  • 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.
  • Plenty of funding: The money is not expected to run out, and you have until March 31, 2021 to apply. Just like last time, time and patience will bring more clarity.

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
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NMLS Number: 469539

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