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PPP Loan Round 2

 

Paycheck Protection Program (PPP) Online Application Portal

Please use our online portal to apply for your PPP loan.

Prepare for your Paycheck Protection Program Application

On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. This Act includes significant changes to the Paycheck Protection Program (PPP) and its forgiveness parameters. Maine Savings will be again assisting businesses through the loan process under the new Act.

Who may qualify

A borrower is generally eligible for a Second Draw PPP Loan if the borrower: 

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

First Draw PPP - Document Preparation

Preparation for applying:
  • Open a Maine Savings membership account
  • Gather a bank statement or utility bill to prove your business was in operation on or before February 15, 2020.
  • Your business employs no more than 500 people.
  • Organize and scan payroll records and payroll tax documents.

Second Draw PPP - Document Preparation

Preparation for applying:
  • Open a Maine Savings membership account
  • Gather a bank statement or utility bill to prove your business was in operation on or before February 15, 2020.
  • First draw PPP loan funds must be used prior to disbursement of the second draw funds.
  • Your business employs no more than 300 people.
  • Organize and scan payroll records and payroll tax documents.
  • Provide evidence of a 25% loss in gross revenues from at least one quarter of 2020 versus the same quarter in 2019.
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