Paycheck Protection Program
SBA Paycheck Protection Program
Maine State Credit Union is offering the SBA Paycheck Protection Program loans to qualifying businesses. We are here to help you as we all work through these challenging times. Information direct from the SBA can be found here.
The Paycheck Protection Program (PPP) began accepting applications on April 3 and is available through June 30, 2020, or until funding is exhausted. The PPP is a forgivable loan that is designed to help businesses continue to make payroll over the next eight weeks. To be eligible, businesses are generally:
Your loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of forgiveness must be for payroll costs), available eight weeks after the loan has been funded. Additional documentation will be required to substantiate the forgiveness amount.
Our commercial lenders are here to process your SBA PPP requests. Existing credit union members will need to complete the PPP Application Form and provide supporting information that you use to calculate your loan amount. Please email business at mainestatecu dot org or contact your commercial lender directly for a DocuSign fillable application form.
Applications from non-members will also be considered. In addition to providing the application and supporting documentation, non-members will be required to open a business share account and business checking account for the funds to be deposited at closing. All fees for the deposit accounts will be waived when done in conjunction with a PPP application. Please email business at mainestatecu dot org to request the DocuSign fillable application form and membership opening documents.
The following are examples of supporting documentation that will be required to substantiate your loan request. Please provide these documents to your lender in conjunction with your application.