The next round of the Paycheck Protection Loans (PPP) starts on January 15, 2020.
Our commercial lending team is ready to help you apply for your first or second loan. To get started email us and will send you a link to the online portal. Please note, you do not need to be a current Maine State Credit Union member for us to help you.
To begin the application process, email Business at mainestatecu dot org.
To see if you qualify for the second-draw PPP - Click here
Information to organize for both loans:
- Proof your business was in operation on February 15, 2020, by submitting a bank statement, utility bill, etc.
- Organize and scan your payroll records and payroll tax documents (e.g. third-party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)
- Make sure you have your deposit account information ready (we will help you open an MSCU account if needed)
Additional Information for First Time Borrowers
- Your business cannot employ more than 500 people
- Your loan amount will be calculated using your average monthly payroll as defined in the PPP Loan Application
- To receive 100% loan forgiveness, at least 60% of the PPP loan funds must be used for eligible payroll expenses
Additional Information for Second-Draw PPP
- Funds from your first PPP loan must be used in full on or before the expected disbursement date of the second PPP loan
- Your business cannot employ more than 300 people
- You must prove that your business has had a 25% or more drop in revenue in any quarter of 2020 compared to the same quarter in 2019, or annually in 2020 as compared to 2019 (documentation must be provided at the time of application)
Additional Links
