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Loan Support

SBA Paycheck Protection Program

The SBA has resumed accepting applications for the Paycheck Protection Program as of Monday, April 27th.

The Application Process

YES, Kennebec Savings Bank is an SBA Paycheck Protection Program lender!

For existing Kennebec Savings Bank business customers:

If you are interested in the Paycheck Protection Program, below are the steps you should take to begin the application process:

1. See if you’re eligible:

The relief program targets:

  • Organizations with 500 or fewer employees, including:
    • Small businesses
    • Tax-exempt nonprofits [(501(c)(3) - 501(c)(19) - 31(b)(2)(C)]
  • Self-employed individuals
  • Independent contractors

The SBA Paycheck Protection Program (PPP) has been established to assist in paying employees, including yourself, as well as other business-related expenses to possibly include mortgage interest, rent, health insurance, utilities, and interest on any other pre-existing debt.

Please note that Kennebec Savings Bank will only process applications from Maine-based businesses.

2. Know the following:

  • The program does not require that you have employees in order to qualify.
  • The loan is for up to two and a half times your monthly payroll (not to exceed $10 million).
  • Our online application portal includes a payroll calculator to help determine the amount of your loan. You will need to provide documentation to support your requested amount.
  • The Bank will not pay any agent fee(s) for anyone assisting you with your application that isn't pre-approved with us in advance.
  • These guidelines are subject to change.

3. Take the following preliminary action steps:

  • Read the basic guidelines published by the SBA. Reviewing them in detail now will save you time when you apply.
  • Get your information ready. Ensure you can provide the following documentation:
    • Last twelve months of payroll, including:
      • Wages
      • Payroll taxes
      • Health insurance (employer-paid portion)
    • Monthly mortgage interest or rent expense
    • Monthly utilities expense
    • 1099 forms (for contract workers) - may be subject to revision
    • Tax returns (self-employed individuals) - may be subject to revision

4. Complete the online application here:

Apply For Your SBA Loan Now

We understand that navigating through this process can feel challenging and overwhelming. We will continue to provide further information as more details become available. Thank you, as always, for putting your trust in us.

For businesses that are not Kennebec Savings Bank customers:

We will process PPP applications from individuals and organizations who are not currently customers of Kennebec Savings Bank. These applications, however, will require some additional organizational and identifying information and, as a result, processing turnaround time will likely take longer.

 

 

We're in this together.

We understand that this is a challenging time for individuals, families, businesses, and the greater community. To support customers experiencing financial hardships and income interruption due to COVID-19, we now offer a 60-day loan deferment program on eligible existing residential and commercial loans. Interest will accrue during this deferral period, but you won’t be charged any late fees or have negative impacts to your credit.

If you are seeking a new loan with us, our team is ready to work with you to find the best possible solution at a highly competitive rate.

Call us today at (207) 622-5801 to discuss the options that are right for you.