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Mechainics Savings Message on the PPP

April 3, 2020

In reference to the SBA CARES Payroll Protection Program (PPP). 

As of this morning, much of the guidance and documentation necessary to process an application is being updated and finalized.  The bank will be participating in the program and we are working hard to make sure we have the correct information and processes to ensure borrowers are eligible and understand in advance what is required to obtain the loan forgiveness.  

The final loan application was only received this morning and many of systems to implement the program are currently being updated.  If you have already completed an application that you received from the bank or another source prior to today it is not correct.  Please make sure you complete the most current application otherwise it cannot be processed by the bank and honored by SBA (click this link).

We understand that many of you may have sent an application in to the bank. At the present time we are collecting that information and properly storing it in anticipation of being able to process these requests once we have all the applicable information from SBA to do it properly.  We have also heard that many other banks are not accepting applications as of yet for the same reasons outlined above. 

Thank you for your patience and understanding.  We look forward to working with the SBA to provide the capital that all our Maine small businesses so desperately need during this difficult time. 

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