We're here to support our local small businesses.
Small businesses are the backbone of our economy. We're here to help guide you through this challenging time so you can continue to positively impact our local communities. If your business has been financially impacted by the COVID-19 pandemic we're here to support you with loan payment deferral and government funded assistance programs.
SBA Paycheck Protection Program
Starting April 3rd through June 30th, 2020 the Small Business Administration is accepting applications for the new Paycheck Protection Program, (PPP). The PPP is a government funded loan designed to help businesses keep their workforce employed during the COVID-19 crisis. As your trusted financial partner, we are prepared to assist your business in accessing this SBA-guaranteed PPP loan directly from us. To be eligible for this program your business must be:
- Any business with less than 500 employees, including sole proprietorships, independent contractors, and self-employed persons, private non-profit organizations and veteran organizations may apply.
- Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
- Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
- Applications prior to 6/05/2020: maturity of 2 years and an interest rate of 1%.
- Applications on of after 6/05/2020: maturity of 5 years and an interest rate of 1%.
- Neither the government or Skowhegan Savings will charge small businesses any fees.
- No collateral or personal guarantees required
- Loan payments will be deferred for six months.
How to Apply
We are excited to be participating in this program so we can assist our customers. If your business has been financially impacted by the COVID-19 pandemic and you believe you quality for PPP, fill out the forms below. If you have any questions or are unsure if you may be eligible, please reach out to your Commercial Lender for additional assistance.
Timing to Receive Funds
The funds for this program are limited to the amount that congress has approved in the most recent stimulus package. Thousands of small businesses throughout the nation, who have been negatively impacted by COVID-19 will be applying for access to these funds. Please be patient with us as we work hard to process a high volume of applications. Once you provide us with your completed application, we will submit it to the SBA, and will require their approval before we can close the loan and provide funding. If your application is approved, funds will be automatically deposited into your business checking account. We will keep you updated as much as possible throughout the process.