Together, we are facing an unprecedented and challenging time, and we have yet to see what the full impact of the COVID-19 pandemic will have on our local economy. We know that in the current environment, we have customers who are impacted, some more drastically than others. We are committed to working with your business however we can.
On this page, you will find:
- What is the Paycheck Protection Program?
- Is Main Street Bank accepting PPP loan applications? – Currently, Main Street Bank is not accepting new applications for PPP loans. Business customers of Main Street Bank can contact their lender for additional options.
- What information is there about Paycheck Protection Program Flexibility Act and PPP loan forgiveness?
- What should I do if I need support paying my business loan at Main Street Bank?
- How do I protect my business against fraud during this time?
- What if I have my personal accounts at Main Street Bank?
- What resources are there to help businesses during this time?
What is the Paycheck Protection Program?
According to the U.S. Treasury, the Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. To see the program overview, visit these government resources.
Is Main Street Bank accepting PPP loan applications?
Currently, Main Street Bank is not accepting new applications for PPP loans. Business customers of Main Street Bank can contact their lender for additional options.
What information is there about Paycheck Protection Program Program Flexibility Act and PPP loan forgiveness?
The SBA has issued a procedural notice indicating they expect to be prepared to begin receiving forgiveness applications mid-August. Our team is working on the final technical details to connect our portal, which we anticipate will be open week of August 17th. Once the portal is open, we will send our PPP loan customers a customized link along with instructions.
Please continue gathering appropriate payroll and expense documentation to prepare to complete your forgiveness application, and consult your trusted tax, accounting, and payroll providers to assist you. Thank you for your patience, understanding, and support as we navigate the changes of this unique PPP loan program together.
With the recent passing of the Payroll Protection Program Flexibility Act there have been significant, and beneficial, changes on loan forgiveness with the key changes being:
- Extension of the coverage period from 8 weeks to 24 weeks
- Reduction in the amount required to be spent on payroll from 75% to 60%
- Extension of the employee rehire period from June 30, 2020 to December 31, 2020
These changes necessitated a change to the Forgiveness Application, including the addition of a shorter “EZ” loan forgiveness application form requiring less documentation and fewer calculations for borrowers who meet any one of these three criteria:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25% and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity because of health directives related to COVID-19.
For more detailed information please consult the links below:
What should I do if I need support paying my business loan at Main Street Bank?
For customers with a current business or commercial loan at Main Street Bank who are in need of loan payment relief due to circumstances related to COVID-19, we have developed a streamlined process designed to help with financial challenges. Please contact your commercial loan officer to find out more about loan payment relief.
How do I protect my business against fraud during this time?
Main Street Bank’s Cash Management solutions offer robust and automated ways to mitigate and protect your accounts from fraud.
To take advantage of these services, contact our Cash Management team today.
We also always encourage you to be cautious when opening emails and visiting websites. You should always be mindful when clicking on links from sources you don’t know or opening and clicking within emails sent from people or organizations you are not familiar with. Scammers have already tried to take advantage of the current economic and public health environment, and you should be critical of all information you receive from unknown sources. Learn more about what to look out for from the Federal Trade Commission Consumer Information or the Federal Communications Commission.
What if I have my personal accounts at Main Street Bank?
We are offering additional support and resources to our personal banking customers.
What resources are there to help businesses through this time?
We understand this is a challenging time for all our customers and neighbors, and offer you support by sharing the following reputable resources to help you manage your finances and get through this period.
RESOURCES FOR BUSINESSES