Paycheck Protection Program (PPP): What you should know

Updated: January 14, 2021

Who is eligible for PPP loans?
The SBA is reopening the PPP. PPP loans are available to first-time applicants (“First Draw” loans) and businesses who previously received a PPP loan (“Second Draw” loans).

When can I apply for a PPP loan?
The SBA has announced a phased reopening of PPP with initial priority given to applications processed by specialty community development lenders. Kennebunk Savings, and all other banks, will be able to begin submitting PPP applications to the SBA beginning Tuesday, January 19th.

Can I apply through Kennebunk Savings?
Yes! We are accepting applications from any customer with an existing relationship with Kennebunk Savings prior to January 8, 2021. Completed and reviewed applications will be placed into a queue and submitted to the SBA in the order received beginning when the SBA reopens PPP to Kennebunk Savings’ customers on Tuesday, January 19th.

Are you accepting applications from non-customers?
Not at this time. We may begin accepting PPP applications from non-customers at a future date based on workflow and program availability.

I have questions about the PPP process. Who may I contact?
If you have any questions or need help navigating the PPP process, please reach out to your commercial lender or our Customer Care Team at 800.339.6573

 

Helpful links and Resources

Applications Links
The SBA has updated their PPP applications, which can be found here: 

Application Checklist
We have updated our PPP checklist to assist you in the application process.

Payroll Calculations Worksheet
This worksheet is intended to assist you in calculating Average Monthly Payroll under the PPP. Using this worksheet will also allow us to efficiently confirm calculation identified on your PPP application.

Frequently Asked Questions
As of January 11th, updates are pending to the SBA and U.S. Treasury FAQ web pages to reflect the newly released PPP parameters, however the existing FAQs still provide good guidance on program specifics.

Personal Consultation
We recommend that you consult with your financial professional regarding the specifics of your application. 

If you have any questions or need help navigating the PPP process, please reach out to your commercial lender or our Customer Care team at 800.339.6573.