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Mainers Take Care of Each Other

Welcome!

Bath Savings is pleased to welcome customers back into our branch offices.

We remain committed to protecting the health and safety of our employees, customers and neighbors by adhering to CDC guidelines and following appropriate social distancing protocols. As such, our staff will wear face coverings and maintain a six-foot distance between themselves and those around them, and we are asking our customers to do the same during their visits.

In addition to wearing a face covering, we ask that you:

We appreciate your understanding and assistance in keeping us all safe and healthy.

Hours of Operation

Lobby:
Monday — Thursday: 9:00am — 4:00pm
Friday: 9:00am — 5:00pm
Saturday: 9:00am — 12:00pm

Drive-Up Window:
Monday — Friday: 8:00am — 5:00pm
Saturday: 9:00am — 12:00pm

SBA Third Round PPP Funding

The SBA and Federal government are beginning to release information on the Third Round of PPP Funding, for new PPP applicants as well as Second Draw PPP Loans. We are currently reviewing the SBA's updated rules and guidance on this most recent round of funding. We will notify customers on this site when we are ready to begin accepting PPP loan applications. We recommend that you carefully review all rules, regulations, and written guidance from the Small Business Administration with the assistance of your legal, tax, and other advisors.

Prepare for Paycheck Protection Program Loan

As a Bath Savings Customer and First Time PPP Loan Applicant:

  • Proof your business was in operation on February 15, 2020.
  • Your business employs no more than 300 employees.
  • Your loan amount will be calculated using your average monthly payroll as defined in the PPP Loan Application.
  • Organize and scan your payroll records and payroll tax documents, such as third party or internal payroll reports, 941 forms for 2019 or 2020, Schedule C or E forms as an example.
  • To receive 100% loan forgiveness at least 60% of the PPP loan funds must be used for eligible expenses over an 8 to 24-week period after receiving funds.
  • Application SBA Form.

As a Bath Savings Customer and Second Draw PPP Loan Applicant:

  • Your business must have sustained a 25% or more reduction in Gross Receipts/Revenues in any quarter of 2020 compared to the same quarter in 2019 or annual 2020 as compared to 2019. Documentation supporting the revenue reduction must be provided at application.
  • Although the rule states documents are not required at submission for loans $150,000 or less, loan forgiveness will not be provided without the required documentation. We would advise you to provide this information at application to ensure you have met the requirement to be considered for full forgiveness.
  • Your loan amount will be calculated using your average monthly payroll as defined in the PPP Loan Application.
  • Organize and scan your payroll records and payroll tax documents, such as third party or internal payroll reports, 941 forms for 2019 or 2020, Schedule C or E forms as an example.
  • Application SBA Form 2483-SD.

When you are ready to apply for a PPP Loan, please submit the appropriate PPP Loan Application and supporting documentation to sbappp@bathsavings.com.

Newly Released SBA Guidance, in consultation with the Treasury Department

Additional Resources

SBA PPP Loan Forgiveness

The SBA and Federal government continue to clarify, as well as change, the rules and regulations regarding CARES Act funding and relief loan forgiveness. We recommend that you carefully review all rules, regulations, and written guidance from the Small Business Administration with the assistance of your legal, tax, and other advisors.

  • The PPP offered a potentially 100% forgivable “loan” that provided you with 2.5 months reimbursement for what you spent on payroll or similar in 2019. The minimum required amount devoted to payroll expenses is 60%, allowing up to 40% of the funds to be spent on certain qualified non-payroll items, starting as soon as you received the loan. If you use the funds as required, you can apply for up to 100% loan forgiveness; even if the money isn’t forgiven, the resulting loan has a 1% interest rate.
  • The new guidelines extend the 8-week forgiveness period to 24 weeks after the disbursement date of your PPP loan, but you can still remain on your 8 week schedule if you prefer and submit a forgiveness application after your PPP loan funds are spent.
  • The maturity date for new SBA PPP loans (on or before June 5, 2020) extends from 2 years to 5 years. If you have an existing PPP loan, any unforgiven amount can be extended to five years upon mutual agreement of the borrower and the bank.
  • The timeline to rehire the number of employees to pre-COVID levels extends from June 30, 2020 to December 31, 2020.
  • You can certify, in good faith, that you tried to rehire employees or fill vacant positions but were unsuccessful. These can count as exceptions and will not impact your forgiveness. The new portion of this law allows for the possibility that COVID related restrictions on your business may have been part of the equation, preventing employees from being rehired or leaving you with vacant positions.
  • Bath Savings Institution cannot guarantee your loan forgiveness.
  • We recommend that you withhold your submission for forgiveness until all funds are appropriately spent. In the interim, please continue to be diligent with your documentation.
  • On June 17, 2020 the SBA released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to 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% during the Covered Period, 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 as a result of health directives related to COVID-19.
  • SBA updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act and issued a new interim final rule that implements changes made by the PPPFA.
  • On October 9, the SBA released a simpler loan forgiveness form, Form 3508S, for PPP loans of $50,000 or less. This will streamline the process to provide financial and administrative relief to our small businesses.
  • When you are ready to apply for forgiveness, please submit the appropriate loan Forgiveness Application and supporting documentation to sbappp@bathsavings.com.

Download the Forms for PPP Loan Forgiveness

Social Distance with Online Banking

Did you know you can bank online with us?

 

Resources for consumers from the Consumer Financial Protection Bureau: