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Paycheck Protection Program (PPP): What you should know
Updated: January 21, 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 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 1-800-339-6573.
Helpful links and resources
Links to applications and rules
The SBA has updated their PPP applications and published new rules related to First Draw and Second Draw loans, which can be found here:
- PPP application for “First Draw” loans ( Form 2483 or Form 2483-C)
- PPP application for “Second Draw” loans (Form 2483-SD or Form 2483-SD-C)
- PPP First Draw Rules
- PPP Second Draw Rules
- Schedule C Filer Rules
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 calculations identified on your PPP application.
Frequently asked questions
You can find the most recently updated SBA and Treasury PPP frequently asked questions here.
PPP loan forgiveness
As you complete your PPP application, you’ll want to think about the PPP Loan Forgiveness process. You will find helpful tools and information here.
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 1-800-339-6573.