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Updates to Paycheck Protection Program

October 30, 2020

With the SBA’s launch of the new 3508S simplified application we have started seeing quite a few PPP forgiveness applications coming in and we wanted to send out these reminders to everyone to keep in mind and help us process these applications as efficiently as possible.

  • Even though the SBA has released a new simplified application, there is still documentation that is required to process your forgiveness applications. It is important that this documentation is included with your application as we cannot process the application without it. The lender still needs to verify that the funds were used for payroll, rent and utilities and this documentation is used for that purpose. The required documentation is listed on the last page in the instructions of the application (form 3508S).
  • If you have received an Economic Injury Disaster Loan (EIDL) advance from the SBA, we want to remind borrowers that this will be deducted from the forgiveness amount the SBA will remit to your PPP loan. Once the SBA remits their payment, the deferral period for the loan will end and payments on the remaining balance will begin in the following month. We will notify borrowers of the remaining balance, what the payments will be and when the payments will begin. Payments will be based on the remainder of the loans term. If you choose to just pay this balance off in full, there is no prepayment penalty to do so.
  • The SBA has up to 90 days to make a forgiveness decision and remit the funds to the lender. From what we are seeing, it is typically taking the entire 90 day period to process. We will reach out to borrowers as we receive notification from the SBA on the status of forgiveness applications.  All decisions will be communicated to the lender first and then we will reach out to communicate that to borrowers.

Please do not hesitate to reach out with any questions.  We are here to help and want to do what we can to make sure these loans are forgiven for you as timely as possible.

Derek Hebert,

Business Services Manager

October 15, 2020


The Small Business Administration recently announced a streamlined process for Paycheck Protection Program loan forgiveness, as stated in the latest PPP Interim Final Rule.  The simplified process only applies to PPP Loans that are $50,000 or less as long as the borrower does not jointly have PPP loans $2 million or greater with any of its affiliates.  Some of the features to this new streamlined process include:

  • A streamlined application (SBA form 3508S).
  • Exemptions for any reduction in forgiveness amount based on reductions to FTE salaries or employee wages.

While the application has been streamlined there are supporting documents that are still required with your forgiveness application. The list of required supporting documentation is listed in the SBA form 3508S instructions. It is very important that you read the instructions and submit the required documents, as we will not be able to process your application without it.

For Loan Amounts Greater Than $50,000

For loan amounts that are greater than $50,000, you would still use the 3508EZ application or the 3508 application and include the required documentation. Follow the instructions on the form for a list of what documents are required. As we have suggested in previous communications, for any self-employed borrowers and independent contractors that do not use a payroll company to pay themselves, we recommend still paying yourself in some way.  That can be in the form of writing yourself a check and including a memo referencing payroll or a transfer between accounts with a comment referencing payroll. While it may not seem to make sense to do this, this is what has been suggested to us by our SBA representative to do to document your payroll.

Already Submitted a PPP Application?

As an update to any members who have submitted PPP Forgiveness applications already, the SBA has just started processing those applications and remitting funds to lenders to forgive these loans. We want to remind borrowers that the SBA has up to 90 days to process completed PPP forgiveness applications.

Other Resources

Here are some other resources that are available if you are continuing to experience hardships from the COVID-19 pandemic. While some businesses are starting to settle into a new normal or are easing back into their business volume, many are still struggling and in need of help.

  • The State of Maine recently announced phase II of the Economic Recovery Grant Program. For those that looked into the first round but did not qualify, we encourage you to look into this round as there have been some changes allowing some businesses to now potentially qualify for it.
  • UCU has partnered with the Town of Orono to offer the Orono Business Relief Loan. This loan is a 0% interest rate loan with 6 months of payment deferral. This loan is only offered to businesses located in Orono. There are also other grant and loan programs that municipalities throughout the state are offering as well.
  • There are also several agencies throughout the state that are specializing in helping businesses get through the pandemic like SBDC Maine, SCORE, CEI and EMDC. All of these organizations have business advisors to help you and your business navigate these tough times.

Reach Out

For any business owners that may be experiencing difficulties, please do not hesitate to reach out to us. We are here for you and to help you find resources. If you have any questions please do not hesitate to reach out to us at or 800-696-8628.  We are happy to help however we can.

Derek Hebert

Business Services Manager