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COVID-19 Small Business Resource Center

COVID-19 Small Business Resource Center

Guidance and support

We’re taking extra measures to help businesses navigate this challenging time. Below, you’ll find information on how the bank can assist you, in addition to government-funded support. We’re working diligently to track and review programs available to help you, and we'll continue to update this page with the latest information.



Loan repayment guidance tailored to your business needs
 


Flexibility for higher limits related to remote deposit capture


Ready to assist with SBA and FAME loan relief programs

For additional information about any of these programs and how you can get support, please reach out to your commercial banker, local banking center, or our Customer Care Team, available 24/7 at 800-860-8821.


Government-funded relief programs

COVID-19 related relief is presently available from the Federal government through the Small Business Administration (SBA). In the State of Maine, additional COVID-19 related relief is also available through the Finance Authority of Maine (FAME) and the Maine Department of Economic and Community Development (DECD).

SBA's Economic Injury Disaster Loan Program (EIDL)
Available - apply through the SBA

This program is administered through the SBA to provide small businesses (including agricultural businesses and cooperatives) and most private, non-profit organizations with working capital loans of up to $2 million to help overcome a temporary loss of revenue. 

FAME's COVID-19 Relief Interim SBA Finance Loan Program

Provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. The FAME loan would be originated for use to the business owner until the SBA loan is funded. The SBA loan would then pay off the FAME loan. Learn more.

Paycheck Protection Program (PPP)
Now accepting First and Second Draw applications online - see below.

On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”) was signed by the President to provide added assistance to small businesses, primarily through additional PPP funding. Key updates to PPP were also passed, impacting eligibility requirements, the forgiveness process, and tax treatment of PPP loans.

As of January 14, 2021: The Small Business Administration (SBA) has advised that PPP will reopen to all lenders, including Camden National Bank, on Tuesday, January 19th. In the meantime, we are now accepting PPP loan applications online from eligible First and Second Draw borrowers in order to get the process started.


First Draw PPP loan applicants (first time program participants):

  • To begin the application process, please contact your business banker directly or reach out to our Business Loan Support Team by calling 844.811.8395 or 207.230.2178 or emailing businessloansupport@camdennational.com
  • Helpful information:
    • Please take the time to familiarize yourself with the most up-to-date eligibility requirements and program information by visiting the SBA's PPP webpage.
    • You’ll need to provide proof your business was in operation on February 15, 2020 by submitting a bank statement, utility bill, etc.
    • Your business employs no more than 500 people
    • 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 (e.g. third party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)
    • Make sure you have your Camden National Bank business deposit account information ready
    • To receive 100% loan forgiveness, at least 60% of the PPP loan funds must be used for eligible payroll expenses

Second Draw PPP loan applicants (for certain businesses who have previously received a PPP loan):

  • To begin the application process, please contact your business banker directly or reach out to our Business Loan Support Team by calling 844.811.8395 or 207.230.2178 or emailing businessloansupport@camdennational.com
  • Helpful information:
    • Please take the time to familiarize yourself with the most up-to-date eligibility requirements and program information by visiting the SBA's PPP webpage.
    • You’ll need to provide proof your business was in operation on February 15, 2020 by submitting a bank statement, utility bill, etc.
    • Funds from your first PPP loan must be used in full on or before the expected disbursement date of the second PPP loan
    • Your business employs no more than 300 people
    • Your business must have sustained a 25% or more drop in revenue in any quarter of 2020 compared to the same quarter in 2019, or annually in 2020 as compared to 2019 (documentation supporting the revenue reduction must be provided at the time of application)
    • 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 (e.g. third party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)
    • Make sure you have your Camden National Bank business deposit account information ready
    • To receive 100% loan forgiveness, at least 60% of the PPP loan funds must be used for eligible payroll expenses
PPP provess infographic
PPP Loan Forgiveness

Up to 100% of your PPP loan is eligible for forgiveness, meaning that you don’t have to repay it, if you meet the conditions required by the SBA. The amount of forgiveness is based on the amount of loan proceeds that you use to cover eligible payroll costs, utilities, rent, and mortgage interest obligations over the 24-week period after the first loan disbursement is made (referred to as the “covered period”). PPP loans that are not forgiven may have a maturity day of up to five-years and are subject to a 1% interest rate. All loan payments are deferred for six months following the date of disbursement.

Keep in mind


 

Review SBA materials and save documentation:
At this time, we encourage you to review the SBA’s website (including the loan forgiveness form and instructions, as well as FAQs) so you’re up-to-date on the latest eligibility and documentation requirements. It’s important to continue tracking your payroll costs, plus utilities, rent, and mortgage interest obligations for the covered period, as outlined by the SBA.


 

Applying for forgiveness:
Our goal is to make your experience applying for PPP loan forgiveness as streamlined as possible. We’re inviting our PPP borrowers via email to apply for forgiveness electronically, and you can access our Forgiveness Resources page with helpful tips and step-by-step videos on filling out the electronic application. With the help of your business banker, this should make the process much smoother and more efficient.

Additional resources:

Please note: The information contained above is merely a summary and you should carefully review all rules, regulations, and written guidance from the SBA (available at www.sba.gov) with the assistance of your legal, tax, and other advisors.

Information is subject to change. Paycheck Protection Program (PPP) loans funded by Camden National Bank are subject to approval by the Small Business Administration, and are required to meet program and other eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinancing existing SBA loans are excluded with the exception of permitted refinancings of Emergency Injury Disaster Loans. Maximum loan amounts and terms are determined by SBA guidelines regarding borrower qualifications and the use of funds. Camden National Bank and its representatives do not provide legal or tax advice. Consult an advisor regarding any legal or tax consequences related to a PPP loan.
Modifications to existing SBA loans
Available now - Contact us to learn more

The SBA has approved of modifications to their existing programs. If you're a current borrower and want to learn more about the options available to you, please contact the loan officer you worked with in obtaining the original loan.

FAME's COVID-19 Relief Business Direct Loan Program
Available now - Learn more

Provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19.

FAME's COVID-19 Relief Lender Insurance Program
Available now for qualified Maine borrowers - Contact us to learn more

This program provides commercial loan insurance of 50-75% to lenders who make loans to Maine businesses experiencing interruption or hardship due to COVID-19.

Information is subject to change. Loans issued by Camden National Bank may be subject to approval by the Small Business Administration, and may be required to meet program and other eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded. Financing maximums and terms are determined by borrower qualifications and use of funds. Camden National Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by Camden National Bank.

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