Fillable Bangor Savings Bank PPP Application Package 04 02 20

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Bangor Savings Bank PPP Application Package 04 02 20

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www.bangor.com • 1.877.Bangor1 (226.4671)
Member FDIC | Equal Housing Lender
PAYCHECK PROTECTION PROGRAM APPLICATION CHECKLIST
In order to expedite requests for loans under the Coronavirus Aid, Relief and Economic Security Act
(CARES Act), Paycheck Protection Program (PPP), the following guide will prepare you to submit a
loan application. Please carefully review the following information.
BEFORE YOU BEGIN THE APPLICATION FORM:
1. Verify that you qualify for the program.
☐ Please see the Paycheck Protection Program Application Form - Questions 1-2 for the
Applicant Business, and 5-6 for each Owner of the Business. If any of these questions would be
answered with a “Yes” response, then the loan will not be approved. Also, if you have a “No”
response on Question 7, the loan will not be approved. You do not need to proceed with
application. No exceptions are allowed under the PPP.
2. Gather the following documents, as applicable:
☐ Copies of payroll tax reports filed with the IRS (i.e. 941, 940, state income and
unemployment tax filing reports) for 2019 and the first quarter of 2020.
☐ Copies of payroll reports for each pay period for the preceding 12 months. Be sure to include
gross wages and PTO (i.e. vacation, sick and other paid time off). This should be current through
the pay period just before application.
☐ Documents demonstrating the health insurance premiums paid under a group health plan
(including owners), for the 12 months prior to application.
☐ Documents showing all retirement plan funding that occurred in the previous 12 months (i.e.
workpapers, schedules, remittances to the retirement plan administrator)
3. Determine loan amount being requested, based on costs that qualify for this program
☐ Calculate Average Monthly Payroll Costs. Information may be available from your payroll
provider and/or accountant to assist in determining these costs. We have an excel worksheet
available to help in this process, if desired. See the attached “Paycheck Protection Program
(PPP) Information Sheet” published by the U.S. Department of the Treasury, for further
information about qualified costs.
4. ☐ All applicants will need to have a Bangor Savings Bank business checking account opened
prior to application. For those who do not have an account at Bangor Savings Bank, please call
your local branch to make an appointment to open an account as soon as possible. Please
provide information about the account we should use:
Account Name:
Account Number:
(Continue to next page)
www.bangor.com • 1.877.Bangor1 (226.4671)
Member FDIC | Equal Housing Lender
LET’S GET STARTED
☐ Complete the Paycheck Protection Program Application Form. ***You may need multiple
application forms*** Please note – Questions 5-7 must be completed, signed and dated by each
applicant that is an individual, or by each 20% or greater owner of an Applicant Business. When
there is more than one individual owning 20% of the business, please submit an application form for
each additional owner. Application instructions are provided on page 3 of the form.
The form must be signed with a physical signature, and can be delivered to us as an original
document, or scanned and attached to an email. If a scanned copy is sent, you must include a copy
of the front and back of your driver’s license or other valid form of identification, and follow up by
sending the original to us within 30 days. We will not be able to process a Forgiveness request
without the originals in file.
☐ Complete the Commercial Loan Certification of Beneficial Owner(s) Form. In Section I, if any
entities are listed as Beneficial Owners, we will also need a Commercial Loan Certification of Entity
Beneficial Owner Form for each entity. These forms require a wet signature or a scanned copy o
f a
wet signature.
☐ Complete the Bangor Savings Bank Supplemental Form.
☐ To apply for the loan, compile the three items noted in this section above, along with:
☐ This document, fully completed.
☐ Information listed on page 1 – part 2 (payroll and benefits documents)
☐ Calculation of Average Monthly Payroll Costs from page 1
WHAT HAPPENS NEXT?
We will review the application and request any additional materials, if necessary. After determining
qualification we’ll submit to the Small Business Administration (SBA) for funding. Once we have
confirmation, we’ll be in touch to arrange a loan closing.
REQUESTING FORGIVENESS OF LOAN
The SBA will forgive the loans if all employees are kept on payroll for eight weeks and the money is
used for payroll, rent, mortgage interest, or utilities. At least 75% of the forgiven amount must have
been used for payroll. The Borrower can request forgiveness after these conditions have been met,
upon providing supporting documents to verify these requirements.
FOR MORE INFORMATION ABOUT THE PROGRAM
Visit the SBA’s website at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-
options/paycheck-protection-program-ppp
Paycheck Protection Program
Application Form
1
SBA Form 2483 (03/20)
(
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Non-Profit ☐ Vet Org ☐ Tribal ☐ Ind. Cont. ☐ Self Employed ☐
DBA or Tradename if applicable
Business Legal Name
Business Primary Address
Business TIN (EIN,SSN)
Business Phone
Primary Contact
Email Address
Average Monthly Payroll: $ X 2.5 equals Loan Amount: $ Number of Jobs:
Purpose of the loan
(select more than one):
☐Payroll ☐Rent / Mortgage Interest ☐Utilities ☐Other (explain):
Applicant Ownership
List all owners of Applicant with greater than 20% ownership stakes. Attach a separate sheet if necessary.
Owner Name
Title
Ownership %
TIN (EIN,SSN)
Address
If questions (1) or (2) below are answered “Yes,” the loan will not be approved.
Question
Yes
No
1. Is the Business or any owner presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded
from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy?
2. Has the Business, any of its owners, or any business owned or controlled by any of them, ever obtained a direct or guaranteed
loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to
the government?
3. Is the Business or any owner an owner of any other business or have common management with any other business? If yes,
attach a listing of all Affiliates and describe the relationship as addendum A.
4. Has the Business received an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020? If yes,
provide details on a separate sheet identified as addendum B.
Applicants who are individuals and all 20% or greater owners of the business must answer the following questions. If
questions (5) or (6) are answered “Yes” or question (7) is answered “No”, the loan will not be approved.
Question
Yes
No
5. Are you presently subject to an indictment, criminal information, arraignment, or other means by
which formal criminal charges are brought in any jurisdiction, or presently incarcerated, on probation
or parole?
Initial here to confirm your response to question 5 →
6. Within the last 7 years, for any felony or misdemeanor for a crime against a minor, have you: 1) been
convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been
placed on any form of parole or probation (including probation before judgment)?
Initial here to confirm your response to question 6 →
7. ☐ I am a U.S. Citizen OR ☐ I have Lawful Permanent Resident status ☐
No
Initial here to confirm your response to question 7 →
OMB Control No.: 3245-0407
Expiration Date: 09/30/2020
Paycheck Protection Program
Application Form
2
SBA Form 2483 (03/20)
By Signing Below, You Make the Following Representations, Authorizations, and Certifications
REPRESENTATIONS AND AUTHORIZATIONS
I represent that:
•
I have read the Statements Required by Law and Executive Order included in this form, and I understand them.
•
I will comply, whenever applicable, with the civil rights and other limitations in this form.
•
All SBA loan proceeds will be used only for business related purposes as specified in the loan application.
•
To the extent feasible, I will purchase only American-made equipment and products.
•
The Applicant is not engaged in any activity that is illegal under federal, state or local law.
For Applicants who are individuals and all Associates: I authorize the SBA to request criminal record information about me from criminal justice
agencies for the purpose of determining my eligibility for programs authorized by the Small Business Act, as amended.
CERTIFICATIONS
The Business and each 20% or greater owner must certify in good faith to all of the below by initialing next to each one:
_____ Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
_____ The funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments; I
understand that if the funds are used for unauthorized purposes, the federal government may pursue criminal fraud charges.
_____ Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered
mortgage interest payments, covered rent payments, and covered utilities for the eight week period following this loan will be provided
to the lender.
_____ Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments,
and covered utilities. Due to likely high subscription, it is anticipated that not more than twenty-five percent (25%) of the forgiven
amount may be for non-payroll costs.
_____ During the period beginning on February 15, 2020 and ending on December 31, 2020, the Applicant has not and will not receive another
loan under this program.
_____ I further certify that the information provided in this application and the information that I have provided in all supporting
documents and forms is true and accurate. I realize that knowingly making a false statement to obtain a guaranteed loan from SBA is
punishable under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC
645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured
institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
_____
I acknowledge that the lender will calculate the eligible loan amount using tax documents I have submitted. I affirm that these
tax documents are identical to those I submitted to the IRS. I also understand, acknowledge and agree that the Lender can share
the tax information with SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector
General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.
_________________________________________________________ ________________________
Signature of Authorized Representative of Business Date
Print Name Title
________________________________________________________ ________________________
Signature of Owner of Applicant Business Date
Print Name Title
OMB Control No.: 3245-0407
Expiration Date: 09/30/2020
Paycheck Protection Program
Application Form
3
SBA Form 2483 (03/20)
Purpose of this form:
This form is to be completed by the Applicant and all individuals identified below and submitted to your SBA Participating Lender.
Submission of the requested information is required to make a determination regarding eligibility for financial assistance. Failure to submit the
information would affect that determination.
Instructions for completing this form:
For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over
$100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll
for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee.
For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding
costs over $100,000 on an annualized basis for each employee.
The first section and questions 1-4 request information about the Business. Questions 5-7 are to be completed, signed and dated by each
applicant who is an Individual as well as each 20% or greater owner of an Applicant Business. All parties listed below are considered owners of
the Applicant Business as defined in 13 CFR § 120.10, as well as “principals.”
• For a sole proprietorship, the sole proprietor;
• For a partnership, all general partners, and all limited partners owning 20% or more of the equity of the firm;
• For a corporation, all owners of 20% or more of the corporation;
• For limited liability companies, all members owning 20% or more of the company; and
• Any Trustor (if the Applicant is owned by a trust).
Paperwork Reduction Act – You are not required to respond to this collection of information unless it displays a currently valid OMB
Control Number. The estimated time for completing this application, including gathering data needed, is 8 minutes. Comments about this time
or the information requested should be sent to : Small Business Administration, Director, Records Management Division, 409 3rd St., SW,
Washington DC 20416., and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Washington DC
20503.
Privacy Act (5 U.S.C. 552a) – Under the provisions of the Privacy Act, you are not required to provide your social security number. Failure to
provide your social security number may not affect any right, benefit or privilege to which you are entitled. (But see Debt Collection Notice
regarding taxpayer identification number below). Disclosures of name and other personal identifiers are required to provide SBA with
sufficient information to make a character determination. When evaluating character, SBA considers the person’s integrity, candor, and
disposition toward criminal actions. Additionally, SBA is specifically authorized to verify your criminal history, or lack thereof, pursuant to
section 7(a)(1)(B), 15 USC Section 636(a)(1)(B) of the Small Business Act (the Act).
Disclosure of Information: Requests for information about another party may be denied unless SBA has the written permission of the
individual to release the information to the requestor or unless the information is subject to disclosure under the Freedom of Information Act.
The Privacy Act authorizes SBA to make certain “routine uses” of information protected by that Act. One such routine use is the disclosure of
information maintained in SBA’s system of records when this information indicates a violation or potential violation of law, whether civil,
criminal, or administrative in nature. Specifically, SBA may refer the information to the appropriate agency, whether Federal, State, local or
foreign, charged with responsibility for, or otherwise involved in investigation, prosecution, enforcement or prevention of such violations.
Another routine use is disclosure to other Federal agencies conducting background checks but only to the extent the information is relevant to
the requesting agencies' function. See, 74 F.R. 14890 (2009), and as amended from time to time for additional background and other routine
uses. In addition, the CARES Act, requires SBA to register every loan made under the Paycheck Protection Act using the Taxpayer
Identification Number (TIN) assigned to the borrower.
Debt Collection Act of 1982, Deficit Reduction Act of 1984 (31 U.S.C. 3701 et seq. and other titles) – SBA must obtain your taxpayer
identification number when you apply for a loan. If you receive a loan, and do not make payments as they come due, SBA may: (1) report the
status of your loan(s) to credit bureaus, (2) hire a collection agency to collect your loan, (3) offset your income tax refund or other amounts
due to you from the Federal Government, (4) suspend or debar you or your company from doing business with the Federal Government, (5)
refer your loan to the Department of Justice, or (6) foreclose on collateral or take other action permitted in the loan instruments.
Right to Financial Privacy Act of 1978 (12 U.S.C. 3401) – The Right to Financial Privacy Act of 1978, grants SBA access rights to
financial records held by financial institutions that are or have been doing business with you or your business including any financial
institutions participating in a loan or loan guaranty. SBA is only required provide a certificate of its compliance with the Act to a financial
institution in connection with its first request for access to your financial records. SBA's access rights continue for the term of any approved
loan guaranty agreement. SBA is also authorized to transfer to another Government authority any financial records concerning an approved
loan or loan guarantee, as necessary to process, service or foreclose on a loan guaranty or collect on a defaulted loan guaranty.
OMB Control No.: 3245-0407
Expiration Date: 09/30/2020
Paycheck Protection Program
4
SBA Form 2483 (03/20)
Application Form
Freedom of Information Act (5 U.S.C. 552) – Subject to certain exceptions, SBA must supply information reflected in agency files and
records to a person requesting it. Information about approved loans that will be automatically released includes, among other things,
statistics on our loan programs (individual borrowers are not identified in the statistics) and other information such as the names of the
borrowers (and their officers, directors, stockholders or partners), the collateral pledged to secure the loan, the amount of the loan, its
purpose in general terms and the maturity. Proprietary data on a borrower would not routinely be made available to third parties. All requests
under this Act are to be addressed to the nearest SBA office and be identified as a Freedom of Information request.
Occupational Safety and Health Act (15 U.S.C. 651 et seq.) – The Occupational Safety and Health Administration (OSHA) can require
businesses to modify facilities and procedures to protect employees. Businesses that do not comply may be fined, forced to cease operations,
or prevented from starting operations. Signing this form is certification that the applicant, to the best of its knowledge, is in compliance with
the applicable OSHA requirements, and will remain in compliance during the life of the loan.
Civil Rights(13 C.F.R. 112, 113, 117) – All businesses receiving SBA financial assistance must agree not to discriminate in any business
practice, including employment practices and services to the public on the basis of categories cited in 13 C.F.R., Parts 112, 113, and 117 of
SBA Regulations. All borrowers must display the "Equal Employment Opportunity Poster" prescribed by SBA.
Equal Credit Opportunity Act (15 U.S.C. 1691) – Creditors are prohibited from discriminating against credit applicants on the basis of
race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into a binding contract);
because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised
any right under the Consumer Credit Protection Act.
Debarment and Suspension Executive Order 12549; (2 CFR Part 180 and Part 2700) – By submitting this loan application, you certify
that neither you nor any Associates have within the past three years been: (a) debarred, suspended, declared ineligible or voluntarily
excluded from participation in a transaction by any Federal Agency; (b) formally proposed for debarment, with a final determination still
pending; (c) indicted, convicted, or had a civil judgment rendered against you for any of the offenses listed in the regulations or (d)
delinquent on any amounts owed to the U.S. Government or its instrumentalities as of the date of execution of this certification.
OMB
Cont
rol No.: 3245-0407
Expiration Date: 09/30/2020
www.bangor.com • 1.877.Bangor1 (226.4671)
Member FDIC | Equal Housing Lender
PPP SUPPLEMENTAL FORM
Please provide the following information.
Applicant Legal Name
Business Address (physical)
Annual Business Revenues in 2019*
*for Businesses established in 2020, please indicate the year to date revenues above
Business Type:
☐ Sole Proprietor ☐ Partnership ☐ C-Corp ☐ S-Corp ☐ LLC
☐ Independent Contractor ☐ Eligible self-employed individual ☐ 501(c) (3) Nonprofit
☐ 501(c)(19) veteran’s organization ☐ Tribal business (sec. 31(b)(2)(C) of Small Business Act)
☐ Other
Is your business a franchise? ☐ No ☐ Yes
If yes, provide franchisor name:
OWNERSHIP
Must provide detail of 100% of applicant business ownership.
Owner Name
Social Security
Number
Address
Ownership
Percentage
www.bangor.com • 1.877.Bangor1 (226.4671)
Member FDIC | Equal Housing Lender
AFFILIATES
You must provide information about any Affiliates of the Borrower that are under common
management. Additionally, you’ll need to provide information about any other businesses owned by
any of the owners with greater than 20% ownership in the Applicant Business.
Related Entity
Tax ID
Industry
If space is not sufficient in the Owner or Affiliate sections, please provide additional information on
another sheet of paper.
BANK USE ONLY
Lender Name (Print):
Officer #
Branch #
Date Application Received:
Lender’s Phone Extension:
{EP - 02939281 - v1 }Effective Date: 01/02/2019
COMMERCIAL LOAN
CERTIFICATION OF BENEFICIAL OWNER(S)
All persons applying for a commercial loan on behalf of a legal entity or informing the Bank of a change in beneficial
ownership of a legal entity Borrower for an existing commercial loan must provide the following information:
Full Name and Title (person completing form)
Borrower Name
Legal Entity Type (corporate structure)
Borrower Address
INSTRUCTIONS: If there are no Legal Entities involved in this commercial loan transaction, please complete ONLY Section
III. Otherwise, complete all sections of this form. Please see General Instructions page for further information.
SECTION I – BENEFICIAL OWNERS
Please provide the following information for each individual or entity, if any, who directly or indirectly, through any contract
arrangement, understanding, relationship, or otherwise owns 25% or more of the equity interests of the Borrower listed
above. Check here
☐ if no individual or entity meets this definition and complete Sections II and III.
Full Name
Ownership %
If any owner identified above is a legal entity, a Certification of Entity Beneficial Owner form must be completed for each
legal entity identified.
SECTION II - CONTROL
Please name an individual with significant responsibility for managing or directing the Borrower, for example, an executive
officer or senior manager (e.g. Chief Executive Officer, Chief Financial officer, Chief Operating Officer, Managing Member,
General Partner, President, Vice President, Treasurer); or any other individual who regularly performs similar functions.
Full Name
Title
I, ___________________________________ (authorized representative of Borrower), hereby certify that the information
provided above is complete and correct. I further certify that the Borrower will provide the Bank with updated
information if any of the above reported information changes.
Signature: Date:
Title:
SECTION III – PAYMENT METHOD (NEW LOANS ONLY)
Please indicate the payment method anticipated for the new loan:
☐
AFT
☐
EFT
☐
CASH
☐
CHECK
☐
WIRE
☐
ONLINE PAYMENT
click to sign
signature
click to edit
{EP - 02939281 - v1 }Effective Date: 01/02/2019
GENERAL INSTRUCTIONS
What is this form?
To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and
record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise
involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes. Requiring
the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement
investigate and prosecute these crimes.
Who has to complete this form?
This form must be completed by any person applying for a commercial loan on behalf of a legal entity. Additionally, Section
III of this form must be completed for all new loans, regardless of legal structure. Finally, for those loans that are renewed
after May 1, 2018, this form must be completed at the time of the first renewal.
For the purposes of this form, a legal entity includes a corporation, limited liability company, or other entity that is created
by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business
entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated
associations, most trusts, or natural persons applying for loans on their own behalf.
What information do I have to provide?
When you apply for a commercial loan on behalf of a legal entity, we will ask for information about the legal entity’s
beneficial owner(s). Beneficial owners will be required to complete a Customer Identification Policy (CIP) Form prior to
loan closing.
Beneficial owners are:
1. Each individual, if any, who owns, directly or indirectly, 25% or more of the equity interests of the legal entity
Borrower (e.g., each natural person that owns 25% or more of the shares of a corporation); and
2. An individual with significant responsibility for managing the legal entity Borrower (e.g. Chief Executive Officer,
Chief Financial officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President,
Treasurer)
The number of individuals that satisfy this definition of “beneficial owner” may vary. A legal entity Borrower may have
multiple beneficial owners. This form requires you to list only those that own 25% or more. If appropriate, the same
individuals may be listed under both Section I and Section II.
Legal Entity Owners:
As noted above, in addition to individuals who maintain direct ownership of the legal entity Borrower, you must identify the
beneficial owners of any legal entity that is an owner of 25% or more of the equity interest of the legal entity Borrower.
Specifically, you must identify those individuals who indirectly own 25% or more of the equity interest of the legal entity
Borrower by virtue of their ownership interest in a separate legal entity. When a legal entity is identified in Section I of the
Certification of Beneficial Owner(s) form as owning 25% or more of the legal entity Borrower, a Certification of Entity
Beneficial Owner form will be required for each identified entity to allow for proper identification of beneficial owners.
Borrowers are also required to indicate the anticipated method of payment in Section III.
{EP - 02939411 - v1 }Effective Date: 01/02/2019
COMMERCIAL LOAN
CERTIFICATION OF ENTITY BENEFICIAL OWNER
This form is to be completed for each Entity that owns 25% or more of a Borrower (as identified on the Certification of
Beneficial Owner(s) form).
Full Name and Title (person completing form)
Borrower Name
Legal Name of Entity Beneficial Owner
Legal Entity Type (corporate structure)
Entity Beneficial Owner Address
INSTRUCTIONS: Complete Section I below, indicating any beneficial owners of the Entity Beneficial Owner.
SECTION I – BENEFICIAL OWNERS
Please provide the following information for each individual or entity, if any, who directly or indirectly, through any contract
arrangement, understanding, relationship, or otherwise owns 25% or more of the equity interests of the Entity Beneficial
Owner listed above. Check here
☐ if no individual or entity meets this definition and sign below.
Full Name
Ownership %
If any owner identified above is a legal entity, a Certification of Entity Beneficial Owner form must be completed for each
legal entity identified.
I, ___________________________________ (representative of Entity Beneficial Owner identified above), hereby certify
that the information provided above is complete and correct. I further certify that the Entity Beneficial Owner will
provide the Bank with updated information regarding any change in the ownership of the Entity if any of the above
reported information changes.
Signature: Date:
Title:
{EP - 02939411 - v1 }Effective Date: 01/02/2019
GENERAL INSTRUCTIONS
What is this form?
To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and
record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise
involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes. Requiring
the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement
investigate and prosecute these crimes.
Who has to complete this form?
For the purposes of this form, a legal entity includes a corporation, limited liability company, or other entity that is created
by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business
entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated
associations, most trusts, or natural persons applying for loans on their own behalf.
What information do I have to provide?
For each legal entity that maintains 25% or more ownership in the legal entity Borrower, we will ask for information about
that legal entity’s owner(s) in order to identify the beneficial owner(s) of the legal entity Borrower. Each individual, if any,
who indirectly owns 25% or more of the equity interests of the legal entity Borrower by virtue of his/her ownership interest
in a separate legal entity is a beneficial owner of the Borrower. Beneficial owners of the legal entity Borrower will be
required to complete a Customer Identification Policy (CIP) Form prior to loan closing.
The number of individuals that satisfy this definition of “beneficial owner” may vary. A legal entity Borrower may have
multiple beneficial owners. This form requires you to list only those who own 25% or more.
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET:
BORROWERS
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to
small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the
same for everyone.
The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and
utility costs over the 8 week period after the loan is made; and
Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely
high subscription, it is anticipated that not more than 25% of the forgiven amount may be for
non-payroll costs.
Loan payments will be deferred for 6 months.
When can I apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply for and
receive loans to cover their payroll and other certain expenses through existing SBA
lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can
apply for and receive loans to cover their payroll and other certain expenses through
existing SBA lenders.
Other regulated lenders will be available to make these loans as soon as they are
approved and enrolled in the program.
Where can I apply? You can apply through any existing SBA lender or through any federally
insured depository institution, federally insured credit union, and Farm Credit System institution
that is participating. Other regulated lenders will be available to make these loans once they are
approved and enrolled in the program. You should consult with your local lender as to whether it
is participating. Visit www.sba.gov for a list of SBA lenders.
Who can apply? All businesses – including nonprofits, veterans organizations, Tribal business
concerns, sole proprietorships, self-employed individuals, and independent contractors – with
500 or fewer employees can apply. Businesses in certain industries can have more than 500
employees if they meet applicable SBA employee-based size standards for those industries (click
HERE for additional detail).
For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel
and food services industries (click HERE for NAICS code 72 to confirm); or (2) that are
franchises in the SBA’s Franchise Directory (click HERE to check); or (3) that receive financial
assistance from small business investment companies licensed by the SBA. Additional guidance
may be released as appropriate.
What do I need to apply? You will need to complete the Paycheck Protection Program loan
application and submit the application with the required documentation to an approved lender
that is available to process your application by June 30, 2020. Click HERE for the application.
What other documents will I need to include in my application? You will need to provide
your lender with payroll documentation.
Do I need to first look for other funds before applying to this program? No. We are waiving
the usual SBA requirement that you try to obtain some or all of the loan funds from other sources
(i.e., we are waiving the Credit Elsewhere requirement).
How long will this program last? Although the program is open until June 30, 2020, we
encourage you to apply as quickly as you can because there is a funding cap and lenders need
time to process your loan.
How many loans can I take out under this program? Only one.
What can I use these loans for? You should use the proceeds from these loans on your:
Payroll costs, including benefits;
Interest on mortgage obligations, incurred before February 15, 2020;
Rent, under lease agreements in force before February 15, 2020; and
Utilities, for which service began before February 15, 2020.
What counts as payroll costs? Payroll costs include:
Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each
employee);
Employee benefits including costs for vacation, parental, family, medical, or sick leave;
allowance for separation or dismissal; payments required for the provisions of group
health care benefits including insurance premiums; and payment of any retirement
benefit;
State and local taxes assessed on compensation; and
For a sole proprietor or independent contractor: wages, commissions, income, or net
earnings from self-employment, capped at $100,000 on an annualized basis for each
employee.
How large can my loan be? Loans can be for up to two months of your average monthly
payroll costs from the last year plus an additional 25% of that amount. That amount is subject to
a $10 million cap. If you are a seasonal or new business, you will use different applicable time
periods for your calculation. Payroll costs will be capped at $100,000 annualized for each
employee.
How much of my loan will be forgiven? You will owe money when your loan is due if you use
the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities
payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated
that not more than 25% of the forgiven amount may be for non-payroll costs.
You will also owe money if you do not maintain your staff and payroll.
Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time
employee headcount.
Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and
wages by more than 25% for any employee that made less than $100,000 annualized in
2019.
Re-Hiring: You have until June 30, 2020 to restore your full-time employment and
salary levels for any changes made between February 15, 2020 and April 26, 2020.
How can I request loan forgiveness? You can submit a request to the lender that is servicing
the loan. The request will include documents that verify the number of full-time equivalent
employees and pay rates, as well as the payments on eligible mortgage, lease, and utility
obligations. You must certify that the documents are true and that you used the forgiveness
amount to keep employees and make eligible mortgage interest, rent, and utility payments. The
lender must make a decision on the forgiveness within 60 days.
What is my interest rate? 1.00% fixed rate.
When do I need to start paying interest on my loan? All payments are deferred for 6 months;
however, interest will continue to accrue over this period.
When is my loan due? In 2 years.
Can I pay my loan earlier than 2 years? Yes. There are no prepayment penalties or fees.
Do I need to pledge any collateral for these loans? No. No collateral is required.
Do I need to personally guarantee this loan? No. There is no personal guarantee requirement.
***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue
criminal charges against you.***
What do I need to certify? As part of your application, you need to certify in good faith that:
Current economic uncertainty makes the loan necessary to support your ongoing
operations.
The funds will be used to retain workers and maintain payroll or to make mortgage,
lease, and utility payments.
You have not and will not receive another loan under this program.
You will provide to the lender documentation that verifies the number of full-time
equivalent employees on payroll and the dollar amounts of payroll costs, covered
mortgage interest payments, covered rent payments, and covered utilities for the eight
weeks after getting this loan.
Loan forgiveness will be provided for the sum of documented payroll costs, covered
mortgage interest payments, covered rent payments, and covered utilities. Due to likely
high subscription, it is anticipated that not more than 25% of the forgiven amount may
be for non-payroll costs.
All the information you provided in your application and in all supporting documents
and forms is true and accurate. Knowingly making a false statement to get a loan under
this program is punishable by law.
You acknowledge that the lender will calculate the eligible loan amount using the tax
documents you submitted. You affirm that the tax documents are identical to those you
submitted to the IRS. And you also understand, acknowledge, and agree that the lender
can share the tax information with the SBA’s authorized representatives, including
authorized representatives of the SBA Office of Inspector General, for the purpose of
compliance with SBA Loan Program Requirements and all SBA reviews.
REGULATORY NOTICE
Thank you for choosing Bangor Savings Bank for your commercial banking needs. Upon receipt of the
fully completed application form, your application is in process. We are required to provide the
Authorizations and Notifications below. Please feel free to contact your Lender with any questions.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the
basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to
enter into a binding contract); because all or part of the applicant's income derives from any public assistance
program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection
Act. The Federal agency that administers compliance with this law concerning this creditor is FDIC Consumer
Response Center, 1100 Walnut Street, Box #11, Kansas City, MO 64106.
If property is used as collateral, it must be insured on the day of closing. The amount of insurance coverage must
be equal to the lesser of the insurable value or the loan amount. You have the right of free choice in the selection
of the agent and insurer through or by which the insurance is to be placed.
If the loan is secured by a first lien on a residential property, we will order an appraisal to determine the property’s
value and charge you for this appraisal. We will, promptly after our review, provide you a copy of any appraisal,
even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost.
Regulation B requires delivery of the residential appraisal three days prior to closing. You may waive this three
day requirement by completing a waiver form at least three days prior to closing.
You have the right to a copy of the commercial appraisal report used in connection with your application for
credit. If you wish a copy, please write to us at the mailing address we have provided below. We must hear from
you no later than 90 days after we notify you about the action taken on your credit application.
If your loan is denied, you have the right to a statement of specific reasons if requested within 60 days of our
notification of adverse action. We will send you the written notice within 30 days of your request. Please contact
your Lender for more information.
This notification is provided to you in conjunction with the current loan request(s) and is applicable to any and
all requests or subsequent agreements hereafter arising, including, without limitation, to any amendments,
renewals, or extensions of the note or other documents associated with the transaction.
Bangor Savings Bank
Attn: Commercial Banking
PO Box 930
Bangor, ME 04402-0930
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Bangor Savings Bank PPP Application Package 04 02 20

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