Small Business Administration Paycheck Protection Program
President Biden signed a bill that extends the Paycheck Protection Program through May 31. The extension allows for an additional two months and gives the Small Business Administration 30 additional days to process loan applications made by the new deadline.
Maine Community Bank, and our Biddeford Savings and Mechanics Savings Divisions, are accepting applications until Monday, May 31. Please contact your business banker directly for more information on the application process.
President Biden has also announced additional program changes to make access to PPP loans more equitable.
- First-time PPP Loans: If you have not received a PPP loan before, you may be eligible for a First Draw PPP loan
- Second Draw PPP Loans: If you have previously received a PPP loan, you may be eligible for a Second Draw PPP loan