More than 1,400 Maine applications so far for $410M in small-biz loans
Applications from Maine businesses seeking emergency relief under the federal $349 billion Paycheck Protection Program are pouring in, keeping bankers and others busy.
"We opened up the web portal at 3 p.m. on Sunday afternoon and have nearly 200 applications for $21 million in the pipeline," Andrew Silsby, president of CEO of Augusta-based Kennebec Savings Bank, told Mainebiz on Monday.
"In just the last hour, 12 applications have come in," he said at 8:30 a.m. There is "huge demand, and we are still experiencing a shifting landscape as we build this plane while flying it."
Bangor Savings Bank has been equally busy, receiving more than 1,300 applications by late Monday morning and working around two-thirds of them so far, said Kate Rush, director of community relations and senior vice president.
"Our amazing team is working nearly around the clock," she said, from 7 a.m. until 2 a.m. all weekend, on the processing, she added. "They are so committed to helping their friends and neighbors (our customers)." So far, $125 million has been approved through the SBA, she said.
The program, launched on Friday, offers forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
Since then there's been a huge influx of applications into the U.S. Small Business Administration systems, Amy Bassett, district director of SBA's Maine District Office, said on Monday.
She said that as of 9:30 a.m., more than 1,400 Paycheck Protection Plan applications for more than $410 million have been input into SBA's system by lenders for Maine businesses.
"We are still compiling data," she said, "but we know many Maine-based lending institutions are actively participating, and their lenders worked around the clock Friday and all weekend to help small businesses."
More details about the program are available in this fact sheet from the U.S. Department of the Treasury. Mainebiz is also offering two free webcasts this week on opportunities and challenges for business owners under new federal relief measures.
They will be held on Wednesday and Thursday. Wednesday's event will feature Bassett as a speaker.
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