COVID-19 Business Resources
Bar Harbor Bank & Trust has helped our customers navigate many financial crisis and economic downturns over the last 133 years. We are committed to working with all of our customers to help them navigate through the COVID-19 crisis. If you are experiencing financial difficulties due to COVID-19, we want to help. Some of the programs and options available are provided here.
As a business customer or business owner, you may be wondering what your relief options are. We encourage you to connect with your Commercial Lender. They can discuss the different options, including government-sponsored SBA programs, and develop a solution specifically for your needs. If you don’t currently have a loan relationship with us, please contact your local branch and they will connect you with a lender who can help you. Good things happen when we work together.
SBA Government Programs
Paycheck Protection Program (PPP)
Please be advised, effective June 8, 2020, we are no longer accepting new PPP loan applications. If you have questions or are in need of financial assistance, please contact a member of our Commercial Banking team.
Loan Forgiveness Overview
Up to 100% of your loan amount may be forgivable if you use the proceeds for these purposes:
- Eligible payroll costs incurred or paid during the Covered Period or the Alternative Payroll Covered Period.
- Business mortgage interest payments paid or incurred during the Covered Period for any business mortgage obligation on real or personal property incurred before February 15, 2020.
- Business rent or lease payments paid or incurred for real or personal property during the Covered Period, pursuant to lease agreements in force before February 15, 2020.
- Business utility payments paid or incurred during the covered Period, for business utilities for which service began before February 15, 2020.
Eligible non-payroll costs cannot exceed 40% of the total forgiveness amount.
On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act. Among other things, this legislation extended the length of the Covered Period (the time period in which you must use your PPP funds) from eight to 24 weeks, while allowing borrowers who received PPP loans before June 5, 2020 to elect to use the original eight-week covered period.
If your original 8-week covered period has expired and you utilized all of your PPP funds for forgivable purposes during that period, you can apply for forgiveness right away.
Loan Forgiveness Applications:
There are two Loan Forgiveness Applications, each with their own set of instructions:
We believe most borrowers will apply for forgiveness using the SBA Form 3508EZ. To determine if this is the correct form for you, simply review the Checklist shown on page 1 of the Instructions. If you can check at least one of the three boxes, you can use the 3508EZ Application.
If you cannot check at least one of the three boxes on page 1 of the 3508EZ Instructions, then you will need to use SBA Form 3508.
If you have any questions about applying for loan forgiveness, please contact your Bar Harbor Bank & Trust Commercial Banker.
Once you have completed the forgiveness application, please submit it to your Bar Harbor Bank & Trust Commercial Banker with all supporting documentation as outlined in the Instructions.
Economic Injury Disaster Loans and Loan Advance
Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million to help with temporary loss of revenue.
SBA Debt Relief
If you currently have an SBA guaranteed 7(a) loan the SBA will pay the principal and interest of current 7(a) loans for a period of six months.
For more information on these and other SBA loan programs, please visit the SBA's Coronavirus (COVID-19): Small Business Guidance & Loan Resources webpage.
Loan Modifications and Payment Deferrals
For existing Bar Harbor Bank & Trust commercial loan customers whose cash flow has been severely curtailed due to the COVID-19 pandemic, we will work with you, one-on-one to provide some relief regarding your loan payments. The first step is for us to fully understand and evaluate your liquidity needs. Please connect with your Commercial Lender to start the conversation.
Running your business during this time of social distancing presents its challenges. Bar Harbor Bank & Trust is here to provide solutions. We offer a variety of products and services to help you run your business remotely, securely, and efficiently.
There are a variety of organizations you can reach out to for information on assistance programs. Most have a special web page dedicated to providing information specific to COVID-19.
- Your local Chamber of Commerce
- Your state Chamber of Commerce
- U.S. Small Business Administration
- Your state run Finance/ Economic Development Authority
- Your state Department of Labor
- Industry associations
- Business periodicals published in your state
- Your insurance agent, to inquire about any business interruption benefits available under your policy