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)
This loan program provides funds to eligible recipients to help with payroll costs and certain other expenses. Loan payments are deferred for the first six months and a portion of the loan proceeds may be forgiven.
- Application eligibility
To learn more and see if you qualify, click here.
- Timing of funding
Demand for this new program is very high, we have added additional staffing to our teams to accommodate demand, and they are doing their very best to serve all applicants as quickly as possible. We are submitting completed loan applications in the order that we receive them. Once we submit your completed application to the SBA, we will need their approval before we are able to close the loan and provide funding. Once loans are approved most loans will be funded within 10 days. We will be sure to keep you updated as much as possible throughout the process.
- Loan forgiveness
The SBA requires you to submit additional documents in order to receive forgiveness on your loan. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. Learn more here.
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