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After much deliberation, the Paycheck Protection Program has been revived with an additional $285 billion in funding for 2021 as part of the Consolidated Appropriations Act (CAA21). This latest version of the program includes enhanced terms designed to aid small businesses who need it most, including those who received a PPP loan in the last round. The most notable changes to the Paycheck Protection Program (PPP), include:
We are now accepting PPP Loan Applications from current business clients.
To begin the application process, please click on the appropriate link below. Please be sure to review the eligibility requirements and have all necessary information and supporting documents available.
Loan Forgiveness Update(for those who already received a PPP loan from Mechanics Bank in 2020): We are still awaiting program changes, updated guidance and revised Loan Forgiveness Application forms from the SBA as part of the Consolidated Appropriations Act, 2021 (CAA21). Once we receive this information and update our systems we will begin accepting PPP Loan Forgiveness Applications.
U.S. Treasury Website
Interim Final Rule of Paycheck Protection Program as Amended by Economic Aid Act (1/6/21)
Interim Final Rule on 2nd Draw Loans (1/6/21)
SBA releases borrower data and loan details (12/1/20)
If you are a client who has not yet applied for a PPP loan with Mechanics Bank, learn how to apply.
Already have a PPP loan with Mechanics Bank but looking to borrow more?
Learn about the PPP Loan Forgiveness application process.
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All loans and credit products subject to program eligibility, collateral, underwriting approval and credit approval.
Financial, Tax and Legal Advice - We recommend that you obtain professional advice from your preferred financial, tax or legal advisor before beginning a PPP Loan Application and/or the Loan Forgiveness Application process. The information we are providing on our website is intended to help you navigate either process, and is based on the Bank’s interpretation of laws, rules, regulations, and guidance provided by the SBA and U.S. Department of Treasury regarding the Paycheck Protection Program at the time this page was authored. While the information provided is intended to be accurate it should not be considered, and is NOT INTENDED TO BE, FINANCIAL OR LEGAL ADVICE. This page and its content may be updated periodically if there are changes to the Program. As we’ve all seen, the Program is rapidly evolving and the Bank cannot be held responsible for any errors or omissions as a result of this. Please consult the SBA and U.S. Treasury websites for the most up-to-date information. In the event of any discrepancies between the information on our website and the SBA or U.S. Treasury sites, please follow official SBA or U.S. Treasury guidance.