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On May 4, 2021, the Small Business Administration (SBA) unexpectedly announced funds have been exhausted for PPP loans for most lenders, including Mechanics Bank. We are no longer able to accept PPP Loan Applications at this time.
SBA Direct Forgiveness Program You may have heard recently that the Small Business Administration (SBA) has launched their own Loan Forgiveness Portal (“SBA Direct”). If you received your PPP loan from Mechanics Bank you should NOT apply for Loan Forgiveness directly with the SBA through the SBA Direct Program. Our forgiveness application portal and process has been created to be fast, efficient and user friendly. As your lender, our decision to NOT participate in the SBA Direct Program will NOT impact the outcome of your loan forgiveness request in any way, and will NOT affect the speed or timing of a loan forgiveness decision. Please continue to follow our process below for your PPP Loan Forgiveness application process. Please contact us at CaresAct@mechanicsbank.com with any questions.
Loan Forgiveness made easy (for loans of $150K or less) Earlier in 2021, the SBA released a simplified one-page loan forgiveness application (3508S) for PPP loans of $150,000 and less. This application does NOT require any supporting documentation to be provided with your loan forgiveness application and can be used for 1st or 2nd Draw loans. Certain exceptions apply, and other conditions exist. See application form 3508S and instructions for details.
Start your Loan Forgiveness Application Ready to start the Loan Forgiveness process? Don’t see an earlier email from us? Notify our PPP team who will research your loan and send you the Loan Forgiveness Portal access. Please include your contact name, business name, phone number and email address.
learn more about PPP loan forgiveness
SBA Website
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)
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Disclosure:
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.