Paycheck Protection Program (PPP)
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.
Loan Forgiveness Update
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.