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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.
If you have applied for a new or 2nd draw PPP loan with Mechanics Bank and your application has been approved by the SBA, we will continue processing your loan. If you have applied but have not received an SBA loan number, the SBA is no longer accepting PPP applications and your loan will not be processed. We apologize for this unexpected development.
Forgiveness for Loans Made in 2020: Email invitations to begin the Loan Forgiveness Application process have been sent to all borrowers who received a PPP loan with us in 2020. Emails were sent to the email associated with your PPP loan record (please check your spam or junk folders for messages from PPPforgiveness@mechanicsbank.com). If you did not receive an email to begin the Loan Forgiveness Application process, or if you believe the email we have on record is not accurate, or is no longer in service, please email us at CaresAct@mechanicsbank.com with your contact name, business name, address and phone number and we will reach out to update our records.
Even if you have not applied for Loan Forgiveness yet, your loan payments are deferred until 10 months after the end of your applicable Covered Period. Please see our Loan Forgiveness page for more information and a timeline example.
Forgiveness for Loans Made in 2021: You will be eligible to apply for Loan Forgiveness once your Covered Period is complete. Loan proceeds must be spent during the 8- to 24-week “Covered Period” immediately following disbursement of the loan. We will send you an email invitation to begin the Loan Forgiveness process (please check your spam or junk folders for messages from PPPforgiveness@mechanicsbank.com) when the time is appropriate. If you are ready to begin the Loan Forgiveness Application process, but have NOT received an email from us, please contact us by email at CaresAct@mechanicsbank.com.
For more information, and to help prepare you for the Loan Forgiveness Application process, please visit our Loan Forgiveness Page.
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.