Business Banking Assistance

Your business needs answers. We’re here to help.

Our Commercial Team is ready to assist you, our business clients, to ensure you are provided the support you need. We are in unprecedented times. The one thing we know is working together is our best way forward.

PPP Loan Forgiveness Information

Norway Savings Bank is now accepting PPP loan forgiveness applications. While the application is currently available, borrowers may want to hold off on applying for forgiveness – especially if your PPP loan is less than $150,000. There is currently legislation under consideration in Congress that would provide automatic forgiveness for loans under $150,000 based on a one-page attestation form signed by the borrower (Senate Bill S.4177 and House Bill H.R. 7777).

In addition, because PPP borrowers have 10 months after the 8-week or 24-week Covered Periods to apply for forgiveness AND the forgiveness funds are reserved (meaning, they will not run out), there is no hurry to apply. However, if you want to begin the application process, please read the following information carefully. Instructions for applying are at the bottom of this page.

If, after reviewing the information below, you still have questions about loan forgiveness, please contact your financial advisor, accountant, business coach or attorney.

PPP Loans may be forgiven when you use your funds in permitted ways.

For your loan to be forgiven, there are restrictions on how you can use the funds.

  • At least 60% of the loan proceeds must be used for payroll costs (up to certain thresholds per employee) calculated on a gross basis without regard to federal taxes imposed or withheld, such as the employee’s and employer’s share of FICA and income taxes required to be withheld from employees, health care coverage expenses, retirement contributions and state and local taxes imposed on employee payroll paid by you, the employer.
  • Up to 40% can be used for rent, mortgage interest expense and utility payments.

The amount of loan forgiveness may be up to the full principal amount of the loan plus accrued interest.

The maximum amount of loan forgiveness is based on your eligible payments over the 8-week or 24-week Covered Period following the date of the Note. Borrowers whose loans closed before June 5 can choose whether they prefer to use the 8-week or 24-week Covered Period.

The maturity of PPP loans has been increased to five years for those loans that are approved by the SBA on or after June 5, 2020. Borrowers who closed on their loans before June 5 have the ability to request that the loan maturity date be extended from two years to five years.

What do I need to document?

Depending on the complexity of your loan, you will apply using either the 3508 or 3508EZ application form. Our automated application process will provide you with the appropriate form as you go through the process. The amount/type of documentation will be determined by which form you use.

If you have employees, you’ll need:

  • Verification of the number of full-time equivalent employees on payroll
  • Borrower certification required by Section 106(e)(3) of the CARES Act
  • Form 941
  • State quarterly wage unemployment insurance tax reporting form or equivalent payroll processor records

If you used loan proceeds for rent, mortgage interest payments or utilities, you’ll need:

  • Evidence of business rent, business mortgage interest payments on real or personal property
  • Evidence of business utility payments – utilities include gas, water, transportation, internet access, electricity and telephone (receipts, cancelled checks, etc)

If you don’t have employees, you’ll need:

  • 2019 Form 1040 Schedule C to determine net profit

Are you ready to apply?

If you are ready to apply, we recommend that you review our Borrower Assistance Checklist and Instructions. Please email your business name, email address and phone number to You’ll receive a personalized, secure email containing a link to the automated, online forgiveness application within two business days. Please note: when accessing the link, we recommend using Chrome, Firefox or Safari for the best technical experience. If you use the Microsoft Edge browser, you may receive an error message indicating that the link isn’t safe. Rest assured, our application link is safe to use.

Please note that once a loan forgiveness application package is received, the bank has up to 60 days to determine the amount of forgiveness and submit the decision to the SBA. Once received from the bank, the SBA has up to 90 days to reimburse the bank with the approved funds to apply to your PPP loan.


Each loan is different, so you may need additional documentation based on your specific situation.

Other Relief Programs

COVID-19: Norway Savings Bank announces financial hardship relief

The U.S. Small Business Administration (SBA) is offering a variety of relief programs for small businesses impacted by the COVID-19 crisis.

The Finance Authority of Maine (FAME) has loan programs available to eligible Maine businesses and individuals/employees who are experiencing hardships due to COVID-19.