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.

As of noon on August 7, 2020, Norway Savings Bank is no longer accepting new loan applications for the Paycheck Protection Program (PPP). Please visit to find out about other relief programs for businesses.

PPP Loan Forgiveness Information

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. Because there have been numerous revisions made recently to the loan forgiveness program, Norway Savings Bank is not accepting applications for loan forgiveness at this time. We are currently working on an automated loan forgiveness application, which will incorporate the recently-announced EZ form. We will update this page when we are ready to accept completed applications.

The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law on June 5, 2020. This legislation changed some of the aspects of the original Paycheck Protection Program, so please read the following details carefully, as they have changed.

  • At least 60% (vs. 75% in the original law) 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 24-week period (vs. eight weeks in the original law) following the date of the Note.

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?

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


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

  • The best resource is the SBA website.
  • The SBA provided an FAQ document.
  • Norway Savings Bank is building an automated application for loan forgiveness which will incorporate the relevant changes from the PPPFA and the recently-announced EZ form. As soon as the application is ready, NSB PPP borrowers will receive a notification. If you need help with or have questions about your NSB-issued PPP loan in the meantime, please email or reach out to your commercial lender.

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.