Paycheck Protection Program

view of a desk with person's right hand holding a pencil and the left hand holding a financial document such as a bill or P&L sheet

For more than 120 years, Mascoma Bank has helped our customers and our communities through good times and challenges of all sorts. Today is no different, and we stand ready to help you and your business or nonprofit.

With the new federal pandemic relief package signed into law, we are assisting many of our business and nonprofit customers with the second round of the Paycheck Protection Program (PPP).

If your business is a Schedule C filer and you are applying using gross income, use the links below to access the PDF application, fill it out, print it, and along with all other required documentation drop it off at a branch location or mail it to:

Mascoma Bank
Attn: PPP
PO Box 4399
White River Jct., Vt 05001.

Do not email it as it is not a secure form of delivery.

Schedule C
NET INCOME and ALL OTHER FILERS

Businesses that are Schedule C filers that have a PPP Loan that has been funded and disbursed prior to March 4, 2021, per the SBA, cannot reapply or apply for more funds.

Not Sure Whether to Use GROSS or NET Income?

The forms below will help you identify whether it is best for you to use your business’s gross or net income when applying. Chose the form that best represents your situation.

New Applicants of the Payment Protection Program

If you are a business that has not yet participated in the Paycheck Protection Program and would like to apply for your first PPP loan, this guidance from the SBA can help you prepare. Please note that starting on page 31 of the rule it highlights how to calculate the eligible maximum loan amount.

If you are a business that received  an original PPP loan and would like to apply for a second draw PPP loan, this guidance from the SBA can help prepare. Please note that starting on page 20 of the rule shows information on who is eligible for a second draw PPP loan. Starting on page 27 highlights how to calculate the eligible maximum loan amount.

Some Key PPP updates from the SBA include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are eligible to apply for a Second Draw PPP Loan. A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
    • Has no more than 300 employees; and
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.