Business Banking-Industries Served-Government Contracting

Paycheck Protection Program (PPP) 2

Freedom Bank welcomes the reopening of the PPP! As we demonstrated in the first round of PPP, our entire team is committed to your success in securing funds in this vital program for your company’s continued health and success.
To begin using our digital platform, please click the “Apply Now” button below.

(Please note: Chrome is the preferred browser to access the digital platform. Safari for Mac users is also acceptable)

Within the portal, you will have an opportunity to upload required documents which depend upon whether you are (1) a new PPP applicant, (2) applying for a second PPP loan from Freedom bank, (3) applying to a PPP second draw loan, but did not get the first PPP loan with Freedom Bank.  Each one of these scenarios has different documentation requirements that are detailed HERE.

For more information on PPP 2, please read below:

If you have already received a PPP loan, below are the key details regarding program changes and eligibility for a second PPP loan:

  • A second PPP loan will be available for businesses with fewer than 300 employees and that sustained a loss of revenue of 25% relative to the prior year comparable fiscal quarter.
    •  Restaurants and hotels (NAICS code 72 will be eligible for 3.5x average monthly payroll) and all other business will be eligible for 2.5x.
    • Loan size is capped at $2mm and the total of the two loans cannot exceed the initial $10mm cap.
  •  Expenses paid for with PPP loans will now be considered tax deductible.
  •  Expenses eligible for forgiveness have been expanded to include the following (if your loan has already been forgiven, you are excluded from this change):
    • Operational expenditures: business software, payroll software, HR, billing functions, accounting, tracking of inventory
    • Property damage: vandalism or lootings that is not covered by insurance (during 2020 only)
    • Supplier costs: POs, perishable goods, or inventory
    • Worker protection: screens, cough guards, or any structure to be in compliance with new health codes from the CDC or DHHS
  • PPP Loans under $150,000 will have a one-page forgiveness application.
  •  501(c)(6) organizations that are not lobbying organizations such as chambers of commerce, trade associations, and boards of trade are now eligible if they have fewer than 150 employees.

If you did not apply for or receive a PPP loan in the first round, you have another opportunity to apply for one now. The program guidelines are largely unchanged, except the maximum loan amount is now $2 million and eligible businesses must have 300 employees or less (excluding NAICS code 72 businesses).

For more information, or if you have additional questions, please reach out to your Relationship Manager or fill out the contact form on this page.

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