IMPORTANT ALERT FOR PPP APPLICANTS
COVID-19: DISASTER RELIEF ASSISTANCE
Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, the first of several relief packages for American workers and small businesses.
In addition to traditional Small Business Administration (SBA) funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.
While EIDL Loans require direct application with SBA, Freedom has partnered with a trusted third party vendor, Loan Street, to offer Payment Protection Program (PPP) loans to existing Freedom Members.1
Additionally, Harford County is distributing additional funds to local restaurants through the NEW State Restaurant Assistance Grant program. The amount of each grant award will be determined by the total number of applicants for the program. The application for restaurants, related FAQs, and other details can be found here. Apply by Friday, February 19 at 5 p.m.
Paycheck Protection Program (PPP)
This program is available to Freedom members
who established a personal or business membership on or before December 27, 2020.*
*Members with no business account must meet the eligibility requirements for business membership.1
a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
The program includes $284 billion in forgivable, federally backed loans for small businesses. Applications for first-time loans and second draw loans and will remain open until March 31, 2021.
PPP LOANS CAN NOW BE USED TO COVER AN EXPANDED LIST OF EXPENSES
In addition to payroll, rent, utilities and interest on mortgages that are permitted expenses under the CARES Act, the Act allows for small businesses to use PPP proceeds for additional expenses such as personal protective equipment for employees, costs associated with outdoor dining, supplier costs, costs associated with software, cloud computing and other human resources and accounting needs, and property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance.
SBA IS CURRENTLY OFFERING:
How to Apply
Freedom has partnered with Loan Street, an outside third party vendor to accept applications and supporting documents as well as service these loans.
Funding for the SBA’s Payment Protection Program has been re-established as of 1/11/2021.
This application is ONLY available to Freedom members who established a personal or business membership with Freedom on or before December 27, 2020.1
SBA Resources & Forms
SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21)
SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21)
SBA Form 3508S Paycheck Protection Program Forgiveness Application (updated 01-19-21)
*APR = Annual Percentage Rate
1 This program is available to Freedom members who established a personal or business membership on or before December 27, 2020. For members without an existing business membership, their businesses must meet the eligibility requirement for a new business account at Freedom. Businesses located in Harford or Baltimore Counties are eligible for a business membership with Freedom.
2 Average monthly costs can be calculated using 1) calendar year 2020; 2) calendar year 2019; or 3) the 12 months before the date on which the loan is made.
3 Loan Forgiveness and required documentation are subject to review and approval by the Small Business Administration (SBA).