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Coronavirus COVID-19 Important Information

Updated – June 3, 2021

Thank You for Being a Valued Freedom Bank Customer.

As the effects of the Coronavirus COVID-19 continue to develop, Freedom Bank is closely monitoring the latest reports from the Centers for Disease Control (CDC) and the World Health Organization (WHO). As we monitor these developments, we are taking a number of precautionary steps to protect our customers and employees.

Round 3 PPP Loans

We are sorry to inform you that the Small Business Administration’s PPP General Funds have been exhausted as of May 4, 2021. Any loan application that has not been approved can no longer be processed. 

You may contact us at PPP-COVID-19@freedombanknj.com with any concerns you may have.

PPP Forgiveness Guidelines

The PPP Forgiveness application with streamlined documentation requirement for loan amounts of $150,000 and under is available.

Application form 3508S and the required Borrower’s Certification are available below for review.

Link to 3508s and Borrower Certification

Please remember, if you received an EIDL advance, the advance amount will no longer be deducted from the final forgiveness amount leaving a residual balance.  If you already received a notice from Freedom Bank that you have an EIDL balance or you have paid it off, we will either pay the EIDL loan balance off or refund the proceeds to you as soon as we receive the funds back from the SBA.

Our email address for questions or concerns is PPP-Forgivenessteam@freedombanknj.com

We strongly encourage you to begin your Forgiveness Application as soon as possible. The SBA requires all PPP Borrowers to submit their Forgiveness Application within 10 months after their “Covered Period” ends. Your Covered Period starts on the date you received your PPP Loan and ends on any date you choose between 8 weeks and 24 weeks. For example, if you received your loan on April 20, 2020 and chose an 8-week Covered Period, your Covered Period ends on June 14, 2020 and your Forgiveness Application must be submitted no later than 10 months later, on April 14, 2021. 

We look forward to assisting you with your forgiveness application as soon as possible

You can leave your application and resume at any time, uploads for all information will be available.  Depending on the circumstances of your request, you may need to submit additional documentation as specified in the instructions provided by the SBA. You can download the instructions directly from the link when available. We encourage you to review them prior to your submission. 

If your loan amount is over $150,000 please complete form 3508. Please be sure to complete the “PPP Schedule A Worksheet”, before you begin the submission, as you must use the information from the worksheet to complete various sections of the application. The worksheet provides specific information regarding Employee Cash Compensation, Average Full Time Equivalency (FTE) and Salary/hourly Wage Reduction. You can download a copy of the worksheet and instructions for completing it directly from the above link.

In addition to our application, the payroll documentation which will be required for submission for this program is: 

  • Payroll Register(s) for the entire year of 2019 and 2020 Covered Period
  • Forms 941 and 940 for the entire year of 2019 and 2020 Covered Period
  • Your payroll provider’s PPP Report for the entire year of 2019 and 2020 Covered Period (if available)
  • Completed PPP Schedule A Worksheet
  • Documentation for other eligible expenses may also be provided to reach the optimum amount of forgiveness you will qualify for. Payroll spent will qualify for 60% and other eligible expenses can make up the other 40%.
  • If you a are self-employed individual, independent contractor or sole proprietor who had no employees at the time of your PPP loan application, you will need to provide a copy of your 2019 Form 1040 or 1040 SR Schedule C (“Profit or Loss From Business”) and your 2020 payroll information for the covered period.

We encourage you to discuss any questions you may have regarding completion of the application with your Accountant or Payroll Service Provider.

A team member will communicate with you if the information is incomplete or any questions arise. Freedom Bank will have 60 days to complete the process – we will let you know once completed and the application has been submitted to the Small Business Administration (SBA). The SBA will have 90 days to determine the amount of the forgiveness. We will notify you promptly upon receipt of the same.

We appreciate your business and look forward to working with you.

Please feel free to contact us with any questions at:

PPP-Forgivenessteam@freedombanknj.com

What to Expect When You Visit a Branch location:

All branches are operating under our normal business hours. Monday – Friday 8:30 AM to 5 PM.  Saturday’s 9 AM to 12 PM depending on branch location. Please visit our branch locations page for a listing of branch hours https://www.fbnj.com/locations/

We encourage you to access your account from home 24/7 using Freedom Bank’s online banking or the Freedom Bank mobile app to view transactions, check balances, move money, and deposit checks.

The health and safety of our customers and employees remain our top priority. Fully vaccinated customers and employees are no longer required to wear a mask or social distance.

The CDC recommends that individuals who are not fully vaccinated should continue to wear a mask and following the 6 foot distancing requirement.

If you would feel more comfortable with a Freedom Bank employee who is assisting you to wear a mask, we would be happy to put one on for you.

Please note, if you feel sick or have been exposed to someone with coronavirus, we ask that you please do not visit a branch.

If you prefer to bank electronically, we have you covered.  You can use online or mobile banking to conduct most of your banking needs, from paying bills online to making a mobile deposit.  If you are not signed up, call 201-599-3000 and a representative will sign you up today!

We will continue to monitor the situation and its progression closely to ensure we are able to safely support our customers and communities.

For additional information about COVID-19, get the latest report from the Centers for Disease Control at cdc.gov or your local health department website. 

Sincerely, 
Matthew Carcich
President/CEO