PPP Forgiveness Application update: January 14, 2021
Great News: A NEW APPLICATION WITH STREAMLINED DOCUMENTATION REQUIREMENTS WILL SOON BE AVAILABE FOR LOAN AMOUNTS OF $150,000 AND UNDER
If you have not already applied for forgiveness for a PPP loan granted prior to August 8, 2020 and your loan amount is $150,000 or under, please wait to do so. The COVID-19 Economic Relief Bill that was signed into Law on December 27, 2020 allows for a simple application, certification and reduced documentation. The new application will be posted on our website as soon as it becomes available. You will apply for forgiveness through our digital link which we previously provided and upload the necessary documentation.
In addition, 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 welcome this new process and look forward to assisting you with your forgiveness application as soon as possible.