Coronavirus COVID-19 Important Information

Updated – January 14, 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 pleased to inform you that Freedom Bank is now accepting new “First Draw” and “Second Draw” PPP Loan applications to cover eligible payroll costs. Please use the below digital link to submit your PPP Loan application. This link includes application forms for both First Draw and Second Draw applicants. When you open the link, you will first need to enter your email address and setup a password to begin completing your application and upload any supporting information. 

PPP First Draw Loans:

  • Eligibility
    • Small Business entities with up to 500 employees (including all affiliates) in operation on February 15, 2020 that:
      • Did not receive a PPP loan prior to August 8, 2020, and
      • Have not permanently closed
      • Has not and will not receive a “Shuttered Venue Operator” grant from the SBA
    • Eligible Business Types:
      • Partnerships, Corporations, LLCs
      • Sole proprietors, independent contractors, and self-employed individuals
      • Non-profit Organizations
        • 501c(3)
        • 501c(19) Veterans Organization
      • Business entities with up to 300 employees as defined by the SBA, including
        • 501c(6)
        • Housing Cooperatives
        • Destination Marketing Organizations
  • Maximum Loan Amount:
    • 2.5x average monthly 2019 or 2020 payroll costs
      • For new businesses that were in operation on February 15, 2020 but do not have 12 months of payroll costs, average monthly payroll can be calculated based on the number of months in which payroll costs were incurred
    • Loan amount must include any EIDL Loan (NOT including any EIDL Advance) received from January 31, 2020 – April 3, 2020
  • Supporting Documentation to be uploaded by applicants (as applicable):
    • Payroll records
    • Payroll tax filings
    • Form 1099-MISC
    • Schedule C or F
    • Income and expenses from a sole proprietorship
    • Bank records

PPP Second Draw Loans:

  • Eligibility
    • Borrowers that previously received a PPP Loan may now apply for a PPP Second Draw Loan of up to $2 million with the same general terms as their first loan
    • Applicants must have used or will use the full amount of their first PPP loan only for eligible expenses before the PPP Second Draw Loan is disbursed
    • Borrower has up to 300 employees
    • Can demonstrate that at least a 25% reduction in gross sales occurred between comparable quarters in 2019 and 2020

Maximum Loan Amount

  • For most borrowers: 2.5x average monthly 2019 or 2020 payroll costs.
  • For borrowers in the Accommodation and Food Services sector (NAICS Code 72): 3.5x average monthly 2019 or 2020 payroll costs.

You can leave your application and resume at any time, uploads for all information will be available. Upon receipt of your application and supporting documents, we will follow with another email advising you if any additional information is needed. 

Please send any questions or concerns you may have to and a PPP Team member will get back to you as soon as possible. 

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

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

Freedom Bank PPP Application Digital Link:

PPP Forgiveness Guidelines

PPP Forgiveness Application update: January 14, 2021


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

We welcome this new process and look forward to assisting you with your forgiveness application as soon as possible. 

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 enclosed link.

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

  • Payroll Register(s) for the entire year of 2019 and your 2020 Covered Period
  • Forms 941 and 940 for the entire year of 2019 and your 2020 Covered Period
  • Your payroll provider’s PPP Report for the entire year of 2019 and your 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 are a 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.

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 enclosed link.  We encourage you to review them prior to your submission.

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 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 same.

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

Please feel free to contact us with any questions at:

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

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.

We have made the following changes to our in-branch experience for your safety as well as the safety of our employees.  When you enter one of our lobbies:

  • Masks are required for both customers and employees.
  • Occupancy will be limited based on the size of the branch. We’ll be serving 2-4 customers at a time, depending on your branch.
  • Markers on the floor to ensure there is 6 feet of separation.
  • You will be asked to complete a questionnaire before receiving service.
  • Protective dividers have been installed at all teller and employee desks.
  • Frequent cleaning of all branch locations.
  • Coffee will not be served during this time. 
  • Bathrooms will be closed to the public.

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 or your local health department website. 

Matthew Carcich