Memo (Professional design)
FREEDOM BANKPayment Protection Program Key Benefits of the CARES Paycheck Protection ProgramProvide a direct incentive for small businesses to keep their workers on the payrollLoans are generally available to businesses and certain non-profits in operation on or before February 12, 2020 with fewer than 500 employeesLoan Proceeds may be used to maintain payroll, rent, business mortgage interest, and utilities.Loan amounts are the lesser of average monthly payroll during the last 12 months X 2.5 or $10MM. The portion of the loan that is used for eligible purposes during the 8 weeks after funding may be eligible for forgiveness upon an application for forgiveness and appropriate documentation. 1% rate payable over a 2-year term including a 6-month defermentNo fees, No personal guarantee, No collateral requirementPlease forward information to PPP-COVID-19@ Please remember to enter your entity name in the subject line.The information that is required for submission by the SBA for this program is: Application. AttachedPayroll Protection Program (PPP) Information Sheet (Borrowers). Attached.Beneficial Ownership Form. Attached.Employer Identification Number form (EIN)Certification of Formation / Articles of IncorporationOperating Agreement / By-lawsForms 941 and 940 for the entire year of 2019 and first quarter of 2020 (if available). Please use the worksheet attached for the calculation Freedom will be using for these applications. Please also note 1099 folks will need to apply themselves and cannot be included on a company submission. Please answer if you have ever had another SBA loan for this entity. Yes or NoWhat date was your entity established Date/Month/Year (8 digits please)Please include your NAICS code to expedite the review process. For your convenience we are attaching a spreadsheet for the calculation of the amount your company will be eligible for under this program.Eight weeks following the origination date of any Note, documentation for forgiveness of the loan will be required. A decision from the SBA would be expected 60 days after receiving an application for forgiveness.We appreciate your business and have our entire team working on these requests exclusively. It is a very detailed process and we are looking to accommodate all of the requests that have come in. ................
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