We're doing everything in our power to help our business customers affected by the pandemic. Florence Bank has been evaluating the small business relief programs since the passage of the CARES Act. The information on this page will continue to be updated. Please check back often for updates.
A second round of funding from The U.S Treasury Department for the SBA’s Paycheck Protection Program (PPP) has been approved.
If you have applied for PPP funds through our technology partner, Kabbage, and your application is complete and in the queue, it is our hope it will be funded. We will continue to keep you informed as new information becomes available.
SBA Paycheck Protection Program (PPP)
The SBA Paycheck Protection Program (PPP) was designed to provide an incentive for small businesses to keep their workers on the payroll. It has been reported that the SBA will forgive the loan if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
How to Apply
In order to expedite the loan process, Florence Bank has decided to partner with Kabbage Funding™. Kabbage is an online financial technology company with an automated lending platform. Kabbage will process all Paycheck Protection Program loans for Florence Bank. If you are interested in the Paycheck Protection Program, click here for alerts and to apply once their application becomes available.
(Please note, this is the only method by which Florence Bank will be offering PPP loans.)
Other SBA Government Assistance Programs
If you would like to evaluate other SBA programs to determine which may be best for your situation, please visit the SBA’s Business Guidance and Loan Resources page of their website.
Economic Injury Disaster Loans
Economic Injury Disaster Loans provides working capital loans up to $2 million to help small business overcome the temporary loss of revenue.
FAQs regarding the SBA Paycheck Protection Program through Kabbage™
1. How do I know that my application has been submitted correctly and received?
Kabbage™ will email you to confirm your application was submitted. You may be required to provide additional information and/or submit additional documents and will see a success notice on the dashboard once all required documentation is complete. Note additional requests for info could be included here as well so please make sure to read through the entire message.
2. Can I submit more than one application from a single Kabbage username?
No, Kabbage can only support one application per business/EIN/email address.
3. How can I withdraw my application once it’s been submitted?
To withdraw your application, contact the Kabbage team at 888-351-3143 to close your account. There is not a self-service option to withdraw your application at this time.
4. I received an email that Kabbage was unable to verify one or more documents but it didn’t say which document; do I need to do anything?
This was a bug and has been fixed, customers will now see the documents required within the email.
5. When will my loan be approved and funded?
Right now, we are collecting applications on behalf of our bank partner(s) and will notify you when yours is under review. The current expected timeline is 1-3 days for review once we have received all the requested information and documentation. T Disbursement of funds is subject to receiving a completed application and supporting documentation, validation of eligibility, and the issuance of a guarantee number by the SBA. SBA program details are still being developed. Eligibility rules and amounts are both subject to change.
6. I received a message that Kabbage is no longer accepting Funding applications. Is this true?
Kabbage is not currently accepting applications for Kabbage Funding, which is a small business line of credit product. However, Kabbage is accepting applications for Paycheck Protection Program (PPP) loans through the SBA. Note PPP loans are different from Kabbage Funding loans.
7. I got partially through the application and then the site crashed. Do I need to start over?
No, using the login you created, you can pick up where you left off at http://account.kabbage.com/onboarding/sba-loan.
8. If I submitted an application with incorrect information, can this be resolved?
If you need to edit any SBA-specific information, contact our team at 888-351-3143. Personal information used to verify your identity cannot be edited once submitted.
9. Do I need online banking credentials to complete my PPP loan application?
No, if you do not have online banking, we can manually connect to your bank account when you are ready to disburse funds. Contact our team at 888-351-3143 and they’ll help you upload a voided check to connect your account.
10. Can I edit the information in my application?
Before you submit, you’ll have the opportunity to confirm or edit your information. To make changes once you’ve submitted the application, contact our team at 888-351-3143.
11. Are there any origination fees or other fees Kabbage is charging for PPP loans?
No. It's free to apply for a PPP loan and there are no origination fees for the Borrower. Please be wary of any third party that asks you to provide up-front fees to apply for PPP loans as the SBA guidance explicitly prohibits such fees.
12. If I apply and am eligible, am I guaranteed a loan?
Program funds are limited. We cannot guarantee that your application will be processed and submitted before SBA funding is no longer available.
Other helpful items:
Kabbage Customer Service Info:
888-351-3143 or PPP@Kabbage.com
As always, your Florence Bank Lender is available to help you. Please contact us if you need special assistance outside of these government assistance programs.