Financial Assistance for Business

Updated April 11,  2022

Update on PPP Loan Forgiveness

The information on this page will continue to be updated. Please check back often for updates.
We have received final guidance on The Small Business Administration's (SBA) new expedited method for processing forgiveness of your Paycheck Protection Program (PPP) Loan.  Florence Bank is pleased to offer this solution to assist those who are eligible.

Eligibility is based on your PPP loan amount. If your PPP loan was $150,000 or less you should have received a secure email from with a link to the SBA forgiveness portal as well as important information needed to fill out your application.

If your loan amount was over $150,000 you should have received a secure email from us with a link to the Florence Bank forgiveness portal as well as important information needed to fill out your application. Please note: Forgiveness of a Second Draw PPP loan cannot be processed until the First Draw PPP loan has been forgiven.

Forgiveness Verification

Once your PPP loan of $150,000 or less has been forgiven, you will receive a verification email from It will state that your Paycheck Protection Program (PPP) loan through Florence Bank has formally been paid, in full, via the Small Business Administration (SBA) forgiveness process.  You will be able to access your formal SBA forgiveness letter via the SBA portal where you applied for forgiveness

Please remember loan requirements set up by the SBA require that you maintain all documentation related to the loan application and forgiveness for six years from verification.  We suggest you print the email and/or keep it in a safe place for your records. If the SBA requires additional information for any reason, they may reach out to you directly or filter information to you through Florence Bank. 

Congratulations! You have successfully completed the process.

Below you will find: 

If your questions have not been answered on this webpage, you may email them to us at or call us at 413-587-4740. 

What should I know about PPP Loan forgiveness?

  • Forgiveness needs to be applied for after all funds have been exhausted. 
  • Borrowers can choose the length of their covered period as long as it is at least eight weeks and is not longer than 24 weeks.
  • You have up to 10 months (for a total of 16 months) before forgiveness must occur and the loan goes into repayment status.  This leaves plenty of time to apply for forgiveness.
  • For sole proprietors/self-employed/independent contractors, we strongly suggest putting all proceeds into one account and “paying” yourself out of that account.  You can pay yourself weekly, bi-weekly, or monthly.  This will allow for a demonstrated payroll payment when it comes time to apply for forgiveness.
  • To receive forgiveness, you will need to ensure that you spend at least 60% of the loan amount on payroll.  Loans of all sizes are being audited by the SBA, so you will want to make sure that you keep detailed records.
  • Borrowers are required to retain relevant records related to employment for 4 years and other records for 3 years, as the SBA may review and audit your loan.

Helpful Links & Resources

Each business’s facts and circumstances will vary. Therefore, you should consult with your legal, tax, and/or accounting advisors for advice on your specific situation.

Please be alert and diligent. Criminals may attempt to take advantage of PPP programs. If you are contacted directly from anyone claiming to be from the SBA, do not provide any private information and contact us immediately.

Kabbage, (now K Servicing) Resources:

If you received a First Draw PPP Loan through KServicing and have not yet received forgiveness, you should have received an email from KServicing by now. The initial email was sent in June and came from with a subject line of “KServicing PPP Loan Forgiveness Application Now Open.”

A second email from KServicing inviting your business to apply for forgiveness will be sent before the end of August with a link to their forgiveness application portal. Please check your spam frequently so you don’t miss this important email. 

If you do not receive an email from KServicing inviting you to apply for forgiveness, please contact Donna Evans at

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.

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.

Frequently Asked Questions:

Please leave a message with our support team at 413-587-4740 with your name, number, and best time for us to reach you and we will get in touch with you to unlock your account.

Florence Bank will keep you informed about the status of your application by using the message feature within our online loan application portal. A notification will be sent to your email address letting you know that a message is available.

You can reach our team on the phone at 413-587-4740 or via email at

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