COVID-19

Financial Assistance for Business

Updated July 19,  2021

Update on Paycheck Protection Program Loans

The information on this page will continue to be updated. Please check back often for updates.
The PPP Program has ended. We are no longer accepting PPP loan applications.

We will be accepting forgiveness applications for PPP loans granted in 2021 by the end of July. When we are ready to accept your application, you will receive an email from us. Businesses with PPP Loans funded in January 2021 will be the first to receive an email invitation to apply for forgiveness using our online forgiveness application portal.

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

Below you will find: 


What should I know about PPP Loan forgiveness?

We will be accepting forgiveness applications for PPP loans granted in 2021 by the end of July. When we are ready to accept your application, you will receive an email from us. Businesses with PPP Loans funded in January 2021 will be the first to receive an email invitation to apply for forgiveness using our online forgiveness application portal.

  • 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 kabbage@em.kabbage.com 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 Tony Lorenzo at tlorenzo@kservicecorp.com.


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 BusinessBanking@florencebank.com.
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