Financial Assistance for Business

Updated April 12,  2021

Update on PPP Loans

The information on this page will continue to be updated. Please check back often for updates.
Florence Bank will accept completed PPP loan applications through May 17, 2021. This is to allow Florence Bank enough time to process your loan and submit it to the SBA on your behalf by the SBA’s extended deadline of May 31, 2021. To be eligible for a PPP loan through Florence Bank, you must have had a Florence Bank account as of January 6, 2021.

We are not accepting forgiveness applications for PPP loans granted in 2021 at this time.  When we are ready to accept applications, you will receive an email from us. An online portal will be used to facilitate the forgiveness process.

Below you will find: 


How do I apply for a  PPP Loan?

Florence Bank is now accepting applications. Completed applications will be submitted to the SBA by Florence Bank on your behalf.

To apply, you will need the following:

  • Proof of entity type (LLC, S-corp, sole proprietor, etc.)
  • A Schedule of Ownership (names and percentages) for the business - the ownership percentage must add up to 100%
  • Your 2020 or 2019 payroll tax reports (941, 940, or 944) or equivalent payroll processor records, along with evidence of any retirement and health contributions.
  • For employees who receive compensation in excess of $100,000, the PPP loan amount will be limited to $100,000 for these employees. Payroll Reports from your Payroll Provider, if available will be useful.
  • If you previously received a PPP Loan, now being referred to as a First Draw PPP Loan, you will need the SBA Note Number and Loan Amount from that loan to apply for a Second Draw PPP Loan. These numbers can be found either on your original PPP Loan Note or on your Forgiveness Application, if you’ve already applied for forgiveness.
  • For a Second Draw PPP Loan, the business must also show evidence of a reduction in gross revenues of 25% or more in at lease one quarter of 2020 compared to the same period in 2019.
Sole Proprietors will need the following to apply:
  • Your 2019 or 2020 (whichever you used to calculate the loan amount) Form 1040 Schedule C.
  • Your 2019 or 2020 (whichever you used to calculate the loan amount) IRS Form 1099-MISC detailing nonemployee compensation received
    (box 7)
  • You must provide a 2020 invoice, bank statement, or book of record to establish you were in operation on or before February 15, 2020 or your 2020 tax return if available. 
Additional information may be required.

What are the PPP Loan eligibility requirements?

PPP loans will be available to first-time qualified Borrowers and to businesses that previously received a PPP loan.

Eligibility for this round of PPP loans has been expanded and now includes:
  • Tax-exempt veterans’ organizations and 501(c)(19) organizations
  • Tribal businesses described in 31(b)(2)(C) of the Small Business Act
  • News organizations (those with North American Industry Classification System (NAICS) codes 511110 or 5151)
  • Sole proprietors, independent contractors, and eligible self-employed individuals
  • Not-for-profits, including churches and 501(c)(6) membership organizations, such as chambers of commerce, provided they do not have more than 300 employees and do not receive more than 15% of their funds from lobbying Accommodation and food service operations (those with NAICS codes starting with 72) with fewer than 300 employees per physical location

If you have not previously received a PPP loan, the eligibility requirements are:

  • The loan request must be $10 million or less
  • The business size can be 500 or fewer employees
  • Your organization must have been in operation on or before February 15, 2020

If you have previously received a PPP loan, you may apply for another PPP loan, referred to as a Second Draw PPP, if all the following conditions apply:
  • The current economic uncertainty makes the PPP loan necessary to support ongoing operations.
  • The loan you request is $2 million or less.
  • The business has 300 or fewer employees.
  • The business used, or will use, the full amount of their first PPP loan on or before the expected date on which the Second Draw PPP Loan is disbursed to you.
  • The business must show a reduction in gross revenues of 25% or more in at least one quarter of 2020 compared to the same period in 2019.

Your business is not eligible if:

  • The business received or will receive a grant under the Shuttered Venue Operator Grant program
  • The business was created in or organized under the laws of the People’s Republic of China or the Special Administrative Region of Hong Kong, or has significant operations in the People’s Republic of China or the Special Administrative Region of Hong Kong owns or holds, directly or indirectly, not less than 20% of the economic interest of the business concern or entity, including as equity shares or a capital or profit interest in a limited liability company or partnership
  • Retains, as a member of the board of directors of the business, a person who is a resident of the People’s Republic of China

How to calculate my PPP Loan amount?

You can receive a loan amount of up to 2.5 times your average monthly payroll costs in the year prior to the loan or the calendar year, the same as the previous PPP round, limited to $2 Million. PPP Borrowers with NAICS codes starting with 72 (accommodation and food service) can receive up to 3.5 times their average monthly payroll costs up to $2 million. There is new guidance for self-employed borrowers who file a Schedule C. Click here to learn more or call us at 413-587-4740.

Seasonal employers may calculate their maximum loan amount based on a 12-week period beginning February 15, 2019 through February 15, 2020.
Seasonal businesses are categorized as businesses that operate for no more than 7 months or 75% of revenue occurs in 6 months or less.

Please note: Individual contractors do not count as employees for purposes of PPP loans. They have the ability to apply for a PPP loan on their own.

Non-Payroll Expense uses of PPP Loan proceeds:

Congress expanded the types of expenses for which all PPP loans can be used. This applies to existing PPP loans (except in the event Forgiveness has already been obtained) and new loans. In addition to payroll, rent, covered mortgage interest and utilities, the PPP now allows proceeds to be used for other expenses, including the following:

  • Covered worker protection and facility modification expenditures incurred on or after March 15, 2020, including personal protective equipment to comply with COVID-19 federal health and safety guidelines.
  • Expenditures to suppliers that are essential at the time of purchase to the recipient’s current operations.
  • Covered operating costs such as software and cloud computing services and accounting needs.
  • Covered property damage costs related to property damaged and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation.

What should I know about PPP Loan forgiveness?

We are not accepting forgiveness applications for PPP loans granted in 2021 at this time.  When we are ready to accept applications, you will receive an email from us. An online portal will be used to facilitate the forgiveness process.

  • 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.

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

Helpful Links

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.

Helpful Resources:

Kabbage, (now K Servicing) Resources:

Other SBA Government Assistance ProgramsGraph for business Icon

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

Yes. You can apply for a Second Draw PPP Loan even if you have not yet received forgiveness on your First Draw PPP Loan. There is an attestation within the Second Draw application where you can attest that your business has used or will have used all funds from your First Draw PPP Loan before you obtain funds from a Second Draw.
Absolutely! If your business held an account with us by January 6, 2021, Florence Bank will process your application.
You can find your SBA loan number by signing into your account with Kservicing (Kabbage). Click “SBA First Draw” on the left side of the screen. It will bring you to your First Draw PPP loan information. Look at the bottom left hand side of the screen under “SBA Loan Docs” and click on “SBA Note”. The SBA Loan Note will download. Your SBA loan number is on the note.
You first must create a new account in our online loan application portal. Click on “click here” under Authentication at the top of our online portal page to create your account.

You will then be asked to set up a new username and password.
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.
The easiest way to resolve this issue is to sign off completely, close your browser, and sign back in. You should then be able to resubmit the application without the error message.
While we don’t know exactly, the SBA estimates a turnaround time of about one week.
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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