SBA Loans: COVID-19 Programs
Disclaimer: Freedom Bank is working hard to provide the most accurate and up-to-date information, but things are changing quickly– sometimes by the hour. Please understand that details and specifications may change as the SBA refines the programs and approval processes.
Updated: 04/24/2020 at 7:56 AM
We know that this is an uncertain time for many businesses, so please do not hesitate to reach out to a lender directly using the contact information below, or contact the bank at (406) 892-1776 to get connected with the first available small business lender.
Bank Phone Number – (406) 892-1776
Don Bennett, President – (406) 892-6622
Max Faller – (406) 892-6631
Cameron Johnson – (406) 892-6626
Paycheck Protection Program (PPP)
Congress approved a second round of relief funding for small businesses. Experts anticipate the funding will last no more than 2 days. Businesses looking to apply for this program need to act quickly. We are ready to help guide applicants through this process.
This program is designed to help small businesses keep their workers on the payroll. Loans may be eligible for forgiveness if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. At least 75% of the loan funds must be used for payroll in order to qualify for forgiveness.
Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations, or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
Loan Details and Forgiveness
- The loan may be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. NOTE: At least 75% of the forgiven amount must have been used for payroll. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
- This loan has a maturity of 2 years and an interest rate of 1.0%.
- Loan payments will be deferred for six months.
- No collateral or personal guarantees are required.
- Neither the government nor Freedom Bank will charge small businesses any fees.
How to Apply
You can apply through Freedom Bank. We are an SBA Express Lender.
- Start with this instruction document: Freedom Bank SBA PPP Instructions
- Fill out the Loan Calculator spreadsheet: SBA PPP Loan Calculator Spreadsheet
- Complete the Borrower Application: Form 2483 – Borrower Application
- Use the Secure Email Form below to submit your application and supporting documentation.
Submit PPP Application and Documentation
If you are currently working with a specific lender, select the lender’s name from the “Or Send To:” dropdown menu. If you are not yet in contact with a specific lender, select “SBA PPP Lender” from the dropdown menu and your email will be routed to the first available lender.
Whatever the future holds, Freedom Bank is here to stand with our neighbors and our fellow Americans. We pledge to continue doing our best to help small businesses and individuals in our community make it through this.
