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: 05/05/2021 1:41PM MDT

Paycheck Protection Program (PPP)

The SBA has announced that the Paycheck Protection Program general fund has been exhausted. Freedom Bank is no longer able to accept or process new PPP loan applications. Interested applicants may consider contacting a Community Development Financial Institution (CDFI) or Minority-Owned Financial Institution (MDI) to submit an application, as those organizations have a pool of funds designated by the Economic Aid Act and may be able to continue accepting applications.

PPP Loan Forgiveness

A PPP loan may be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, utilities, covered operations expenditures, covered property damage costs, covered supplier costs, and/or covered worker protection expenditures. NOTE: At least 60% of the forgiven amount must have been used for payroll.

If you received a PPP loan from Freedom Bank, please follow the steps below to apply for Forgiveness.

  1. Download the appropriate Forgiveness Application. Each PPP loan must use a separate loan forgiveness application form. You cannot use one form to apply for forgiveness of both a First and Second Draw PPP loan.
    • 3508S Application – A borrower may use this form only if the borrower received a PPP loan of $150,000 or less.
    • 3508EZ Application – A borrower may use this form if the borrower received a PPP loan for more than $150,000. Please review the certifications to ensure you are eligible to use this form.
    • 3508 Application – A borrower must use this form if the borrower is not eligible to utilize the 3508S or 3508EZ application. Please contact your lender to discuss your circumstance.
  2. Contact for your PPP loan details and to receive a link to submit your application securely.

For a complete description of program details, please see the SBA Interim Final Rule for the Paycheck Protection Program (PPP) as Amended by the Economic Aid Act.

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 PPP specialist.

Bank Phone Number – (406) 892-1776

Don Bennett, President – (406) 892-6622

Max Faller – (406) 892-6631

Cameron Johnson – (406) 892-6626