COVID-19 Assistance

Paycheck Protection Program Information for your business. 

PPP Loan Announcement from the White House

PPP Loan Update 2/22/21

As ABA reported in a “Breaking News” Newsbytes edition this morning, the White House today announced several measures to ensure the smallest firms have access to the SBA Paycheck Protection Program loans:

  • Provide an exclusive 14-day window, starting this Wednesday, Feb. 24, when only businesses with fewer than 20 employees are eligible to apply.
  • Set aside $1 billion for PPP loans for sole proprietors, independent contractors and self-employed individuals in low-to-moderate-income areas and revise the loan calculation formula for these applicants. (According to press reports, the revised formula would only be available to new applicants, not retroactive.)
  • Eliminate a rule restricting businesses at least 20% owned by an individual who was arrested for or convicted of a felony related to financial assistance fraud in the previous five years or any other felony within the previous year; the restriction will only apply to businesses with applicants or owners who are incarcerated from receiving PPP loans.
  • Eliminate a rule restricting businesses at least 20% owned by an individual who is delinquent on student debt from receiving PPP loans.
  • Clarify that non-citizens may apply using individual taxpayer identification numbers.

Unfortunately, the new calculations for Sole Proprietors, Independent Contractors and Self Employed Individuals will not be released until the beginning of March.

The SBA will not allow retroaction for new calculations.


PPP Second Draw

PPP Second Draw Application Update – updated 1.20.2021

Franklin Savings Bank will begin accepting applications on January 15, 2021 for the PPP Second Draw. Regardless of loan request amount, PPP Second Draw Applications must provide documented proof of at least a 25% decline in gross revenue during the pandemic. Representations can be made by comparing quarter or annual methodologies.

How to apply for a PPP Second Draw Loan:

  • Please complete all sections of page 1 of the PPP Second Draw Borrower Application.
  • Provide your initials on page 1 next to #4 & #5 along with your signature towards the bottom. Also, be sure to include your initials on pages 2 & 3 where needed.
  • Financial statements are necessary for the quarter vs. quarter methodology, i.e. Q3, 2019 vs. Q3, 2020. Any methodology used must be signed and dated as well as all subsequent pages need to be initialed.
  • 2019 IRS Filing and at least a 2020 IRS Filing Draft will be necessary for the annual vs. annual methodology.
  • Send your application to Note: We will not accept incomplete applications.

Please note: Regardless of the loan request amount, you must submit your PPP loan forgiveness application and supporting documentation to before you can apply for a PPP Second Draw loan.

The processing of your PPP Second Draw Application can be more quickly expedited if you use the same calendar year 2019 payroll figures as used on your First Draw loan. We already have this information on file, so you do not need to resubmit it to us. If your Schedule K-1, Schedule C or 1099-MISC was in draft form, then please provide us with a ‘filed’ copy. If you decide to use a different timeframe for your payroll, then you will need to submit new payroll figures for the loan calculation along with new payroll documents.

We have been informed by the SBA that loan approvals for the second draw could take longer than the first draw. For additional information on the PPP Second Draw, please visit the SBA website at or US Treasury at

Finally, we also received confirmation from the SBA that anyone who did not receive forgiveness for their Economic Injury Disaster Loan will have their “grant” forgiven.

We will continue to provide updates here, so please check back often. We look forward to working with our customers on the second round of PPP funding!


PPP First Draw – added 1.14.2021

Businesses who did not apply for a PPP First Draw loan are still able to take advantage of funds from this program.

How to apply for a PPP First Draw Loan:


PPP Loan Forgiveness

PPP Loan Forgiveness Application 3508S – updated 1.25.2021
(For loans $150,000 or less)

The Small Business Administration released much-anticipated guidance on a streamlined loan forgiveness application for the Paycheck Protection Program for loans totaling $150,000 or less. Form 3508S, a two-page forgiveness application, includes borrower certifications; however, it does not require calculations be submitted with the application. Applicants must supply documentation verifying forgivable payroll and non-payroll expenses.

Here’s the link to download a copy of PPP Loan Forgiveness Application Form 3508S and instructions for loans totaling $150,000 or less along with the Borrower Disclosure.


PPP 3508EZ Forgiveness Application
(Must review checklist to use this form)

While the Small Business Administration (SBA) has not issued a final rule on the PPP loan forgiveness application, we are pleased to inform that we will begin accepting applications from our PPP loan customers. To determine which PPP loan forgiveness application you should complete, please refer to the PPP Loan Forgiveness Application and Instructions – Form 3508EZ. Note: you only need to check one of the boxes on the Checklist for Using SBA Form 3508EZ page.

Here’s what you will need in order to begin the process of applying for forgiveness of your PPP loan.

PPP 3508 Forgiveness Application
(For anyone who does not meet the qualifications for 3508S or 3508EZ)

The PPP Loan Forgiveness Application and Instructions – Form 3508 is to be used by those businesses who do not meet the qualifications for the 3508S or 3508EZ forms. Again, the SBA loan # and EIDL application # may be left blank. Please include the Borrower Disclosure with your PPP loan forgiveness package.

Please send your completed PPP loan forgiveness application along with all supporting documentation to

Here are some links to a few documents containing updates on the SBA’s PPP Loan Forgiveness Program.

If you have any questions which may not have been answered in the aforementioned materials, then please contact the SBA directly at They will be able to answer any further questions concerning your PPP loan forgiveness application.


Release of PPP Borrower Information

On December 1, 2020, the Small Business Administration released public data about Paycheck Protection Program borrowers. The reported data included the borrowers’ names, addresses, loan amounts and the names of their PPP lenders. This action was brought forth by a court order following lawsuits initiated by media organizations seeking the data. We want you to know that Franklin Savings Bank did not publicly disclose your PPP loan data and played no part in the court decision. Our commitment to protect your privacy is paramount. We adhere to all applicable laws and regulations when it comes to protecting our customer’s personal information.


If you have any questions which may not have been answered in the aforementioned materials, then please contact the SBA directly at They will be able to answer any further questions concerning your PPP loan forgiveness application.

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