COVID-19 Support for Commercial Clients
All loan forgiveness applications for PPP loans closed in 2020 were processed through the Spark Online Forgiveness Portal. All invites to the portal were sent out as of early February 2021. For login activation or general questions please email PPPreply@fremontbank.com and provide your Borrower Name and/or Loan number.
We expect to open the Forgiveness Application process for PPP Loans that were originated this year (2021), beginning in late July 2021. Please continue to check this page for updates or email PPPreply@fremontbank.com for additional inquiries.
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week covered period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness.
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making monthly loan payments to their PPP lender.
If approved by the SBA, the status of forgiveness application will show as “complete” in the Spark Online Forgiveness Portal: https://sbacomplete.lendwithspark.com/. Once loan forgiveness funds are received from SBA, our Commercial Loan Servicing Department will process the SBA payment to the PPP Loan, for the approved forgiveness amount. An SBA Forgiveness Approval Letter will be mailed to the business address we have on record, within 30-days of receiving the payment from the SBA. If any questions, the Commercial Loan Servicing Department can be reached at commercialLS@fremontbank.com or (925) 315-3850.
The SBA has stopped accepting applications effective May 4, 2021.
The Small Business Administration (SBA) Restaurant Revitalization Fund (RRF) provided funding to help restaurants and other eligible businesses. Unlike the Paycheck Protection Program (PPP), in which Fremont Bank participated, the Restaurant Revitalization Fund was administered by the SBA.
Please visit the SBA website (https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund) for comprehensive information about the program.