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covid19 business resources


Small Business Paycheck Protection Program (PPP)


June 26, 2020

This is an update from our prior email from May 27, 2020. In early June, Congress passed the PPP Flexibility Act. As a result, the SBA is making it easier for some businesses to request Paycheck Protection Program (PPP) Loan Forgiveness with both a new 3508EZ application form and a revised 3508. Highlights of the changes are detailed below.

  • The SBA published a new PPP Loan Forgiveness Application Form (3508EZ) for borrowers that:

    • Are self-employed and have no employees.

    • Did not reduce the salaries or wages of your employees by more than 25% and did not reduce the number or hours of your employees.

    • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of your employees by more than 25%.

    • We recommend you review the SBA’s Application Instructions for Using SBA Form 3508EZ.   

  • Here are additional updates from the SBA that apply to both PPP Loan Forgiveness Application Forms: 

    • You now have a 24-week Covered Period to spend loan funds starting the date loan funds were deposited into your business checking account. If you were funded prior to June 5, you can still use the 8-week period and the Alternative Payroll Covered Period.

    • You must use at least 60% of funds for eligible payroll costs to qualify for full Loan Forgiveness, down from 75%.

    • You can use up to 40% of funds for eligible non-payroll costs, up from 25%.

    • Forgiveness is not automatic; you must request it.

    • You will need to certify and document that you used the loan funds for SBA-eligible purposes. 

It is your obligation, as the borrower, to understand the SBA's rules. Other eligibility requirements may apply. 

We will continue to do our best to keep you up-to-date on any future changes to this very important governmental loan program.  If you have questions about any of the above, feel free to reach out to your First Liberty Bank lender.
Thank you for placing your trust in First Liberty Bank to secure a loan under the Paycheck Protection Program.  It is our honor to serve you and your business.

May 27, 2020

Re: Paycheck Protection Program (PPP) Loan Forgiveness

Thank you for placing your trust in First Liberty Bank to secure a loan under the Paycheck Protection Program.  It is our honor to serve you and your business.

As you continue to use your PPP loan proceeds to operate your business, it is important that you do so with one eye towards the loan forgiveness process.  Loan forgiveness is not automatic - you must request it.  We will begin accepting requests for forgiveness after your eight-week payroll period.

The Small Business Administration, which oversees the program, will ask the bank to verify certain information so that we may attest that you have met the qualifications for forgiveness.

The Small Business Administration recently issued the Application for Loan Forgiveness with related instructions.

We encourage you to review the SBA instructions and application in detail.  It is your obligation, as the borrower, to understand the SBA rules.  If you have any questions related to the loan forgiveness process, please contact your loan officer.  Again, thank you for your business and the opportunity to serve you.

For more information on the Paycheck Protection Program and loan forgiveness requirements, visit the Small Business Administration website,, or the Treasury’s website,

April 27, 2020

The SBA website has now opened the portal for banks to submit applications for Paycheck Protection Program (PPP) loans and we are processing applications for submission. We expect that demand for this program will once again be very high. We’ll work hard to seek SBA approval for applicants who did not receive funding before funds were exhausted last time, as well as new applicants seeking loans. We ask again for your patience and understanding. Please see information below for the required documentation for processing the loan. If you have questions, please call your bank representative or call us at 405.608.4500.

April 24th, 2020

Re: Important Update Regarding PPP Loans

On Thursday, April 23rd, the House of Representatives, passed a $484 billion bill for more financial aid for small- to medium-sized businesses (SMBs). The bill, following in the footsteps of the original CARES Act from March, was given the green light by the Senate Wednesday, April 22nd. The package includes $310 billion more injected into the Paycheck Protection Program (PPP). President Donald Trump is expected to sign the bill today, Friday, April 24th.

As soon as the SBA website begins accepting applications, we will begin the loan submission process. In the meantime, we are continuing to accept applications. Further information is located on this page below.

We appreciate your patience and understanding as we work diligently to assist you with processing your PPP loan.  If you have questions, please call your bank representative or call us at 405.608.4500.

April 16th, 2020

Re: Important Update Regarding PPP Loans

At approximately 9 AM this morning, the SBA funds set aside for the Paycheck Protection Program (PPP) loans were exhausted. Currently, the SBA is not taking new applications for this loan program. 

The United States Congress continues to work to try and replenish these funds, but thus far has not reached an agreement to do so. 

In the meantime, First Liberty Bank is continuing to accept applications so that we can be ready to seek SBA approval if and when new funds are added to the program. Please see the information below to gain more information about the program and for a link to the application. 

First Liberty Bank understand that many of our customers have been significantly impacted by Covid-9 and the shutdown of so many businesses. We will do everything in our power to help you through whatever difficulties you are experiencing. Please call your bank representative and let us know how we can help you. 


First Liberty Bank is a certified SBA lender and is participating in this program*. Please know our first priority is to help our clients in any way possible. Due to the volume of correspondence, our response times to e-mails and phone calls may be longer than usual. We will work to get you a response as quickly as possible. We appreciate your patience during this time. If you are a new customer, please call us at 405.608.4500.

We have streamlined the initial requirements, including a calculation spreadsheet you may use to prepare in advance. Please contact your banker for exact procedures to follow, but if you would like to get a head start, the required documentation for processing the loan is as follows:

1. Complete the application. 
2. Calculate the available loan amount. If you are a new business, include all months you have been open through February 2020 in your calculations.
3. 2019 payroll information including:
               IRS Form 941 for all four quarters of your 2019 payroll
               Health insurance premium information for 2019
               State & Local Taxes for 2019
               Retirement Plan contributions made in 2019
               W3 Information
              Third-Party Payroll Information (Many third-party payroll providers have developed reports and                              resources devoted to Paycheck Protection Loans. If your business uses a third-party payroll                                  provider, it may be helpful to check with them as a first step when gathering documentation for PPP loans.)
4. 2019 Tax Returns
5. 2019 Profit & Loss Statement and Balance Sheet
6. Organization documents for each borrower

When you are ready to upload your information either contact your banker or email us at to request an invitation to our secure portal. Do not upload your information until you have received an invitation to our secure portal.

For a detailed summary sheet, please see the Paycheck Protection Program (PPP) Information Sheet for borrowers.

*The information presented is for informational purposes only and is not an offer of credit or commitment to lend. Every borrowing situation is different, and you should obtain competent legal or other professional advice prior to making any financial decisions.