Chicago, IL, January 29, 2021 – Byline Bancorp, Inc. (NYSE:BY) is continuing to accept applications for the reauthorized Paycheck Protection Program (PPP) to help small businesses get the financial relief urgently needed in our communities. As of January 26, 2021, Byline has received over 1,900 applications and approved the funding of $166.1 million.
Byline is working with its customers interested in a first or second draw PPP loan. To expedite the PPP loan application process, Byline Bank is utilizing a self-service online portal along with hands-on support from customer relationship partners to help process loan requests. Businesses new to Byline are asked to first open a deposit account at a local branch before applying for their PPP loan.
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law, allocating $284 billion to the Paycheck Protection Program through March 31, 2021. Byline Bank began accepting applications for the second round of PPP financing on January 11, 2021 and on January 19, 2021, the SBA opened its portal for all participating lenders to submit PPP applications.
“As a neighborhood bank, we are invested in the success of small businesses that contribute to our communities’ unique and vibrant qualities,” said Alberto Paracchini, President and Chief Executive Officer, Byline Bank. “We have invested significant resources to support the next round of PPP funding and are committed to helping our customers navigate the application process and access these funds as quickly as possible.”
During the first round of PPP funding in 2020, Byline Bank was proud to help more than 3,750 businesses secure loans totaling more than $635 million. These efforts saved more than 87,900 jobs in the communities that Byline serves. The average PPP loan amount processed by Byline was $169,000.
“We made the decision to go with Byline for our PPP loan and it was a great decision,” said Mike Kennelly, HFS Scholars. “They gave us great customer service and really held our hand to walk us through the process.”
To learn more or begin the application process, customers can contact their Byline Bank relationship partner or visit the Byline Bank PPP website pages at www.bylinebank.com/ppp-home-2/.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $6.4 billion in assets and operates more than 40 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top five Small Business Administration lenders in the United States.
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