Please see below for some of the eligibility and terms for First Draw PPP Loans.
Information regarding new reforms announced 2/22/21 will be added to our
FAQs when we receive final guidance from the SBA.
This information is not comprehensive of program details and we encourage you to consult with your tax, legal and accounting advisors on eligibility requirements. In the meantime, more information can be found on the SBA’s First Draw PPP Loans webpages.
During the “exclusivity period” February 24 – March 9, 2021, the SBA will only accept applications from borrowers with fewer than 20 employees. Eligibility is based on headcount, regardless of whether they are full-time, part-time or seasonal (not an FTE number).
Businesses eligible for a first draw PPP loan include
PPP proceeds can be used to pay the following:
Please be ready to provide the following information with your application
The SBA is using SBA Form 2483 – PPP First Draw Borrower Application Form, which you’ll be able to access in our online PPP application portal (please do not submit this form to us, as applications will only be accepted through our online portal).
In order to expedite the application process, we’ve loaded existing Byline Bank customer information into our portal. In order to log in, you’ll need to provide the following authentication information:
If you have questions regarding the authentication information needed or about the PPP application process, please contact us at [email protected].
Borrowers can apply for a First Draw PPP Loan until March 31, 2021, or until funds are depleted
First draw PPP loans may qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: