Existing PPP Forgiveness Applicants
If you’ve already started a PPP Forgiveness application with us, you may return to your application by logging into our PPP Portal.
If you’ve already started a PPP Forgiveness application with us, you may return to your application by logging into our PPP Portal.
*The above discussion and the following FAQs have been provided for informational purposes only, and are not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors in addressing any of the matters discussed herein. Please note, the SBA and the Department of Treasury may be considering changes to the PPP affecting loan forgiveness.
In addition to the FAQs below, you may reference the SBA’s FAQs for PPP Borrowers and Lenders.
If you have received a PPP loan through Byline Bank you must submit an application for forgiveness for that PPP loan through Byline. Please use the Apply Now button above to log in to our PPP Forgiveness Application portal.
No. Please use the Apply Now button above to log in to our PPP Forgiveness Application portal.
No. You must submit an application for forgiveness through Byline. Please use the Apply Now button above to log in to our PPP Forgiveness Application portal.
You may submit a loan forgiveness application at any time on or before the maturity date of the loan if you used all the proceeds for which you are requesting forgiveness. However, if you are applying for forgiveness of a Second Draw PPP Loan over $150,000, you must submit the loan forgiveness application for your First Draw Loan before or simultaneously with your loan forgiveness application for your Second Draw PPP Loan.
If you do not apply for loan forgiveness within 10 months after the last day of the maximum covered period of 24 weeks, the loan is no longer deferred and you must begin paying principal and interest.
Yes. The outstanding principal and interest on that portion of the loan which was not forgiven must be repaid based on SBA guidelines.
The PPP Flexibility Act extended the covered period a borrower may use funds to within 24 weeks of loan disbursement (i.e., when loan funds were deposited into your account).
The loan forgiveness covered period is the period beginning on the date the loan proceeds are disbursed and ending on any date selected by the borrower that occurs during the period (1) beginning on the date that is eight weeks after the date of disbursement and (2) ending on the date that is 24 weeks after the date of disbursement. Because the Economic Aid Act allows borrowers to select their own loan forgiveness period (between 8-24 weeks), the rules eliminate the alternative covered period originally provided for payroll costs.
The Instructions to Schedule A to the Application define “cash compensation” to include “the sum of gross salary, gross wages, gross tips, gross commissions, paid leave (vacation, family, medical or sick leave, not including leave covered by the Families First Coronavirus Response Act), and allowances for dismissal or separation paid or incurred during the Covered Period.
According to Schedule A of the Application, the following costs are considered eligible payroll costs:
Eligible non-payroll costs that are either paid during the Covered Period or “incurred” during the Covered Period and paid on or before the next regular billing date, even if the billing date is after the Covered Period, are eligible for loan forgiveness.
According to the application, an average full-time equivalent (“FTE”) employee headcount during the Covered Period or the Alternative Period is calculated as follows:
Please reference our PPP Forgiveness Documentation guide, or the PPP Loan Forgiveness Application Form 3508EZ for a description of the documentation needed.
At this time, the SBA has issued no guidance that outlines how it will “audit” relevant borrower certifications for loans above $2million.
The borrower is required to make a variety of certifications in submitting the Forgiveness Application, including but not limited to the following:
Also, the borrower must acknowledge that if it fails to provide information requested by the SBA, it may result in either a determination that the borrower was ineligible for the PPP loan or a denial of the borrower’s loan forgiveness application.
Borrowers that received loans of $150,000 or less must retain payroll records for 4 years following loan forgiveness, and all other records for 3 years following submission of the forgiveness application. All other borrowers must retain PPP loan documentation for six (6) years after the date the loan is forgiven or paid in full.
Also, the borrower must acknowledge that if it fails to provide information requested by the SBA, it may result in either a determination that the borrower was ineligible for the PPP loan or a denial of the borrower’s loan forgiveness application.