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.
If you have received a PPP loan through Byline Bank 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.
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.
The PPP Flexibility Act extended the payment deferral period from 6 months after loan origination to the date the approved loan forgiveness amount is remitted to the lender. If a borrower does not submit its loan forgiveness request within 10 months after the end of the applicable loan forgiveness period, then the borrower will be required to begin making principal and interest payments after the 10-month period.
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), not to extend past December 31, 2020.
The 24 week period for determining eligible payroll costs begins, at a qualifying borrower’s election, either on (i) the date the PPP loan is disbursed (“Covered Period”) or (ii) the first day of the borrower’s first payroll period following the day of the PPP loan disbursement (the “Alternative Period”). The SBA has provided certain borrowers with administrative flexibility to ensure covered payroll costs are eligible for loan forgiveness. Please reference the SBA’s FAQs for Lenders and Borrowers for specific examples.
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 or the [Alternative 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:
The PPP Flexibility Act expanded the safe harbor by extending the cutoff date for rehiring full-time equivalent employees and eliminating prior salary/wage reductions from June 30, 2020 to December 31,2020, providing PPP borrowers with more time to return to pre-COVID payroll levels to qualify for full forgiveness.
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 and lenders 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.