SBA Paycheck Protection Program

On July 4, 2020, an amendment was signed extending the SBA's authority to guarantee Paycheck Protection Program (PPP) loans through August 8, 2020.
BankFinancial will continue to accept Small Business Administration (SBA) Paycheck Protection Program (PPP) applications through August 8, 2020.

Applying for a PPP Loan 

  • To apply for a PPP loan, you may do so via our PPP Loan Portal. We ask that you follow each step and upload the required supporting documentation directly to the portal.
  • Once you have submitted your PPP loan application, we will notify you via email, if the SBA has approved your PPP loan application.  

SBA Paycheck Protection Program Overview

The SBA 7(a) Paycheck Protection Program (PPP) is meant to help businesses impacted by COVID-19 retain their workforce and assist with operational expenses, such as payroll expenses, employee salaries, mortgage interest, rent, and utilities.

Eligibility: Small businesses with 500 employees or less, including: nonprofits, veteran organizations, tribal businesses, religious organizations, self-employed persons, sole proprietors and independent contractors. Businesses can apply for multiple relief programs.

SBA 7(a) Loan Terms: Applies to the remainder of the loan amount that is not forgiven.

Covered Period: PPP loan amount is intended to cover an 8-week period to apply to a time frame between February 15, 2020 and June 30, 2020.

Loan Forgiveness: Up to 100% of the loan may be forgiven if at least 60% (originally 75%) is used to fund payroll costs through the end of June (forgiveness will be reduced if headcount or wages decrease) AND the remaining 40% is used to pay mortgage interest, rent and utilities. Proceeds used for other business expenses will not be forgiven.

When is the loan forgiven: Loan is forgiven at the end of the covered period after lender completes verification of expenses covered by the loan proceeds. Lender will make a decision within 60 days.

When can you apply for loan forgiveness? Applicants have the option to apply as early as the end of the 8-week covered period beginning the date that you received your PPP loan funds, or opt for a longer covered period of up to 24-weeks  after the loan is disbursed, depending on how long of a period you want to use to calculate your forgiveness.

How to Apply for PPP Loan Forgiveness

Borrower's eligibility for loan forgiveness will be evaluated in accordance with the SBA Paycheck Protection Program regulations and guidance issued by the SBA.
Note: BankFinancial customers will receive an email with a link to our portal to complete the PPP Loan Forgiveness Application.  All applications must be submitted using the PPP Loan Portal. No paper applications will be accepted.
Please do not submit any documentation directly to the SBA, as this may create system duplicates and delay the processing time. If you have not received an email with the link to the PPP Loan Portal, please email us at


PPP Loan Portal: Designed to better assist customers, our secure PPP Online Portal will guide you through the PPP Loan Forgiveness Application (Form 3508) process. Supporting documentation will also need to be submitted through the PPP Loan portal.  

With your PPP Loan Forgiveness Application, you will need to provide:

  • Details on how you used the funds from your PPP loan.e
  • Payroll and employee information during the covered period.
  • Documentation to support your use of funds and payroll expenses. 

Step-by-step instructions for the BankFinancial Online Portal can be found in the PPP Form 3508 Instructions.

Next Steps: Once you have submitted your PPP Loan Forgiveness Application, it will be reviewed for accuracy. We will start submitting completed applications to the SBA on 8/17/20. Once the SBA has evaluated your application, we will send you an email with details and final documents for signing.

Please Note: Due to pending legislation, PPP Loan Forgiveness parameters may change, and additional documentation may be required. 


For more information on the expenses eligible for forgiveness, and the supporting documentation you will need to submit with your application, please review the Paycheck Protection Program Loan Forgiveness Application on the SBA website.


SBA PPP Loan Repayment

If you would like to repay your SBA PPP loan, please request a "PPP Loan Payoff Letter" to:


PPP Additional Information 

For more information on the Paycheck Protection Program, please refer to the SBA's FAQ.  
PPP – Form 3508 Instructions
1. Click on the Client Portal Link provided to you by BankFinancial via email.
2. Create a PIN that you will need to use in the future to access your forgiveness application.     
  • This pin will need to be between 6-12 characters. It can include numbers, letters, and special characters.
3. HINT: If you would like to find more information about any fields in the app, utilize the tool tip icon by clicking directly on the available question mark icon beside the corresponding field.
4. Complete the Business Information Tab.
  • Verify the information in the gray-ed out fields. If anything needs to be corrected, contact BankFinancial to update.
  • Select Yes or No if you would like to provide demographic information about your principals (voluntary).   
  • If Yes is selected, a new section will open that will allow you to identify for each principal.
  • Under Employment Information answer the required fields.
  • If the loan was disbursed before 6/5, chose which duration you would like to use for your cover period (8 weeks or 24 weeks). Loans disbursed after 6/5 will default to 24 weeks.
  • In the Payroll Information section select the frequency with which payroll is paid to employees.
  • Select Yes or No if you are using an Alternative Payroll Covered Period.
  • If Yes is selected, enter the day of the first pay period following the PPP Loan Disbursement Date on the page that appears. 
5. Complete the Loan Information Section.
  • Enter relevant EIDL information.
  • Check box next to “Check if Borrower (together with affiliates, if applicable) received PPP Loans in excess of 2 Million” (if applicable).
6. Complete Schedule A.
  • Option (1) Download the Excel Worksheet.
  • Fill out and Upload Excel Worksheet based using instructions provided on worksheet.
  • Option (2) If calculations have already been made, numbers can be plugged directly into the corresponding fields without the need for the excel sheet.
  • Upload Documents.
    • Click the upload documents button.
    • Check the boxes beside related field you would like to relate each document to.
    • Drag and drop file or click to upload.
    • Click upload at the bottom of the page.
    • Repeat this process for each document.
7. Complete Owner Compensation Section (if Applicable).
  • Enter 2019 and Amount Paid.
  • Click the Upload Documents button if applicable.
8. Complete the FTE Reductions Section.
  • Review information uploaded from the Schedule A worksheet .
  • Upload Relevant Documents.
9. Complete Non-payroll Costs Section.
  • Enter any relevant non-payroll line items in the table.
  • Upload any relevant documentation by clicking the upload documents button.
10. Review Calculate Forgiveness Section.
11. Submit:
  • Select an Authorized representative of Borrower
  • Select from individuals related to the application on the related people tab
  • Use the create new person tab to add an authorized signer that is not already related to the relationship through an application
  • Verify or enter the email of the authorized signer in the email box
  • After information is verified hit the Submit or Submit and (if applicable) Send Email for E-signature button, hit Confirm and Send for E-signature.
  • If prompted, review and complete any of the missing required fields
12. E-Sign 3508 document through received signature request email.

 PPP Flexibility Act Changes

On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) made significant changes to the program guidelines.

Payroll Expenditure Requirement: It was reduced from 75% to 60%, allowing the remaining 40% to be spent on rent, utilities and/or interest on pre-existing debts, to still be eligible for loan forgiveness.

Covered Period: It was increased from 8 weeks to 24 weeks. Borrowers now have 24 weeks to spend their PPP loan proceeds. 

Loan Term. The PPP loan term was changed from 2-years to 5-years for PPP loans closed as of June 5, 2020.

Payroll Tax Deferral. Borrowers can defer the employer's share of 2020 payroll taxes even if their PPP loan has been forgiven.  Only half the payroll taxes will be due on December 31, 2020, and the remaining half will be due December 31, 2021. 

Payroll Level Requirements. Originally, to qualify for maximum loan forgiveness, borrowers had to maintain payroll levels only through the 8-week Covered Period, or qualify under the Restoration Rules, and restore payroll levels by June 30, 2020.

Safe Harbor. (2) exceptions were added, which allows borrowers to still be eligible for full loan forgiveness, even if they were unable to restore their all their full-time equivalent employees. 

1)  If the borrower can document that they were unable to rehire the individual employed on February 15, 2020 AND unable to rehire similarly qualified employees before December 31, 2020. 


2) The borrower was unable to return to the same level of business activity as of February 15, 2020 due to compliance with government issued worker or customer safety requirements related to COVID-19.   


Good-Faith Certification Concerning Necessity of PPP Loan

Loans Below $2 Million. The SBA has determined the following Safe Harbor: any borrowers with a PPP loan below $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. Borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment.

Loans Above $2 Million. Borrowers with loans greater than $2 million, will be subject to review by the SBA for compliance with the good-faith certification as set forth in the PPP Interim Final Rules and Borrower Application Form.  For more information, please refer to the SBA FAQ.


SBA Guidance

The SBA continues to make changes and provide additional guidance on the Paycheck Protection Program requirements. For more information on the SBA PPP, please refer to the SBA's FAQ.