SBA Paycheck Protection Program

 The Small Business Administration (SBA) has resumed accepting Paycheck Protection Program (PPP) applications.  
  • BankFinancial is accepting new Eligible and Complete PPP applications. Incomplete applications  will not be processed. Please refer to the document checklist below.
  • We will notify you via email, if the SBA has approved your PPP loan application. 

PLEASE NOTE: BANKFINANCIAL MAKES NO ASSURANCES THAT THE PPP PROGRAM WILL HAVE FUNDS AVAILABLE TO PROCESS ALL APPLICATIONS RECEIVED.

______________________________

Document Checklist for Applicants 

  • Completed and signed Application. Download the Application for the SBA 7(a) Paycheck Protection Program.
  • Completed and signed Applicant Ownership Addendum. Download Addendum.
  • Loan Amount Calculator Worksheet. Download Worksheet.
  • Completed and signed Conditional Application Certification. Download Certification.
  • Please do not use binder clips, paperclips or staples to fasten documents together.

Please submit all documents via U.S. Mail or Express Mail to:

SBA Paycheck Protection Program
BankFinancial N.A.
60 North Frontage Road
Burr Ridge, IL 60527

Note: Applications and related loan documents sent by any other means, including documents sent via email and/or delivered to branches will not be processed.

______________________________

SBA Paycheck Protection Program Overview

The SBA 7(a) Paycheck Protection Program (PPP) is meant to help businesses impacted by the Coronavirus (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: 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 75% is used to retain workforce through the end of June (forgiveness will be reduced if headcount or wages decrease) AND the remaining 25% 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 8-week period after lender completes verification of expenses covered by the loan proceeds. Lender will make a decision within 60 days.

Applying for 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. To better assist our customers, BankFinancial will be providing a link to its secure Online Portal to facilitate the submission of the loan forgiveness application and its supporting documentation.  

 
PPP Additional Information
For more information on the Paycheck Protection Program, please refer to the SBA's FAQ.  

BankFinancial   will continue to accept new conditional applications for the SBA 7(s) Paycheck Protection Program (PPP) for small business, sole proprietors, independent contractors, and self-employed individuals, until program funds are no longer available. 

Eligible BankFinancial customers are encouraged to apply as soon as possible, as our Conditional Applications for this program are capped at a total of $10 million.

PPP Conditional Borrower Eligibility:

  • Borrower must be a current BankFinancial business checking account holder with a minimum account balance of $1,000 as of February 29, 2020.
  • Maximum loan amount: Up to $100,000.
  • Borrower must be eligible for the PPP under SBA PPP rules.

PPP Application Processing

BankFinancial  will begin processing applications as soon as the SBA re-opens it PPP portal. 

  • We will notify you by email when we receive your PPP Conditional Application.
  • We will only  process  "Eligible & Completed" PPP Conditional Applications received. 
  • You will receive an email when the Bank has conditionally approved your application and the U.S. Small Business Administration (SBA) has issued an SBA loan number, subject to completion and execution of all required documentation, and compliance with all applicant SBA requirements. 

Document Checklist for Applicants 

  • Completed and signed Application. Download the Application for the SBA 7(a) Paycheck Protection Program.
  • Completed and signed Applicant Ownership Addendum. Download Addendum.
  • Loan Amount Calculator Worksheet. Download Worksheet.
  • Completed and signed Conditional Application Certification. Download Certification.
  • Please do not use binder clips, paperclips or staples to fasten documents together.

Please submit all documents via U.S. Mail or Express Mail to:

SBA Paycheck Protection Program
BankFinancial N.A.
60 North Frontage Road
Burr Ridge, IL 60527

Note: Applications and related loan documents sent by any other means, including documents sent via email and/or delivered to branches will not be processed.

SBA Frequently Asked Questions (FAQ) – Updated

On May 13, 2020, the SBA issued a revised FAQ for the Paycheck Protection Program (PPP). We urge you to carefully review the  SBA FAQ.

 

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.

 

PPP Loan Forgiveness: Eligible Expenses

The new SBA release contains the latest guidance on business expenses eligible for eventual forgiveness under the PPP rules. In general, as the purpose of the PPP was to protect ongoing employment, expenses for payroll and payroll-related taxes continue to be the primary expenses eligible for forgiveness. 

Due to high transaction volumes and the unique circumstances of individual businesses, we are unable to provide individual consultations on specific situations. 


SBA PPP Loan Repayment

If you would like to repay your SBA PPP loan, please request a "PPP Loan Payoff Letter" to: PPPClosings@BankFinancial.com.

 

For more information on the SBA Paycheck Protection Program, please refer to the SBA's FAQ.