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Paycheck Protection Program (PPP) Forgiveness Process

** Phishing Alert: The Cybersecurity and Infrastructure Security Agency issued an alert about a cyber actor who is spoofing the Small Business Administration's COVID-19 relief webpage through phishing emails. The phishing emails contain a malicious link to a fake page used for re-directs and credential stealing. The phishing email subject line currently reads, “SBA Application – Review and Proceed,” and the sender is marked as “disastercustomerservice@sba[.]gov.”.  All email correspondence from Northfield Bank will come from an @enorthfield.com domain. ** 

How to Apply for Forgiveness

Northfield Bank (Northfield) began accepting PPP forgiveness applications from Northfield PPP borrowers on August 17, 2020.  An application link has been sent by email to Northfield PPP borrowers approved by the SBA prior to June 5, 2020.  Northfield PPP borrowers, approved by the SBA after June 5, 2020, will receive an application link, by email, approximately 24-weeks from their loan approval date.

If a Northfield PPP borrower has not received an application link and would like to apply for forgiveness, please contact Northfield’s PPP Loan Forgiveness Team at ppp.program@eNorthfield.com or (833) 301-NFBK ext. 4151.

Paycheck Protection Program Flexibility Act of 2020 (PPPFA)

On June 5, 2020, the President of the United States signed into law the Paycheck Protection Program Flexibility Act of 2020 (PPPFA).  This act revises the existing rules related to Paycheck Protection Program (PPP) loan forgiveness.  Highlights of the act as it relates to loan forgiveness include:

  • Requiring 60% of the covered loan amount be used for eligible payroll costs (previously 75%).
  • Extending, at the borrower’s option, the covered period to use the funds from eight weeks to 24 weeks.
  • Extending the deadline to rehire workers from June 30, 2020 to December 31, 2020, and providing additional exemptions to loan forgiveness reduction.
  • Extending the deferral period that a borrower has to pay principal, interest and fees.


We recommend borrowers monitor these events and consult with their tax advisor, attorney, or business advisor, as appropriate in determining the appropriate time to submit an application for PPP loan forgiveness.

The Small Business Administration (SBA) has issued detailed rules and guidance related to PPP loan forgiveness.  The information below is provided as a service to Northfield Bank PPP borrowers and is qualified in its entirety by reference to the appropriate authoritative rules and guidance regarding the PPP and loan forgiveness issued by the SBA, and should not be relied on as authoritative.  PPP loan forgiveness guidance is subject to change by the SBA at any time.  Please visit sba.gov for the latest information pertaining to loan forgiveness. 


Costs Eligible for Forgiveness

Costs listed below are eligible for loan forgiveness.  Please visit sba.gov for full details. 

Eligible Payroll Costs Incurred During the Covered Period:

  • Cash compensation to employees, including owner compensation (with annual salaries of up to $100,000)
  • Employer-paid portion of health insurance contributions
  • Employer-paid portion of retirement contributions
  • Payment of state and local taxes assessed on compensation of employees

Eligible Non-Payroll Costs

  • Mortgage interest on real or personal property, in force before February 15, 2020, that was incurred during the covered period beginning on the PPP Loan Disbursement Date. Loan prepayments or payments on principal are not included in the loan forgiveness calculation. 
  • Rent or lease payments, pursuant to lease agreements in force before February 15, 2020, that was incurred during the covered period beginning on the PPP Loan Disbursement Date.
  • Utility, telephone, internet, fuel for vehicles or equipment lease payments, for service that began before February 15, 2020, that were incurred during the covered period beginning on the PPP Loan Disbursement Date.


SBA Documentation Requirements

Borrowers can take steps to gather documentation to make it easier to apply for forgiveness in the future.  Refer to pages 10 and 11 of the SBA Forgiveness Application and Instructions for a list of the documents you will be asked to supply.  Such documents may include your payroll software summary, cancelled checks, bank statements, lease and rental agreements, mortgage documents, utility bills, state tax documents, and Federal Form 940/941.

CARES Act (Paycheck Protection Program)

The Small Business Administration (SBA) will no longer approve Paycheck Protection Program (PPP) loans after August 8, 2020.  In order to allow sufficient time to process existing applications, as of the close of business on August 3, 2020, Northfield Bank is no longer accepting new PPP application requests.

We will continue to process applications already received from customers up until the August 8, 2020 SBA deadline.  However, we can provide no assurances that we will be able to process them, or obtain SBA approval.

For information about the PPP Forgiveness process, please see the section below.

Commercial Loan Hardship Assistance

If you are a current Northfield Bank Commercial Loan customer experiencing a temporary hardship due to coronavirus (COVID-19), assistance may be available.

To request assistance, please email corona.loan.relief@eNorthfield.com and your loan specialist will contact you shortly with a SECURE email and instructions for you to submit your loan application.  You can download the Business Borrower Relief Request form to get started, but we will not accept the application unless you are responding to a SECURE email from your loan specialist. 

Please do not email the Request Form until you contact us and we provide the steps to securely transmit the form in order to protect your personal information. 

*Note: Not all requests will qualify.

 

Consumer Loan Relief

If you are experiencing hardship due to coronavirus (COVID-19) and unable to make your payment on your Home Equity Loan or Line of Credit, we may have options available to assist you.  

To be considered for a temporary payment deferral if you are experiencing a financial hardship and unable to make payments as a result of coronavirus (COVID-19), please download the Home Equity/Residential Borrower Relief Request and call (833) 301-NFBK extension 2642 for instructions on how to securely send the form to us. 

Please do not email the Request Form until you contact us and we provide the steps to securely transmit the form in order to protect your personal information. 

*Note: Not all requests will qualify.

Federal & State Lending Programs

Federal and state governments are implementing programs to help businesses during this time of need.

Additional Resources

Below is a list of federal and local resources to help your business navigate the programs and aid that are available.