Northfield Bank - COVID-19 Lending Programs

Paycheck Protection Program

NORTHFIELD BANK IS NOW ACCEPTING PAYCHECK PROTECTION PROGRAM (PPP) APPLICATION REQUESTS

The Small Business Administration (SBA) is currently only accepting Paycheck Protection Program (PPP) applications from Community Development Financial Institutions (CDFIs). The SBA will accept applications from PPP-eligible lenders with $1 billion or less in assets on Friday, January 15. The SBA will accept applications from Northfield Bank when the program opens for all lenders on Tuesday, January 19.

Requesting an Application
Northfield Bank will only be accepting PPP application requests through our website. Please do not visit a Northfield Bank branch to apply for a PPP loan. Please request your link by submitting the Paycheck Protection Program Request Form below. An application link will be emailed to eligible customers who submit the form below. Eligible applications will be uploaded to the SBA once they begin accepting applications from banking institutions.

There are limited funds available for this round of PPP Second Draw and PPP First Draw loans. Although we will assist as many customers as possible, we can provide no assurance we will be able to honor your request for a PPP application. In addition, we can provide no assurances that if we accept your PPP application we will be able to process it, or obtain SBA approval. We anticipate we will only be able to accept a limited number of PPP applications to allow us to timely process applications in the order they are received.

*** Completing the Application - Important ***
After completing and saving the "Documents" page of the application, DO NOT PROCEED FURTHER to the last page of the application titled “Submit and Sign". A Northfield team member will review your application for errors after you complete the Documents page and contact you when you can proceed to the "Submit and Sign" page to finish the application. If you have any questions, please feel free to contact us at ppp.program@enorthfield.com.

Common Application Errors
Below are few of the common errors encountered when completing the application.

Business Information Page: For "Required Info-Name", please enter the business name.
Business Information Page: If you answer yes to Question 5, please upload a separate document on the Documents Page titled "Addendum A" with all business names, EINs, ownership percentage, and roles.
Business Information Page: For the "Beneficial Owner" field (for all businesses and nonprofits), please enter owners and/or control person names that own at least 20%. Do not enter the business name.
Loan Information Page: For "Relationship Information-Borrower" please enter the business name. The "Authorized Signer" is the person who will sign PPP loan documents at the end of the application

Account Relationship
If you do not currently have a Northfield Bank commercial deposit account relationship, one will be necessary to provide your funding, should you obtain a PPP loan through Northfield Bank. Your Northfield Bank commercial deposit account must reflect the same ownership information as your PPP loan request.

Eligibility and Supporting Documentation
Please click here for eligibility information and supporting documentation requirements.

Customer Support
Our PPP teams are available at ppp.program@enorthfield.com or (833) 301-NFBK ext. 4151 for assistance and to help navigate the application process.

Business with 10 or Less Employees or Located in Low-to-Moderate Income Areas
Northfield has dedicated processing teams for small businesses with 10 or less employees and businesses in low-to-moderate income areas. Business owners in either of these two groups must be located in Northfield’s market area, but do not need to be an existing Northfield Bank customer. Businesses will be required to open a business account to fund their Northfield Bank approved PPP loan. Businesses in these groups should submit the Paycheck Protection Program Request Form below and can contact their dedicated PPP Team at ppp.service@eNorthfield.com or (732) 510-4178 for assistance.

PPP Documentation & Eligibility Requirements

Borrowers interested in applying for Second Draw funding under the amended PPP need not submit additional documentation to substantiate payroll costs if the borrower, (i) used 2019 payroll figures to determine their First Draw PPP loan amount, (ii) plans to once again use 2019 payroll figures to determine their Second Draw PPP loan amount, and (iii) the applicant uses the same lender to apply for their Second Draw PPP loan as used to apply for the borrowers First Draw PPP loan.

For PPP Second Drawn funding, most borrowers can apply to receive 2.5 times their average monthly payroll costs, based on 2019 or 2020 payroll costs. Those businesses in the restaurant and hospitality industry, with an NAICS code beginning with 72, can receive up to 3.5 times their average monthly payroll costs.

To qualify for Second Draw PPP loans borrowers must have received a First Draw PPP loan, must have used, or will use the full amount of such First Draw PPP loan on or before the expected date the Second Draw PPP loan will be disbursed to borrowers, and must employ 300 employees or less. For loans greater than $150,000, borrower must submit documentation adequate to establish a revenue reduction (gross receipts) of 25% or greater in any one quarter of 2020 relative to that same quarter in 2019. For PPP Second Draw loans of $150,000 or less, such documentation is not required at time of loan application however, must be submitted on or before the date the borrower applies for loan forgiveness.

Borrowers must be prepared to upload documents evidencing their revenue reduction information during our online application process. Examples of such documentations are as follows:

Bank statements
Tax forms
Quarterly financial statements

Click here for SBA resources related to PPP, recent changes by Congress, and interim final rules related to second-draw loans.

Our PPP teams are available at ppp.program@enorthfield.com or (833) 301-NFBK ext. 4151 for assistance and to help navigate the application process.

Paycheck Protection Program Resources for Small Businesses With 10 Or Less Employees Or Located In Low-To-Moderate Income Areas

Northfield has dedicated resources to assist small businesses with ten or less employees and businesses located in low-to-moderate income areas in applying for the next round of PPP funding.

Dedicated processing teams will assist applicants for these two groups throughout the process and can be reached at ppp.service@eNorthfield.com or (732) 510-4178.

Business owners in either of these two groups must be located in Northfield’s market area, but do not need to be an existing Northfield Bank customer.

Click here to view the full press release.

Woman, Minority, Underserved, and Veteran Owned Businesses

The Small Business Administration (SBA) is dedicating resources to help sustain our nation’s small businesses and to support their tens of millions of employees.

The SBA is committed to ensuring access to Paycheck Protection Program (PPP) loans for minority, underserved, veteran, and women-owned businesses.

Northfield Bank encourages minority, underserved, veteran, and women-owned business owners to participate in the PPP. Our PPP teams are available at ppp.program@enorthfield.com or (833) 301-NFBK ext. 4151 for assistance and to help navigate the application process.

Paycheck Protection Program (PPP) Forgiveness Process

How to Apply for Forgiveness

If a Northfield PPP borrower 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.

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.

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.