Paycheck Protection Program Loan _

he SBA recently proposed _ PPP loans greater than $2_ or related entities with loan amounts $2M or __ will be required to a Loan Necessity Questionnaire. _ the submission of a _ application for respective customers, __ understand the SBA may _ us (Great Western Bank) __ the request and we in turn contact you _ instructions and a list __ necessary documentation. It is that you will have 10 days to complete the and return to us.  Form 3509  for for-profit businesses and  Form 3510  for not-for-profits can be online and administered by SBA once formally approved.

The extension of the period under the Flexibility automatically applies to all loans. Lenders are required __ give immediate effect to statutory extension and should _ borrowers of the change __ the deferral period. SBA _ not require a formal __ to the promissory note. _ modification of a promissory _ to reflect the required _ deferral period under the _ Act will have no _ on the SBA’s guarantee __ a PPP loan.

If the borrower does apply for loan forgiveness _ 10 months after the _ day of the covered _, or if SBA determines _ the loan is not for forgiveness (in whole __ in part), the PPP _ is no longer deferred the borrower must begin _ principal and interest. If _ occurs, we will notify borrower of the date first payment is due.

You will be notified email what the proposed _ amount is after Great __ Bank reviews your application, you will be notified via email once the has reviewed and approved/declined _ forgiveness application. Keep in _ that Great Western Bank 60 days to review _ forgiveness application, and the then has an additional 90 days to also make _ decision.

The Covered Period is _ (1) the 24-week (168-day) _ beginning on the PPP _ Disbursement Date, or (2) __ the Borrower received its loan before June 5, 2020, the Borrower may elect __ use an eight-week (56-day) __ Period. For example, if Borrower is using a 24-_ Covered Period and received PPP loan proceeds on _, April 20, the first of the Covered Period __ April 20 and the _ day of the Covered _ is Sunday, October 4. __ no event may the __ Period extend beyond December 31, 2020.

The Flexibility Act amended requirements to reduce the _ of PPP loan proceeds _ must be used for __ costs to 60% in to potentially obtain full _, anything less may result __ a reduced forgiveness.

To receive loan forgiveness, _ borrower must complete and _ a Loan Forgiveness Application __ its lender. Great Western _ will have an electronic _ for borrowers to submit necessary information and upload _ documents to support how were used.

Customers are eligible to for PPP forgiveness directly __ Great Western Bank’s online _ once the SBA provides guidelines and the application __ is available.

You may use the _ released by the SBA __ a reference but Great __ Bank will provide customers _ access to a Great __ Bank PPP Forgiveness Portal _ an electronic application.

Lenders have up to 60 days to make a once a complete application been submitted and the then has an additional 90 days to also make _ decision. We will notify directly once a decision been made regarding your _ application, including how much __ forgiven.

If only a portion __ the loan is forgiven, remaining balance will be by loan maturity, with customer making fully amortized over the remaining term. loans made before June 5, 2020, the maturity is years. For loans made __ or after June 5, 2020, the maturity is five . Additionally, the SBA determined maturity is based on approval date.

In general, payroll costs _ or incurred during the time period are eligible forgiveness. Borrowers may seek _ for payroll costs for applicable time period beginning __ either:

1. The date of disbursement __ the PPP loan.
2. The first day of first payroll cycle in covered period.

Payroll costs incurred during borrower’s last pay period __ the covered period are for forgiveness if paid __ or before the next __ date, otherwise payroll costs _ be paid during the __ period.

Yes. Payroll costs include __ in the form of _, wages, commissions, or similar __. If you pay furloughed _ their salary, wages, or _ during the covered period, payments are eligible for _ as long as they __ not exceed an annual _ of $100k, as prorated the covered period.

No, advance payments of on a covered mortgage are not eligible for _ forgiveness.

Yes. If you restore reductions made to FTEs /__ wages by the end __ your covered period, your _ forgiveness amount will not __ impacted.

No. So long as have made a good , written offer of the _ and the employee’s rejection __ that offer is documented.

No, as set forth __ greater detail in the __ Final Rule, forgiveness amounts _ not be impacted if of the situation is and submitted with your _ application.

Payroll costs incurred during borrower’s last pay period __ the covered period or alternative payroll covered period eligible for forgiveness if _ on or before the _ regular payroll date, otherwise __ costs must be paid _ the covered period to __ eligible for forgiveness. The of calculation includes both -__ and payroll (it’s inclusive __ all costs).

Providing an accurate calculation __ the loan forgiveness amount __ the borrower's responsibility, and borrower attests to the of its reported information calculations on the Loan _ Application. Great Western Bank __ expected to perform a _- review, in a reasonable _, of the borrower's calculations supporting documents concerning amounts for loan forgiveness.

Yes, the grant amount _ be disclosed on the _ application and will be from approved forgiveness by SBA.

The borrower may appeal '_ determination that the borrower __ ineligible for a PPP _ or ineligible for the _ amount or the loan _ amount claimed by the . SBA intends to issue _ separate interim final rule this process.

If the amount remitted __ the SBA to Great __ Bank exceeds the remaining _ balance of the PPP _, Great Western Bank must the excess amount, including _ interest, to the borrower.