Paycheck Protection Program

The National Association of Federally-Insured Credit Unions (NAFCU), in an update about their Virtual Congressional Caucus, said that SBA Administrator Jovita Carranza “…called credit unions ‘frontline heroes’ as it relates to saving the economy and putting the country on a strong path to recovery. She highlighted that credit unions issued more than 200,000 PPP loans, with 80 percent being less than $50,000 – meaning that they went to the smallest businesses hit hardest by the pandemic. She also touted that credit unions' PPP loans accounted for more than 1 million jobs.”

SBA PPP next steps

The Small Business Administration has officially closed the Paycheck Protection Program (PPP) as of August 8, 2020. Applications for the PPP are no longer being accepted.

  • If you currently have a PPP loan with Oregon State Credit Union, please note that full loan forgiveness may be challenging if the guidelines are not followed.
    • Businesses must educate themselves and make decisions that conform to the rules and guidelines set by the SBA.

    • Borrowers must consider the tax implications. This topic is still in a state of flux. It's best to consult regularly with a tax advisor.

How to apply for PPP loan forgiveness

We are now accepting SBA PPP loan forgiveness applications for loans originated by Oregon State Credit Union.

Before you begin

  1. Read all of the guidelines and instructions on this page, including: what you need to do, what we'll do and tips for your application process.

  2. Plan for about 40 minutes to complete your application. Use a desk or laptop PC.

  3. Collect the following information:

  • Email — The address where you have been receiving SBA PPP correspondence and updates from Oregon State Credit Union.

  • Business Tax ID Number or Social Security Number — If used for the business.

  • SBA PPP loan number — The number is located at the top of your Paycheck Protection Program Note.

SBA PPP loan number location - Sample Oregon State Credit Union Note

Here's what you need to do

Start the forgiveness process by clicking the “Start Forgiveness Application” link below. The link will lead you to a login with instructions where you will complete the login process.

After logging in:

  • Complete the online questionnaire. Your responses to the questionnaire will be used to create the forgiveness application.

  • Upload supporting documents through the secure link.

    • The questionnaire contains a list of examples of supporting documents.

    • For sole proprietors with no employees and independent contractors, please submit a copy of your 2019 Tax Return Schedule C.

    • Consult resources such as the Small Business Administration for additional information on acceptable supporting documentation.

  • Submit your questionnaire for review – you will be required to electronically sign your application for forgiveness once it has been reviewed and accepted by Oregon State Credit Union. A separate email link will be sent to you to perform this action.

Here's what we'll do

After you complete the initial forgiveness application process through the link provided, Oregon State Credit Union will:

  • Review the application for accuracy.

  • Assist in making corrections if necessary.

  • Request corrections or additional documentation through email.

  • Send a link to you for review and required electronic signature of your forgiveness application.

  • Submit your application to the SBA for final forgiveness.

  • Notify you of the SBA PPP loan forgiveness decision.

Helpful tips for your application process

  1. Communication — Communication through this process will primarily be through the email on record with Oregon State Credit Union. Be sure to check your email account as well as your junk mail inbox regularly for the most up-to-date information and/or required actions regarding your application for forgiveness.

  2. Documentation — To expedite the forgiveness application processing, all documentation should be sent through the secure portal accessed through the link below. Please do not send forgiveness applications or supporting documents to us by any other method, including delivery to a physical branch location, without first consulting a representative from Oregon State Credit Union.

  3. Calculation — Borrowers are responsible for performing all calculations and providing the required documentation as stipulated by the SBA.

  4. Questions — If you have questions about your business’s ability to apply or eligibility requirements for loan forgiveness, please consult the following resources:

Start PPP forgiveness application

Can't access the application link?

If you are unable to access the forgiveness application link, or need to make other arrangements for submitting loan forgiveness documentation, please contact us at 541-714-4000, ext. 5705 or BusinessLoanApp@oregonstatecu.com.


What can borrowers do now to prepare for possible loan forgiveness?

  • Carefully document expenditures and business activity during the required fund use period

  • Monitor and understand the PPP guidelines as they evolve

  • Monitor and understand IRS rules, consulting with a tax advisor regularly

  • Utilize PPP funds for eligible purposes and within the stipulated timelines

  • Understand requirements related to employee headcounts and compensation levels

Additional information

 

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