Paycheck Protection Program

We are accepting new applications for the Small Business Administration Paycheck Protection Program. We plan to accept new applications from business members until SBA funding is no longer available.

The program remains open, but full loan forgiveness may be challenging if the guidelines are not followed.

  • Guidelines are changing frequently and businesses must educate themselves and make decisions weighing the risk of agreeing to rules and guidelines set by the SBA that are still evolving. Borrowers must also consider the possible tax implications. Since this topic is still in the state of flux, it is best to consult regularly with a tax advisor.

  • Please contact us at 541-714-4000, ext. 5705 or BusinessLoanApp@oregonstatecu.com for information on how to apply for an SBA PPP loan with Oregon State Credit Union.

What about loan forgiveness?

Details are still being developed by the Small Business Administration (SBA). Borrowers will apply for forgiveness and will be responsible for performing all calculations and providing appropriate documentation to support their request. Borrowers will submit their forgiveness request to the lender who originated the PPP loan. The lender will then have 60 days to make a decision.

Where does the borrower find the forgiveness application or list of specific requirements?

Many of the details are still forthcoming from SBA.

SBA has recently published its PPP Loan Forgiveness Application. In preparation of applying for forgiveness, borrowers may review the application online.

  • If your original PPP loan was granted by Oregon State Credit Union, please contact us at 541-714-4000, ext. 5705 for specific information on how to apply for PPP loan forgiveness with Oregon State Credit Union prior to completing the SBA forgiveness application.

  • The SBA is making additional rules and adding to its online Frequently Asked Questions (FAQs) factsheet almost daily.

  • The SBA website is the definitive source of information for Paycheck Protection Program loans available to borrowers and lenders.

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

  • Carefully document expenditures and business activity during the eight weeks following the loan funding

  • 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 resources

 

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