Paycheck Protection Program

The Small Business Administration will officially close the Paycheck Protection Program (PPP) on August 8, 2020. You are not guaranteed funds by submitting an application.

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?

We are not currently accepting PPP forgiveness applications, pending additional guidance from SBA. Please check your email and our website regularly for updates and specific instructions on how to apply for forgiveness once this information becomes available.

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

SBA has published its PPP Loan Forgiveness Application. In preparation of applying for forgiveness, borrowers may review the application and other requirements by visiting the resources provided below for additional information.

  • 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 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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