SBA Paycheck Protection Program

Supporting our business members with PPP loan forgiveness guidance.

The Small Business Administration (SBA) Paycheck Protection Program (PPP) ended on May 31, 2021. OnPoint continues to process eligible loans for PPP loan forgiveness.

Preparing for Forgiveness.

We will continue to provide the most recent information around SBA PPP guidelines, including instructions and support materials to help guide you through the forgiveness process. For the most up-to-date information, please visit the SBA Paycheck Protection Program website or the U.S. Treasury Paycheck Protection Program website.

Please note: PPP loan guidelines are set by the SBA – financial institutions (including OnPoint) are unable to make any exceptions to the rules governed by the SBA.

Round 1 SBA PPP Forgiveness

While legislation provided additional funding for new SBA PPP loans, OnPoint continues to proceed with all existing forgiveness applications. Borrowers that already received an SBA PPP loan should have received an email with a link to the forgiveness application.

The forgiveness application process includes adjustments to recent SBA guideline changes, which allow for submitting the 3508s (loan forgiveness application form) in cases where loan amounts are $50,000 or less. Recent guidance from the SBA states it allows up to 10 months from the end of the 24 week forgiveness period before a borrower’s forgiveness application and first interest payment would be due.

Read more

Additional resources.

SBA Paycheck Protection Program Overview
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

SBA Coronavirus Relief Options
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

CARES Act – Assistance for Small Businesses
https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

Note: Email should not be used to share important or sensitive information.

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