SBA Paycheck Protection Program
The Small Business Administration (SBA) is offering Payroll Protection Program (PPP) loans until May 31, 2021, however, we anticipate that the funds allotted for this program will run out prior to this date.
In order to allow time to ensure all received applications are reviewed, complete and submitted to the SBA prior to its deadline, OnPoint is no longer accepting PPP applications.
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.
Below are frequently asked questions (FAQs) to help our borrowers with the forgiveness process and answer some of the most common questions.
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