Coronavirus: Business Updates
We’re dedicated to protecting the health our employees, members, and our community. We appreciate you doing your part by following new lobby guidelines and using low– or no-contact options when possible.
Managing Your Account
- Online: Mobile check deposit to learn about mobile banking, account transfers, bill pay, account alerts, and more
- Branches: Please review lobby hours and guidelines here
- Night Drop: 24 hr depositories are available at all offices, learn more
OUCU Business Loan Support
If you're experiencing a hardship due to the impacts of the coronavirus, we want to help. Coronavirus financial assistance options include:
- Loan payment modifications
- Loan payment deferrals
- Emergency cash assistance loans
Please contact us to discuss what OUCU can do for you.
Federal Government Assistance
Applications are now open for SBA Economic Injury Disaster Loans. These loans provide low-interest rates and offer working capital to assist with the impact of the coronavirus emergency effort. They are available from the U.S. Small Business Administration with funding from the U.S. Treasury. If you need help filling out the application, please see these step-by-step instructions or contact the Small Business Development Center of Ohio University.
Disbursement of funds through the PPP has been extended.
Applications for loan forgiveness are now being accepted. Borrowers must submit a loan forgiveness application to their lender in order to take advantage of forgiveness benefits.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a variety of assistance options, including Paycheck Protection Program (PPP) loans. PPP loans offer cash-flow assistance to employers who maintain their payroll during this emergency. As an SBA approved lender, OUCU is here to help you take advantage of this program. Please complete the Paycheck Protection Program form to request a contact from our team.
It may be helpful to gather some documentation for your business to expediate your application.
- 2019 Payroll - including the last 12 months of payroll.
- 2019 Employees - 1099's for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099's for services)
- Healthcare Costs - all health insurance premiums paid by the business owner under a group health plan.
- Retirement - your company retirement plan funding paid for by the company.
In addition to the application in the packet below, you will need to include the following:
- 2019 full year payroll report, by employee
- W-3 for 2019
- A payroll report, by employee, as of 2-15-20
- If a Sole Proprietorship, or requesting money for owners draw/salary, will need to submit 2019 tax return with the appropriate schedule, such as a Schedule C, K-1’s with the tax docs, etc.
PAYCHECK PROTECTION PROGRAM
SBA Help desk phone number (614) 469-6860
SUBMIT YOUR APPLICATION SECURELY
Submit your completed application and supporting documentation through secure email below.
PPP Forgiveness Application
Congress has passed legislation making a number of changes to PPP, including:
- Reducing the percentage of loan proceeds that borrowers must spend on payroll costs to obtain forgiveness from 75% to 60%
- Extending the time period for spending loan proceeds on forgivable costs from 8 weeks to 24 weeks
- Deferring payments on PPP loans until the SBA makes a forgiveness determination
- For loans subject to this new legislation, the minimum term for repaying unforgiven amounts is five years; for loans made earlier, the borrower and lender can agree to amend the 2-year term to a longer term
In order to have your PPP loan forgiven, you must submit a forgiveness application. There are two versions of the PPP Forgiveness Application. Please refer to the PPP EZ instructions to see which application is right for you.
After completing the application, please submit securely through the links provided below.
The revised PPP Loan Forgiveness Application and instructions include a number of notable items. Among them are:
- Health insurance costs for S corporation owners cannot be included when calculating payroll costs; however, retirement costs for S corporation owners are eligible costs.
- Safe harbors for excluding salary and hourly wage reductions and reductions in the number of employees (full-time equivalents) from loan forgiveness reductions can be applied as of the date the loan forgiveness application is submitted. Borrowers don’t have to wait until Dec. 31 to apply for forgiveness to use the safe harbors.
- Borrowers that received loans before June 5 can choose between using the original eight-week covered period or the new 24-week covered period
New EZ Application:
The EZ PPP Loan Forgiveness Application requires fewer calculations and less documentation than the full application.
The EZ application can be used by borrowers that:
- Are self-employed and have no employees;
- Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number or hours of their employees; or
- Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
PPP Forgiveness Application Consultations
Our Financial Services Tax and Accounting department can provide consultations to help businesses complete the forgiveness application. Consultations include:
- Engagement agreement that outlines the scope of assistance (as required by the American Institute of Certified Public Accountants and Ohio Accountancy Board)
- Detailed review that may increase the amount eligible for forgiveness
- Reduced rate of $75 per hour (total cost estimated at $300)
As the lender responsible for reviewing and certifying submissions, OUCU’s Member Business department is unable to assist with completion of the application.
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