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
Please contact us to discuss what OUCU can do for you.
New! Athens County CARES Act Small Business Relief Fund
The purpose of the Athens County CARES Act Small Business Relief Fund program is to alleviate sudden and severe economic dislocation resulting from the COVID-19 pandemic business closures mandated bythe State of Ohio, and aims to provide monetary relief from business interruptions or additional precautions.Grants of up to $5,000 will be awarded in the first round of funding. Businesses may be eligible to applyfor a second round of funding for an additional $5,000.
Email application and supporting documents to firstname.lastname@example.org by Friday, October 30 at 3pm for consideration.Applications will be reviewed by the Grant Review Committee and final decisions will be awarded by the County Commissioners based on the grant review scoring rubric until the grant funding is exhausted.
PAYCHECK PROTECTION PROGRAM
SBA Help desk phone number (614) 469-6860
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
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%.
New Simplified Application
This simplified form requires fewer supporting documents than the previously released EZ application and may make it easier to meet your forgiveness application filing requirements.
- for loans of $50,000 or less
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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