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Coronavirus: Business Updates

To prevent the spread of COVID-19, life as we know it has had to change. While our lobbies are closed to the public, we want you to know that we're working to deliver access to your accounts. In this difficult time, we're here to support you and your business.

Managing Your Account

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.

SBA Economic Injury Loan Application

 

CARES Act

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.

Program is up and running again!

   

PAYCHECK PROTECTION PROGRAM ADDITIONAL INFORMATION FROM THE SBA

PPP Frequently Asked Questions

Interim Final Rule Criterion for Seasonal Employers

Summary Interim Rule

SBA Rules for PPP

Interim Rule on Loan Increases

SBA Help desk phone number (614) 469-6860

 

SUBMIT YOUR APPLICATION SECURELY

Submit your completed application and supporting documentation through secure email below.

Paycheck Protection Program Application

PPP Loan Forgiveness Application

SUBMIT APPLICATION HERE

 

 

 

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