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Paycheck Protection Program (PPP) Loan Application

OUCU PPP ImpactPaycheck Protection Program (PPP) Funding 

An additional $284 billion in funds for small businesses has been authorized by the second pandemic stimulus bill passed on December 27, 2020. 

During the first round of funding, OUCU delivered more than $6 million to small businesses. We are committed to providing access to additional funds for eligible businesses during the second round. 

Funds will again be available on a first-come, first-served basis.
Application opens January 15, 2021Below are the eligibility requirements and program details. 

Eligibility Requirements

  • Businesses with up to 500 employees may apply for funding if they have not previously received a PPP loan 
  • Additional PPP funding will be available to those who received first round funds if they have up to 300 employees, experienced a drop in revenue of 25% in any quarter of 2020, as compared with the same quarter in 2019, and used (or will use) the full amount of previous funding on eligible expenses by or before the date that second-round funds will be disbursed
  • Funds will not be available to closed venues, such as theaters and concert halls, that received grants

Program Details 

  • Loans will be forgivable if borrowers meet program requirements
  • Qualifying borrowers can apply for up to $2 million
  • Loan amounts will be 2.5 times the borrower’s average monthly employee payroll or 3.5 times the average monthly payroll for businesses in the hospitality industry (special rules apply for seasonal employers) 

Next Steps

The SBA has released new applications and document requirements for the latest round of funding. The form and documents you will need will depend on whether or not you have received PPP funds previously and how much funding you request. Please review the details below carefully to select the correct application. 

Application for First-Time Borrowers 

Use this application if you have not received a previous PPP loan. 

PPP APPLICATION FORM #2483

Revised 1/8/21

Submit the following documentation with your application:

  1. 2019 W3
  2. 2019 payroll: full year with all employees listed
  3. Payroll by employee as of 2/15/20
  4. Business Tax Return for 2019
  5. Bank Statements to prove in busines as of February 15, 2020
  6. 2019 Schedule C: if you are a sole proprietorship or independent contractor 
  7. Addendum A: if the business applying, or any owner of the business applying, also owns any other business, or has common management with any other business Addendum A lists all such business, including TIN’s if applicable and describe the relationship (Question #3 on app)
  8. Addendum B: if you received an EIDL between January 31, 2020 and April 3, 2020. (Question #4 on app)
  9. Documentation of any other payroll costs (i.e. leave or benefit costs) if applicable will be required for the forgiveness application

IMPORTANT: Application MUST INCLUDE your NAICS code and it must match the code on your tax return, which is in Box B at the top of the return, Otherwise, it cannot be submitted to the portal. 

Application for Borrowers who Received PPP Funds Previously 

Use this application if you received a PPP loan during the first-round of funding 

APPLICATION FORM #2483SD

Revised 1/8/21

IMPORTANT: Application MUST INCLUDE your NAICS code and it must match the code on your tax return, which is in Box B at the top of the return, Otherwise, it cannot be submitted to the portal. 

For loan requests $150,000 and above
You must complete the “Reduction in Gross Receipts of at Least 25%” section at the time of your application. 

For loan requests less than $150,000:
You are not required to complete the “Reduction in Gross Receipts of at Least 25%” section at the time of your application. However, this information must be along with your loan forgiveness application or as requested by the SBA. 

Guidelines for Determining Revenue Decline  

To qualify for additional funds businesses must have experienced a drop in revenue of at least 25% in 2020 as compared with 2019. The appropriate reference quarter for your business depends on how long your business has been in operation. 

  • Operating all of 2019
    • Quarterly decline: demonstrate that gross receipts for any quarter in 2020 were at least 25% lower than the same quarter in 2019 
    • Annual decline: demonstrate that annual gross receipts were at least 25% lower than 2019 by submitting annual tax forms. Enter “Annual” in the “2020 Quarter” and “Reference Quarter” fields on the application 
  • Operating part of 2019
    • In business for third and fourth quarter of 2019: demonstrate the receipts in any quarter of 2020 were at least 25% lower than either the third or fourth quarters of 2019
    • In business for the fourth quarter of 2019: demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019
  • Not operating in 2019
    •  In business on February 15, 2020: demonstrate that gross receipts in the second, third, or fourth quarter of 2020 were at least 25% lower than the first quarter of 2020

Did you do a previous PPP application with another lender?

You'll need to provide everything that is listed for first-time applicants with the second round request and open a business account with OUCU.

 

Applying with OUCU 

To expediate the processing of these loans, we encourage applications to be submitted electronically through secure email and for correspondence to be conducted through email at business@oucu.org

If you need additional support by phone or in-person, please contact us at (740) 597-2800. 

Committed to Our Community

We understand the importance of these funds for businesses that have been impacted by the pandemic. We are committed to providing the highest level of support during this often complicated and confusing time. We look forward to supporting our community by providing access to these much-needed funds.