Small Business Paycheck Protection Program

Oak View National Bank is participating in the second round of the Small Business Administration Paycheck Protection Program.  The SBA has released guidelines for the second draw PPP loans, or the first draw PPP loans, if a business did not participate in round one.  We are accepting applications now.  

Guidelines for SBA PPP first and second round loans

If your business is interested in applying for the first or second draw of PPP funds, please email [email protected].  Include the following information:

  • Business name
  • Address
  • Phone number
  • Email address
  • If you will be participating as a first or second draw borrower.

We look forward to working with you! 


Program Updates: Details and Forgiveness

We are now accepting forgiveness applications for Oak View National Bank PPP borrowers who have a first draw loan of $150,000 or less.  To access the application and instructions, please visit the SBA website.  Once you have completed your application, please forward it to [email protected].  

If you received a loan of more than $150,000, please review the forgiveness application and gather the necessary documentation.  Your lender will be in touch soon.

Customers will not need to make payments until the forgiveness application has been processed and completed by the SBA.  Customers will have up to 10 months after the end of the covered period (24 weeks) to apply for forgiveness.  Customers will be notified after their forgiveness application is processed by the SBA and made aware of any amount not forgiven.  After that time, payments will be required.  

If you fail to apply for forgiveness, repayment will begin 10 months after the last day of the covered period.  

SBA's Frequently Asked Questions on PPP Loan Forgiveness (released on August 4, 2020)

The US Treasury and the SBA have continually modified the PPP guidelines since the program began.  We recommend you continue to watch for updates regarding the program and its guidelines throughout your loan process, including how you may use the proceeds, which expenses may be paid using the proceeds, and any additional guidance that may be issued concerning loan forgiveness.  

You can find detailed information here:

Community banks, like us, have been an economic lifeline to local communities during the pandemic, including through the PPP participation.  Combined, community banks accounted for more than 66% of PPP loans and 63% of the program's approved dollar amount, according to SBA data.  

We are proud to have supported so many local businesses during this time and we remain committed to helping you navigate through the coming days.   


If you have a question on an existing SBA PPP loan or application, please contact us at [email protected].  

 

 

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