Small Business Paycheck Protection Program

Program Updates

The SBA is no longer accepting PPP applications as of August 8, 2020. 

As one of the community's top small-business lenders and leading Paycheck Protection Program participants, Oak View will continue working to meet the needs of our customers and local communities. We are working closely with our trade associations in advocating for additional reforms to include in the next round of legislation to support small businesses and jobs in all our markets.  In addition to a more straightforward approach to PPP loan forgiveness, our trade associations and community bankers also encourage Congress to advance capital and account relief, liability protections, tax reform, agricultural support, and more.  

Do Your Part: Contact Your Lawmakers

Your members of Congress are currently considering legislation that would significantly reduce your paperwork.  We urge you to contact your lawmakers and ask them to support legislation that would significantly streamline the forgiveness process for loans made through the PPP.  The PPP Small Business Forgiveness Act, a bipartisan Senate bill, would allow PPP loans of $150,000 or less to be forgiven once the borrower completes a one-page forgiveness attestation.  

The bill is expected to ease the forgiveness process for approximately 86% of PPP borrowers, in addition to saving an estimated $7 billion and hours of paperwork.  Ask your senators, Mark Warner and Tim Kaine, to support legislation to expedite the forgiveness process for most borrowers who received loans through the PPP. 

Senator Mark Warner. Phone, 202-224-2023. Website: www.warner.senate.gov/

Senator Tim Kaine.  Phone: 202-224-4024.  Website: www.kaine.senate.gov/

Or, you may also visit this call alert page created by the Independent Community Bankers Association (ICBA) to simplify the process to the legislators for your area.  This site includes a calling script as well.    

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.   

PPP Loan Details & Forgiveness

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:

There are important guidelines outlined by the SBA for how you spend your PPP funds and your eligibility for loan forgiveness. 

  • All or a portion of the loan principal and accrued interest can be forgiven if you use the loan funds for purposes that meet the forgiveness requirements outlined by the SBA.
  • The amount of your loan that is forgiven could be reduced if you do not completely follow the SBA requirements.
  • The actual amount of your loan forgiveness will depend on your use of the loan funds for forgivable purposes and if you maintain employee and compensation levels during the required periods.  

PPP Flexibility Act (PPPFA) & Loan Forgiveness

The Paycheck Protection Flexibility Act (PPPFA) changes some of the guidelines related to the forgiveness of PPP loans.  Please study the PPPFA carefully.  Consult an attorney, an accountant, or other professional advisor regarding how it may impact your particular situation.  

The SBA's original PPP Loan Forgiveness Application (Form 3508) will give you an idea of the information needed to apply for forgiveness.  Please note this form will change as legislation changes and is not in its final form.  

Given the uncertainty around the forgiveness process instructions and that the rules for the use of PPP funds may continue to change, Oak View will wait to accept PPP forgiveness applications from our customers.  


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

 

 

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