2021 PPP Loan Forgiveness Resources

2021 PPP Loan Forgiveness FAQ    SBA Forgiveness FAQ
 
PPP Forgiveness Borrower Factsheet

Form 3508S Instructions     Form 3508S Sample Application
    
Form 3508 Instructions     Form 3508 Sample Application   
 
Form 3508EZ Instructions     Form 3508EZ Sample Application
   


PPP Loan Forgiveness Updates

Updated June 14, 2021: The Union Bank Company began sending 2021 PPP forgiveness invitations. Invitations are being sent in order of loan origination date. We expect all 2021 PPP borrowers to be invited to apply for forgiveness by August 31, 2021. If you need an expedited forgiveness process, please email ppploan@theubank.com

 

Updated October 2, 2020:  The Small Business Administration has issued guidance on PPP borrower changes in ownership.  Borrowers must notify the bank in writing prior to the closing of any change in ownership.  An escrow account equal to the outstanding balance of the PPP loan will need to be established.  The bank may approve the change in ownership with SBA approval, as required.



Paycheck Protection Program - Loan Forgiveness Details
Recent changes to the Payroll Protection Program increase the likelihood that small business borrowers are eligible for full loan forgiveness. Your lender can explain how this will affect your business. The changes include:
 
  • Covered Period Flexibility
    Borrowers may choose a covered period for any length of time between 8 weeks and 24 weeks after loan disbursement.

  • 75% rule reduced to 60%
    Now borrowers must spend at least 60% on payroll, not the 75% in the original bill.

  • New PPP loans will have a minimum maturity of 5 years
    New borrowers now have 5 years to repay the loan instead of 2 years. Existing PPP loans can be extended up to 5 years if the lender and borrower agree. The interest rate remains at 1%.

  • Extend Loan Forgiveness Period
    The deferment period has been extended from 6 months to the date the SBA remits the borrower’s loan forgiveness to the bank, or within 10 months of the last day of the covered period, if the borrower doesn’t apply for forgiveness.
The Union Bank Co.

105 Progressive Drive
Columbus Grove, OH 45830
(800) 837-8111
Routing Number - 041213759