PPP Loan Forgiveness

2020 PPP LOAN FORGIVENESS RESOURCES

2021 PPP LOAN FORGIVENESS RESOURCES



2021 Paycheck Protection Program (PPP)

2021 PPP funds are exhausted. To check the status of you PPP applications, contact our Communications Center 800-837-8111.
 
PPP FREQUENTLY ASKED QUESTIONS 
 
 

Program Updates

3/13/2021 - UBC has implemented recent PPP program updates:
  1. Schedule C Loan Amount Calculation
    • Schedule C filers may now use Gross Income instead of Net Income in the loan amount calculation.
    • Loan necessity safe harbors do not apply to Schedule C filers with Gross Income of $150,000 or more, if they elect to use Gross Income in the loan amount calculation.
    • If you have already submitted a PPP loan application and not yet closed the loan, a revised application will be considered. Please look for our email with instructions on revising your application.
  2. Other Program Updates
    • Eliminated: Restrictions on businesses with owners who have prior Non-Financial Felony Convictions (not retroactive). Remaining in place: Restrictions on business with a 20% or more owner who has an arrest or conviction for a felony related to financial assistance fraud within the past 5 years or is currently incarcerated at the time of application.
    • Eliminated: Restriction on businesses owned or controlled by owners who have Federal Student Loan Debt that is currently delinquent or has defaulted and caused a loss to the Federal government. Retroactive: The change applies to new PPP applicants as well as those who have already received a PPP loan.
    • Provided clarity that Non-Citizen owners may apply using an ITIN.
2/22/2021 - The White House announced several reforms to the PPP loan program. Here are the highlights of the announcement:

2/21/2021 PPP UPDATE - FACT SHEET

SBA Reference Materials
For easier navigation of these documents, use the word search function.
FIRST DRAW LOAN AMOUNT CALCS & FAQ     SECOND DRAW LOAN AMOUNT CALCS & FAQ    SBA/TREASURY FAQ

SBA IFR - PPP AMENDED     SBA IFR - PPP SECOND DRAW    SBA IFR - SCHEDULE C & OTHER CHANGES
   
SBA FORGIVENESS IFR



The 2021 relief bill includes:
  • Additional covered expense categories to include covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures.
  • Eligibility for the new round of PPP funding will be limited to those businesses that have experienced a 25% or greater revenue decline in any quarter over quarter comparison to the previous year as a result of the pandemic.
  • Repeal of the rule requiring the SBA to deduct any EIDL advance amount from PPP loan forgiveness.
  • Flexibility in the covered period from 8 to 24 weeks after origination.
  • A streamlined forgiveness process for loans less than $150,000.




The Union Bank Co.

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