2020 PPP Loan Forgiveness

CLICK HERE FOR PPP LOAN FORGIVENESS - 2020 PPP LOANS

 

2021 Paycheck Protection Program (PPP)

Through May 14, 2021 we are accepting PPP loan applications from businesses that already have a banking relationship with us or our partners. 
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STEP 1: Complete this Application Checklist and gather all required documentation.
2021 PPP BORROWER APPLICATION CHECKLIST  
 
Required documentation needed when completing 2021 PPP Loan Application:

STEP 2: Complete the PPP Application
Be sure to upload the completed Application Checklist and all required documentation gathered from above.




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