2020 PPP Loan Forgiveness
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.
Required documentation needed when completing 2021 PPP Loan Application:
- If you participated in 2020 and your loan was $150,000 or more, be sure to complete your PPP Loan Forgiveness.
- Complete the Required Union Bank PPP Documentation and upload it when completing your PPP Loan Application.
- Evidence of 25% revenue reduction in 2020 compared to 2019 - for Draw 2 only (may be any one quarter of 2020 compared to the same quarter in 2019 or annually). Provide one of the following document types:
- Relevant tax forms including annual tax forms
- Quarterly Financial Statements
- Bank Statements
- Complete the Payroll Expense Calculation Worksheets or Schedule C Payroll Expense Calculation Worksheets.
- Proof of Payroll Costs.
- Borrower's signed organizational document detailing loan signing authority. Complete Signing Authority Document, if organization document is not applicable.
- Unexpired, Government-issued Driver's License or Passport for all Owners over 20% (front and back).
- Complete Affiliation Addendum A if applicant or any owner is also an owner of another business.
- Evidence of SBA EIDL Loan (Draw 1 EIDL refi only), if loan was made between 1/31/2020 and 4/3/2020. Complete EIDL Addendum B.
STEP 2: Complete the PPP Application
Be sure to upload the completed Application Checklist and all required documentation gathered from above.
3/13/2021 - UBC has implemented recent PPP program updates:
- 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.
- 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:
SBA Reference Materials
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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.