Paycheck Protection Program

Welcome to the Paycheck Protection Program at Oregon State Credit Union.

Use the resources here to:

  1. Apply for a PPP loan in section one below

  2. Learn more about forgiveness of a loan in section two below.

  3. Take advantage of helpful resources in section three below.

Section 1: SBA PPP — loan application

The Small Business Administration Paycheck Protection Program is available for businesses who meet the qualifications of the program. Before applying, you are responsible to determine your business’s eligibility to receive funds under the existing and new guidelines. You can access the official SBA website here or visit other resources by visiting the Additional information section of this webpage.

  • Notice: SBA to accept applications through May 31, 2021

    • The SBA Paycheck Protection Program has been extended. The SBA will now accept applications for PPP loans through May 31, 2021. For applications received on or before May 31, 2021, application processing and loan funding has been extended through June 30, 2021. We suggest that you submit your application well in advance of May 31, 2021 to allow for adequate approval and processing time. All applications are subject to Oregon State Credit Union and SBA approval. Oregon State Credit Union will continue to process and submit applications to SBA up until the May 31st deadline or until program funds run out, whichever occurs first.

If you are applying for or already currently have a PPP loan with Oregon State Credit Union, please note that the application process and full loan forgiveness may be challenging if the guidelines are not followed.

  • Businesses must educate themselves and make decisions that conform to the rules and guidelines set by the SBA.

  • Borrowers must consider the tax implications. It's best to consult regularly with a tax advisor.

  • For information regarding PPP loans, contact us at 541-714-4000, ext. 5705 or BusinessLoanApp@oregonstatecu.com.

How to apply for a PPP loan

At this time, we are accepting SBA PPP loan applications for Oregon State Credit Union business members with an existing membership established on or before January 1, 2021.

Before you begin:

  1. Read all of the guidelines and instructions on this page, including: what you need to do, what we'll do and tips for your application process.

  2. Use a desk or laptop PC and plan for about 40 minutes to complete your application.

  3. Be prepared to submit supporting document files and attachments in a Portable Document Format (PDF) through our secure application portal.

Helpful tips for your new PPP and forgiveness application

  1. Communication — Communication through this process will primarily be through the email on record with Oregon State Credit Union. Be sure to check your email account as well as your junk mail inbox regularly for the most up-to-date information and/or required actions regarding your application.

  2. Documentation — To expedite the application processing, all documentation should be sent through the secure portal accessed through the links provided on this website. Please send supporting documents in a PDF format to expedite processing. Please do not send forgiveness applications or supporting documents to us by any other method, including delivery to a physical branch location, without first consulting a representative from Oregon State Credit Union.

  3. Calculation — Borrowers are responsible for performing all calculations and providing the required documentation as stipulated by the SBA.

  4. Questions — If you have questions about your business’s ability to apply or eligibility requirements for loan forgiveness, please consult the following resources:

Here's what you need to do:

After you determine your eligibility by checking the SBA website, start the application process by clicking the “Start Application” link below.

After determining your eligibility and logging in:

  • Complete the online questionnaire. Your responses to the questionnaire will be used to create the application.

  • Upload supporting documents through the secure link, preferably as PDF files.

    • The questionnaire contains a list of examples of supporting documents.

    • For sole proprietors with no employees and independent contractors, please submit a copy of your 2019 and/or 2020 Tax Return Schedule C.

    • Consult resources such as the Small Business Administration for additional information on acceptable supporting documentation.

  • Submit your questionnaire for review – you will be required to electronically sign your application after it has been reviewed and accepted by Oregon State Credit Union. A separate email link will be sent to you to perform this action.

Here's what we'll do

After you complete the initial application process through the link provided, Oregon State Credit Union will:

  • Review the application for completion.

  • Assist in making corrections if necessary.

  • Request corrections or additional documentation through email.

  • Send you a link to review, with required electronic signature of your application.

  • Submit your application to the SBA for final approval.

  • Notify you of the SBA PPP loan decision.

  • For approved applicants, we will email instructions for loan documentation signature.

Start PPP loan application | SBA

 

Section 2: SBA PPP — loan forgiveness

Use this section to learn how to prepare and successfully apply for PPP loan forgiveness. Be sure to read all guidelines and tips, including what you can do now to prepare for possible loan forgiveness.

How to apply for PPP loan forgiveness

We are now accepting SBA PPP loan forgiveness applications for loans originated by Oregon State Credit Union.

  • Notice: For forgiveness applicants who file IRS Form 941 and Oregon quarterly wage reports

    • The SBA rules require that you provide your IRS 941 and Oregon quarterly wage reports for your chosen covered period when applying for loan forgiveness. In order to avoid processing delays, we ask that you please have these items ready to submit with your forgiveness application.

Before you begin:

  1. Read all of the guidelines and instructions on this page, including: what you need to do, what we'll do and tips for your application process.

  2. Use a desk or laptop PC and plan for about 40 minutes to complete your application.

  3. Collect the following information:

  • Email — The address where you have been receiving SBA PPP correspondence and updates from Oregon State Credit Union.

  • Business Tax ID Number or Social Security Number — If used for the business.

  • SBA PPP loan number — The number is located at the top of your Paycheck Protection Program Note.

SBA PPP loan number location - Sample Oregon State Credit Union Note

Here's what you need to do

Start the forgiveness process by clicking the “Start Forgiveness Application” link below. The link will lead you to a login with instructions where you will complete the login process.

After logging in:

  • Complete the online questionnaire. Your responses to the questionnaire will be used to create the forgiveness application.

  • Upload supporting documents through the secure link, preferable as PDF files.

    • The questionnaire contains a list of examples of supporting documents.

    • For sole proprietors with no employees and independent contractors, please submit a copy of your 2019 Tax Return Schedule C.

    • Consult resources such as the Small Business Administration for additional information on acceptable supporting documentation.

  • Submit your questionnaire for review – you will be required to electronically sign your application for forgiveness once it has been reviewed and accepted by Oregon State Credit Union. A separate email link will be sent to you to perform this action.

Here's what we'll do

After you complete the initial forgiveness application process through the link provided, Oregon State Credit Union will:

  • Review the application for completion.

  • Assist in making corrections if necessary.

  • Request corrections or additional documentation through email.

  • Send a link to you for review and required electronic signature of your forgiveness application.

  • Submit your application to the SBA for final forgiveness.

  • Notify you of the SBA PPP loan forgiveness decision.

Start PPP loan forgiveness | SBA

 

What can borrowers do now to prepare for possible loan forgiveness?

  • Carefully document expenditures and business activity during the required fund use period

  • Monitor and understand the PPP guidelines as they evolve

  • Monitor and understand IRS rules, consulting with a tax advisor regularly

  • Utilize PPP funds for eligible purposes and within the stipulated timelines

  • Understand requirements related to employee headcounts and compensation levels

 

Section 3: Helpful PPP resources

Can't access application links?

If you are unable to access the application or forgiveness application link, or need to make other arrangements for submitting documentation, please contact us at 541-714-4000, ext. 5705 or BusinessLoanApp@oregonstatecu.com.

Additional information

The National Association of Federally-Insured Credit Unions (NAFCU), in an update about their Virtual Congressional Caucus, said that SBA Administrator Jovita Carranza “…called credit unions ‘frontline heroes’ as it relates to saving the economy and putting the country on a strong path to recovery. She highlighted that credit unions issued more than 200,000 PPP loans, with 80 percent being less than $50,000 – meaning that they went to the smallest businesses hit hardest by the pandemic. She also touted that credit unions' PPP loans accounted for more than 1 million jobs.”

 

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