Paycheck Protection Program (PPP) Updates
Prior to the application deadline of May 31, 2021, the PPP funds have nearly been exhausted and the SBA is now only taking new applications from lenders that are participating CFIs, MDIS, CDCs and Micro Lenders. For an approved list, please visit Paycheck Protection Program (sba.gov).
If you have received an SBA approval and have been assigned an SBA loan number, you will receive funding subject to the terms communicated in your loan documentation. In addition, some applications that have been submitted to the SBA may have an allocation of funds set aside and could still be approved..
Customers may log in to the loan portal to confirm their loan application status. In addition, you will receive email notifications when your loan status changes.
Existing PPP loan forgiveness process - updated 4.26.21
For those who received a PPP loan and are ready to apply for forgiveness, please use this online portal to submit the required application documents and supporting data.
For optimal experience, please use Google Chrome web browser.
Before beginning the forgiveness process, please carefully review the information provided by the Small Business Administration (SBA), the US Treasury, as well as Old National, including the following:
- Client Guide: Applying for PPP Loan Forgiveness and FAQs - updated January 21, 2021
- Frequently Asked Questions on PPP Loan Forgiveness
- SAMPLE ONLY - Do NOT complete: SBA Loan Forgiveness Application and Instructions
- SAMPLE ONLY - Do NOT complete: SBA Loan Forgiveness Form EZ and Instructions (if applicable to your situation)
- SAMPLE ONLY - Do NOT complete: SBA Loan Form 3508S and Instructions (PPP loans $150,000 or less)
- Video: Forgiveness Portal Borrower Training
After your review, you will need to decide which "Covered Period" option is best for you and your business. For most borrowers, choosing the 24-week Covered Period increases the probability of 100% forgiveness for your loan.
In addition, have your documentation with you when you start the application so that you will be ready to upload the supporting documents needed for our review.
You will need the PPP loan's SBA approval number, which has been emailed to you, to complete the application. (Please check your spam folder.) If you have multiple PPP loans, you will need to complete an application for each. If you cannot locate your SBA loan approval number(s) but are ready to apply for forgiveness, please contact your Old National Relationship Manager or call us directly at 1-800-731-2265, Star (*) for assistance. Our PPP Call Center is open Monday-Friday, 8am to 5pm CT.
Please note that the SBA will ultimately have to approve your forgiveness application. They are accepting forgiveness applications, and we will submit the application(s) on your behalf to the SBA after our review. The timeliness for SBA decision and forgiveness payment from that point is up to an additional 90 days. You will receive an automated email confirmation when your loan forgiveness application has been successfully completed with Old National. Likewise, we will contact you directly if there is any missing information within your forgiveness application. (Emails will come from email@example.com.)
SBA PPP Loan Billing - updated 9/3/2020
For all PPP clients, please note that PPP rules state that payments are deferred on PPP loans until each client's forgiveness application is decisioned or the forgiveness window has expired, whichever comes first. Accordingly, Old National has turned off all loan billing for PPP loans, which means you will not receive a bill nor will PPP loan billings show in your online banking (ONPointe or Business Online Banking).
Once a forgiveness decision is available, if the SBA has not granted full forgiveness, any remaining principal on the loan is re-amortized over the remaining maturity of the PPP loan. Old National will notify you of the date the first payment is due.
Other SBA Covid-19 Funding/Relief Programs - updated 4.20.2021
To further meet the needs of U.S. small businesses and non-profits, the SBA is offering additional programs to eligible applicants experiencing impacts due to Covid-19. Available options that are handled directly by the SBA include, but are not limited to: Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal, Targeted EIDL Advance, Shuttered Venue Operators Grants, Restaurant Revitalization Fund, and the American Rescue Plan Act. For more detailed information on available programs, visit the SBA Covid-19 Relief Options.
Some states are also providing grant and loan programs to help businesses impacted by the pandemic. Visit the SBA District Office site for information in your area.