*Stats as of Sept. 2020
Over the past several months, Old National has partnered with over 9,800 clients throughout our five-state region to successfully apply and receive approval for the Paycheck Protection Program (PPP), the small business loan program passed in late March as part of the Federal stimulus bill in response to COVID-19.
Qualifying small businesses, nonprofit agencies and self-employed individuals receiving PPP assistance through Old National have varied widely - from dental offices and locally owned restaurants to consulting firms and fitness studios. The majority of loans were distributed to smaller, local businesses.
The SBA released a much anticipated, streamlined loan forgiveness application for PPP loans totaling $50,000 or less. Our online forgiveness portal has been updated to include this new application for borrowers that fit this new application process. If you already submitted a forgiveness application for a loan $50,000 or less with 100% forgiveness, we are in the process of reviewing those and will send to the SBA for final approval after our review.
Old National is committed to making the Paycheck Protection Program (PPP) Loan Forgiveness process as easy as possible for our clients. Our online portal, where our borrowers can easily submit the required application documents and supporting data, is now live.
Access the portal here (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:
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 began accepting forgiveness applications on a limited basis, 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 firstname.lastname@example.org.)
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.
To further meet the needs of U.S. small businesses
and non-profits, the SBA reopened the Economic
Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing impacts
due to COVID-19. Additional applicants will now be able to receive long-term, low interest loans and emergency
grants to help cover payroll and inventory, pay debt or fund other expenses.
In addition, some states are providing grant and loan programs to help businesses impacted by the pandemic.
Visit the SBA District Office site for information in your area.