Paycheck Protection Program (PPP) Updates
We're here to assist clients through this difficult time.
Since COVID-19 first started impacting our clients, Old National has partnered with more than 9,800 businesses throughout our five-state region to successfully help them apply and receive funding through the Paycheck Protection Program (PPP). With a new round of PPP funding that was included in the recently approved COVID relief package, we will continue working with businesses and nonprofits to help them keep their doors open and get to the other side of this pandemic.
New round of PPP loans - Application Portal Live
If you are interested in applying for a PPP loan or know of a business or nonprofit that would want to proceed, we want to help. Please note that due to PPP program changes announced by the White House on February 22, the SBA will provide an exclusive 14-day window (Wednesday, February 24 through Tuesday, March 9) when only businesses with fewer than 20 employees are eligible to apply. During this time, Old National will still accept applications through the portal for businesses with more than 20 employees; however, we will hold submitting to the SBA until after March 9.
For optimal experience, please use Google Chrome web browser.
We're always working to improve your experience. You may notice brief service interruptions during system upgrades, and we appreciate your patience during these times.
- If you previously logged into our Forgiveness portal, you can use the same login information for a new application.
- If you have an Old National Relationship Manager, please select their name in the Preferred Banker field. This will help ensure your application automatically routes to them for review.
- If you do not have an Old National Relationship Manager, we will assign an Application Reviewer for you.
- No more than 500 employees
- Been in operation as of February 15, 2020
- First loan can be up to 2.5 times the business' average monthly payroll costs, up to $10 million loan maximum
- 300 or fewer employees
- Seen a 25% or greater revenue drop in 2020 compared to 2019 (this can be annual or comparative quarters), and
- Used the full amount of their first PPP loan
PPP clients will need an Old National deposit account
PPP applicants will need to have an ONB deposit account (checking or savings) in the same name as the applicant/borrower to fulfill the PPP application process, as the PPP loan funds will be transferred to this account upon our receipt of signed loan documents. To open an account, please contact your Old National Relationship Manager or visit your local Old National Banking Center. You can select a banking center and use our online appointment scheduling. We look forward to helping you with your new ONB deposit account and your Paycheck Protection Program loan.
Loan Estimator Tool - use this to aid you in calculating your requested loan amount
How to Validate Loan Amounts - assistance for calculating loan amounts and what documentation to provide; updated 1.26.21
Frequently Asked Questions - updated 2.22.21
SBA Guidance for Round 2 for first-draw PPP Loans - as of December 27, 2020 Economic Aid Act
SBA Guidance for Round 2 for second-draw PPP Loans - as of December 27, 2020 Economic Aid Act
Video: Application Portal Training
*Stats as of Sept. 2020
Existing PPP loan forgiveness process - updated 3.1.21
For those who received a PPP loan in 2020 and are ready to apply for forgiveness, please use this online portal to submit the required application documents and supporting data.
The forgiveness portal will not be accessible to start new applications beginning at 10pm ET on March 1 until 10am ET on March 5, as we upgrade the system to include revised application forms. If you previously logged in and started your forgiveness application, you can continue working during the upgrade. Please note that all previously started forgiveness applications must be transmitted to the SBA prior to 10pm ET on March 4. Beginning March 5, the SBA will no longer accept forgiveness applications using the old forms.
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 Loans
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.