*Stats as of May 11, 2020
Over the past several months, Old National has partnered with over 8,700 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 Small Business Administration (SBA) recently provided more guidance related to the Paycheck Protection Program (PPP) loan forgiveness process. If your PPP loan was used to cover costs related to payroll expenses, rent, utilities and other related expenses, it likely qualifies for some level of forgiveness.
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.
To help you prepare for this application process, please review the following materials:
In addition, plan to have your required supporting documentation with you when you start the application so that you will be ready to upload the evidence needed for the reviews.
Please DO not complete, nor submit, any loan forgiveness application materials at this time. Old National is working with a vendor to provide an electronic portal for you to apply for loan forgiveness. We are hopeful to launch this very soon.
Yes. Application deadline to the SBA has been extended to August 8. If you have not applied and still want to take advantage of the additional funds, please reach out to 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.
See the required checklist that applies to your business for insight into what paperwork is required to finalize your application.
To aid in calculating your requested loan amount, please download our Paycheck Program Loan Amount Calculator. The completed calculator should be saved to your computer and submitted with your application.
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.