For those who received a PPP loan from Old National Bank and are ready to apply for forgiveness, please use this online portal to submit the required application documents and supporting data.
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:
Starting Your Forgiveness Application
After your review the above, 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.
Approval Timeline
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 pppforgiveness@lenderscooperative.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.
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:
This loan is designed especially for hard-hit sectors such as restaurants, gyms and hotels.
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.
Recently Old National became aware of attempts to take advantage of businesses who have borrowed through the Small Business Administration (SBA). At Old National, we helped many clients take advantage of PPP loans, and while they are not the target, we know that could change.
There are a number of best practices that we recommend for businesses at all times.
Because we know the tactics of fraudsters constantly change, we want to create awareness about this threat. Old National is committed to keeping our communities safe from financial fraud, and we are especially concerned about businesses being victimized when they are already dealing with the challenges of COVID-19.
Learn more about about these potential SBA Scams and Fraud Schemes.
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