From the loss of business, to remote work, and everything in between, the daily impacts COVID-19 has had on the business community cannot be overstated, and that is why Oconee State Bank is proud to be part of the Paycheck Protection Program. This program equips local businesses to better navigate the constantly evolving environment we face today, and it provides an opportunity for Oconee State Bank to connect with and serve our local communities. We remain committed to bringing our business customers and community the best resources and information to help you navigate this challenging time.
Here are some helpful links:
What is the Paycheck Protection Program?
PPP Loan Forgiveness Application
The application form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act.
The form and instructions include:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
- Statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
- The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.
Oconee State Bank is committed to remaining essential to the lives, businesses, and communities we serve.