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Union Bank SBA Paycheck Protection Program

Union Bank SBA Paycheck Protection Program

Paycheck Protection Program 
As a Small Business Administration (SBA) lender we are working with current and new business customers to help equip them with the tools needed to stay in business during these unforeseen times. The SBA Paycheck Protection Program is available to small businesses that have been affected by COVID-19 and have less than 500 employees or meets the SBA industry size standard. This special program offers the opportunity for the loan to be fully forgiven if the funds are used for specific expenses that are tied to keeping your business operating, including; payroll costs, interest on mortgages, rent and utilities. This program became available as of 4/3/2020. Visit the SBA website(Opens in a new Window) to learn more or contact us today.
 
Loan Forgiveness for Payment Protection Program Borrowers

Thank you for placing your trust in Union Bank to secure a loan under the Small Business Administration (SBA) Paycheck Protection Program (PPP).  We feel privileged to serve you and your business through this challenging time.   

 
The SBA has issued three separate applications for loan forgiveness, SBA Form 3508, SBA Form 3508S, and SBA Form 3508EZ.   The forms along with instructions on their use can be found below.
 
  • For loans of $50,000 or less, please complete SBA Form 3508S.   
  • For loans greater than $50,000, please complete SBA Form 3508EZ if you are able to agree with at least one of the three statements below.    If you are unable to agree to at least one of the three statements below, please complete SBA Form 3508.
    • The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483).
    • The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
      AND
      The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period. (Ignore reductions that arose from an inability to rehire individuals who were employees on February 15, 2020 if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Also ignore reductions in an employee’s hours that the Borrower offered to restore and the employee refused. See 85 FR 33004, 33007 (June 1, 2020) for more details.
    • The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period (as defined below) compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
      AND
      The Borrower was unable to operate during the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.
 
Once you have completed the appropriate application and have gathered all supporting documents, please submit your application via one of the options below.

  • Email to: loanoperations@ubmich.com
  • Mail to: Union Bank, Attn: Loan Operations/PPP, 933 Fourth Avenue, Lake Odessa, MI 48849
  • In Person: Bring your application in a sealed envelope to your preferred Union Bank location.

For more information on the SBA PPP, questions, or to submit your Loan Forgiveness Application, please contact your Union Bank Loan Officer at (616) 374-3278.  

 

Instructions for PPP Loan Forgiveness Application 3508

PPP Loan Forgiveness Application 3508

Instructions for PPP Loan Forgiveness Application 3508EZ

PPP Loan Forgiveness Application 3508EZ

Instructions for PPP Loan Forgiveness Application 3508S

PPP Loan Forgiveness Application 3508S

 

 


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