CARES Act Paycheck Protection Program

PPP Forgiveness Information

OSB Response to PPP

Update June 8, 2020

The Paycheck Protection Program (PPP) Flexibility Act makes significant changes to the program and will help ensure small business borrowers are eligible for full loan forgiveness. The key elements include:

Extension of the Forgiveness Period
PPP borrowers can choose to extend the eight-week period up to 24 weeks, but no later than December 31, 2020. This flexibility is designed to make it easier for more borrowers to reach full, or almost full, loan forgiveness. 

Reduction to Minimum Required Use of Proceeds for Payroll Costs
Requires at least 60% (originally 75%) of forgiven loan amounts to come from payroll expenses.

Extension to Maximum Maturity
Should borrowers have a residual balance after the forgiveness process is complete, and their PPP loan cannot be repaid by the maturity date, the borrower can extend the term up to an additional 5 years. 

Timing/Next Steps
Given these recent changes, we expect it will take 10-14 days to prepare our systems before we can accept forgiveness requests, but rest assured we are working hard and hope it will be ready sooner. Once our system is ready:

1. You will receive an email from your lender that is unique to your loan.

2. Your lender will provide detailed instructions on the requirements for forgiveness submission through our portal.

Once we begin accepting forgiveness requests, ideally you should consider applying as quickly as possible once you qualify for 100% forgiveness and you have adequate documentation to support the request. 

In the meantime, if you have questions, email us at and we will get back to you promptly. 

Thank you for your support and trust as we work through this process together. 



Update 4/23/2020 @ 7:00PM


Given recent legislative approvals to expand PPP funding awaiting authorization from President Trump, OSB is again accepting PPP applications.

To be eligible to apply with OSB, your business must of had deposit or loan accounts open with us prior to April 1, 2020.

OSB cannot submit loans for approval until the SBA re-opens their applicant system to banks - so please be patient with all requests.

If you are a non-customer do not apply online prior to talking with a lender.  Email inquiries to

Exceptions for non-customers will be made on a case-by-case basis for non-profits and local businesses operating within 25 miles of an OSB branch that are experiencing challenges in obtaining PPP funding.

OSB reports over $25MM in Paycheck Protection Program Loans Approved for Bank Customers.

  • The SBA originally had $350 billion available for the Paycheck Protection Program (PPP).
  • OSB used the weekend April 4-5 to prepare our processes and systems to handle the anticipated volume efficiently – and to provide our borrowers with the best possible experience with this program.   Our patience paid-off.
  • We began officially processing applications on Monday 4/6. Since we turned on the faucet, OSBs lenders, credit and processing teams burned the midnight oil to obtain SBA approvals and earmark available funds for customers.
  • Given these extra efforts, we are happy to report, as of April 16, we have received SBA approvals for more than $25 million in PPP loans for OSB customers. 
  • For reference, during the first week of the program, Ohio trade associations were reporting that ½ of the 180 banks in Ohio had not even processed 1 application.  This is because many banks have struggled to obtain the appropriate credentials from a very stressed SBA system while at the same time trying to comply with and digest the requirements. Our team bulldogged every aspect of this process until we received what we needed to process applications for our customers.
  • Questions about the PPP program?  Most of our lenders are working remotely at this time.  The fastest way to reach a lender is to email  Please do not call branches on the PPP program – as our tellers will use the same channels as customers to reach our lenders who are working remotely. 

- Letter From CEO Tony Kaiser Regarding Status of PPP Applications (APRIL 3, 2020)

Program Specifics:

    • Available to small- and medium-sized businesses with less than 500 employees (subject to limited exceptions), including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations, and/or Tribal businesses.
    • Loan proceeds may only be used for specific expenses, such as payroll costs, utilities, mortgage interest, rent/lease payments, group healthcare benefits, interest on existing debt, and other approved efforts to retain employees.
    • Maximum loan size is up to 2.5 times average monthly payroll costs over the prior 12 months for most businesses, or over a more targeted period for seasonal businesses, but may not exceed $10 million[1].
    • Paycheck Protection Program loans do not require a personal guarantee nor collateral.
    • All or a portion of the loan may be forgiven.
    • The amount of forgiveness is calculated as the sum of amounts paid in the eight weeks following loan origination for: a) Payroll, b) mortgage interest, c) rent and d) utilities.
    • Borrowers will not be charged any participation fees or pre-payment fees.
    • Balances remaining after loan forgiveness will have a max maturity of 10 years.