COVID-19 Updates, CARES Act, Resources & Community Support
During this challenging and uncertain time, our priority is providing our customers with the best service and support. Since there are times that you can't come to our lobbies for guidance, we will bring the bank to you with the assurance that we're here for you, wherever you are.
We've put together this portal with useful information about the CARES Act, PPP Loans, resources for you and your business, as well as community support information and helpful tips from 417 Magazine about supporting local businesses, staying connected and working from home.
We are here for you, wherever you are.
5/4/2021 PPP LOANS UPDATE:
As of May 4, we are no longer accepting PPP loan applications. PPP funds have been exhausted for lending institutions.
To better understand what relief options are still available, click on the link below to view options being offered by the SBA. ** Please note, many of these options do not involve the bank but instead are completed through the SBA. https://www.sba.gov/funding-programs/loans/covid-19-relief-options
12/21/2020 PPP LOAN FORGIVENESS UPDATE:
OMB is continually working to provide guidance as new information becomes available.
We understand that the PPP loan forgiveness process is important to your business. If you received PPP funding through OMB, you will need to submit your forgiveness application through us as well.
How and When to Apply for Loan Forgiveness
PPP Loans that originated in 2020: The forgiveness process for the first round of PPP loans was launched in August, 2020 – if you have not yet provided a forgiveness application for your 2020 PPP loan, please contact your OMB Community Banker at 417.869.9000.
PPP Loans that originated in 2021: Your OMB PPP Team is working to prepare for the second round of forgiveness. You will be receiving further correspondence through email or regular mail with details on how and when to submit an application, along with a prefilled application.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
First Draw PPP Loan Forgiveness Terms
First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds are spent on payroll costs
Second Draw PPP Loan Forgiveness Terms
Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60% of the proceeds are spent on payroll costs
How to Prepare to Apply for Loan Forgiveness:
Compile your documentation:
Payroll (provide documentation for all payroll periods that overlapped with the Covered Period):
Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
- Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
- Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.
NOTE: If Payroll cost covers the loan amount for the covered period elected, you do NOT need to provide Non-payroll documentation. If Payroll cost does not cover the loan amount for the covered period elected, you will need to provide non-payroll documentation.
Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020):
- Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements
- Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments
- Business utility payments: Copies of invoices and receipts, cancelled checks or account statements
This list of documents required to be submitted to your lender is not all-inclusive.
Forgiveness Forms and instructions
Form 3508S: https://www.sba.gov/document/sba-form-3508s-ppp-loan-forgiveness-form-3508s
Form 3508EZ: https://www.sba.gov/document/sba-form--paycheck-protection-program-ez-loan-forgiveness-application-6-16-2020
SBA PPP Loan Forgiveness website for further information: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness
Please contact your OMB community banker if you have any questions. We will continue updating our website as more information becomes available.
OMB's Small Business Toolkit
Every day, we are committed to serving our small business customers. Now, when things are so uncertain, we want to support small businesses in every way we can. We have collected resources to help you navigate the changes, in easy-to-read downloadable guides - Learn More.
Other Helpful Resources Available
SBA Disaster Assistance in Response to the Coronavirus
MO Dept. of Economic Development
Ozarks Food Harvest Response to COVID-19