Oregon Pacific Bank is required to fund your loan within 10 calendar days after approval. If your loan has not yet been funded, be assured that our team is working around the clock to accurately and quickly prepare your loan documents to ensure we meet this deadline. Most importantly, we want to ensure we get the loan proceeds to you as soon as possible.
SIGNED LOAN DOCUMENTS
Given these unique circumstances we are able to accept signed, scanned, and emailed documents to fund your loan. However, please remember to send us your loan documents with the original signatures as soon as possible, if you have not done so already. You can deliver the requested documents to us through a variety of means such as our drive-up window, night drop, or by mail. As soon as we receive signed loan documents, your loan will be funded no later than the next business day.
8-WEEK COVERAGE PERIOD
Once your loan is funded, per SBA guidelines, the 8-week time period begins. At that time, you can use your funds for the eligible expenses outlined by the SBA.
We are recommending that all your expenses are well recorded with the necessary evidence to document the expense. While the SBA has not yet released their official rules on processing loan forgiveness requests, we believe evidence would constitute: copies of checks, payroll records, bank statements, invoices, etc.
PPP LOAN DEPOSIT ACCOUNT
Many of our clients have opened or created a separate account to track the amount of proceeds and to document the expenses the loan proceeds were used for. If you haven’t opened a new account to do this, please contact your local banker and we will be happy to help you.
The SBA has not yet released their guidance on how loan forgiveness will be processed. We continue to monitor the SBA’s website, check with the SBA’s district offices, and check with Oregon Bankers Association. When this information becomes available, we will be sure to provide you details on how to request loan forgiveness. We understand that this subject is important to you and we are doing everything we can to give you the most accurate information.