Update: 5/18/20

The SBA and U.S. Treasury Department have jointly issued their application and instructions for PPP forgiveness. 
PPP Forgiveness Information


As part of the $2 trillion CARES Act, the government is taking extraordinary measures to bridge short-term liquidity needs as a result of COVID-19. To help navigate this, we’ve prepared a brief summary of the small business and ministry options as we currently understand them. We want to emphasize that some of these details may change (and indeed some have changed from preliminary proposals) once the guidance from the SBA is released. We will update you as soon as we hear more official confirmation.

After March 31, borrowers will only be able to receive either the EIDL or the Paycheck Protection Loan, but not both. Non-profit ministries are not eligible for the EIDL program, but they are eligible for the Paycheck Protection Loan program.

Paycheck Protection Program:

  • First Bank of Owasso will make the loan directly to the business. Minimal documentation will be required (as we currently understand it), and the goal will be to fund these requests as soon as possible.
  • Eligible borrowers include most small businesses (500 or fewer), self-employed individuals, and 501(c)3 non-profits including churches.
  • Borrower must certify as to the loan being needed to continue operations during COVID-19 and that the funds are to be used to retain workers and/or to make mortgage, lease, and utility payments.
  • Qualifying businesses and non-profits are eligible for loans up to 2.5 times their monthly payroll costs, measured over the prior twelve months, or $10 million, whichever is smaller. Specific details as to what is allowable or not allowed in the definition of payroll under the program shall be provided by the SBA.
  • Loan may be forgiven in entirety or partially as further discussed below. The forgiven amount is not taxable.
  • Loan fund uses qualifying for loan forgiveness are eligible payroll, interest payments on mortgages, rent, and utilities for the eight-week period after loan origination. 
  • SBA’s loan forgiveness shall be determined by comparing appropriate documentation as to the number of full-time equivalent employees per month during the covered period of February 15, 2020 through June 30, 2020 against either the same time period for 2019 for longer established businesses or January 1, 2020 through February 29, 2020 for newer businesses. A reduction in the number of employees will result in a reduction in the amount of loan forgiveness.
  • Maturity for any unforgiven portion would be up to 10 years. Payments of principal and interest are automatically deferred for at least six months and up to one year.

The Paycheck Protection Program application can be found here: 

PPP Application

To access more general information regarding the Paycheck Protection Program, click here.

To help provide additional clarity, we have created a list of frequently asked questions based on feedback we’ve received over the past week that should help you navigate this application and the required supporting information. You can access the list by clicking this link.

The SBA has published an FAQ document for faith-based organizations. You can access the document by clicking this link .

Once you have reviewed the application and have all of your information gathered, please submit your documentation to your loan officer. This will get your application in the queue for processing, and we pledge to provide you feedback on the status of your application as soon as we can.

If you are not an existing client or would like help navigating the process, please review the application and information above, submit your information in the request form below, and a member of our lending team will reach out to you to walk you through the process.


Fill out my online form.

If you have any questions or concerns, please call 918-272-5301, and our lending team will be glad to assist you.