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SBA Paycheck Protection Program (PPP) Updates
For First and Second Draw Application Requests
As we approach the later stages of this round of PPP loan applications, we’ve experienced a decreased frequency of loan approvals due to well-documented restrictions and complications introduced by the Small Business Administration (SBA). As a result, effective immediately, we will no longer accept new first draw PPP applications.
Existing Business Members
At this time, we will continue to accept second draw PPP loan applications from existing Business Members. If you received PPP funding in 2020, please access the loan forgiveness portal to start your forgiveness application. You should have received information via email with instructions on how to complete your registration for The Loan Source Inc.’s online portal.
If you’re interested in applying for a second draw loan, please start your forgiveness application and you’ll have access to the second draw application in the same portal.
For existing Business Members who did not previously receive PPP funding and are interested in applying before the deadline of March 31, 2021, please contact the Business Services team for possible options via email at BusinessServices@orangecountyscu.org.
The Loan Source Information
CARES Act Information
Frequently Asked Questions
We opted to transfer the ownership of the SBA PPP loans to provide a seamless forgiveness process and servicing experience for our members. This decision was not made lightly or without consideration for the relationships we have with our clients. We believe it is in the best interest of both OCCU and our SBA PPP members to provide a partnership with an organization who has the servicing infrastructure in place to support the significant volume and short timeframe for the complex and changing forgiveness process and ongoing servicing.
For specific questions on how to submit your request for loan forgiveness and forgiveness portal access, please visit theloansource.com. Future communications regarding the forgiveness process for your PPP loan will come from The Loan Source. The communications will originate from PPPforgiveness@theloansource.us.
Please make these payments to The Loan Source, as they will own the loan and servicing going forward.
We selected the Loan Source and its servicing partner, ACAP SME, LLC (“ACAP”) as our PPP loan forgiveness service provider because they are recognized as one of the leading SBA lenders. They have invested heavily in technologies and personnel to aid PPP members through their forgiveness process via an online portal to create a positive experience.