Support for business customers

sba paycheck protection program 2.0

1/12/2021

SBA PPP 2.0 APPLICATIONS NOW OPEN

Oklahoma Fidelity Bank is now accepting applications for round two of the Small Business Administration Paycheck Protection Program. At Oklahoma Fidelity Bank, PPP assistance is administered online. All information and correspondence will be facilitated online and through email. Borrowers will need access to a Oklahoma Fidelity Bank business checking account and be enrolled in online banking before the PPP application process can be started.

Please see below for important information regarding SBA PPP 2.0 applications.

 

SBA PPP 2.0 Application Information

Returning applicants

If you received SBA Paycheck Protection Program funding from Oklahoma Fidelity Bank during round one, your information has been saved within the application platform. Please log into online banking and click SBA PPP 2.0 Application on the right side of the home page. Your information should auto-populate once you complete the following fields:

  • Business TIN (EIN or SSN)
  • Authorized Representative Email Address
  • Authorized Representative Personal SSN

We have compiled a checklist detailing the information you will need to have prior to applying for a new loan. Please ensure you have all of the corresponding documentation as your application will not be submitted to the SBA until all items have been received by Oklahoma Fidelity Bank. This list is subject to change as information is released from the SBA.

SBA PPP 2.0 Checklist

For 1099 contractors and sole proprietors, the SBA has mandated that we base the maximum loan amount on the borrower’s 2019 or 2020 Schedule C. If you have not already filed 2020 taxes, a link to the fillable 2020 Schedule C form is below.

2020 Schedule C form

Use the Loan Calculator below to assist in calculating your payroll, which will determine your loan amount.

Loan Calculator

An Oklahoma Fidelity Bank business checking account and access to online banking are necessary before the application process will be started. Please note, at Oklahoma Fidelity Bank, the PPP is administered online only. All information and correspondence related to PPP will be facilitated online and through email including application process, submission of required documents and follow up correspondence.

Log Into Online Banking

First-time applicants

If you have not received previous SBA Paycheck Protection Program assistance from Oklahoma Fidelity Bank, please log into online banking and click SBA PPP 2.0 Application on the right side of the home page. From there, select Not an existing customer? Click here to get started to begin your application.

If you do not have a business checking account or access to online banking, please call 1-800-757-0464 and a member of our customer care team will assist you. Once your account is established, please log into online banking and click SBA PPP 2.0 Application on the right side of the home page. From there, select Not an existing customer? Click here to get started to begin your application.

We have compiled a checklist detailing the information you will need to have prior to applying for a new loan. Please ensure you have all of the corresponding documentation as your application will not be submitted to the SBA until all items have been received by Oklahoma Fidelity Bank. This list is subject to change as information is released from the SBA.

SBA PPP 2.0 Checklist

For 1099 contractors and sole proprietors, the SBA has mandated that we base the maximum loan amount on the borrower’s 2019 or 2020 Schedule C. If you have not already filed 2020 taxes, a link to the fillable 2020 Schedule C form is below.

2020 Schedule C form

Use the Loan Calculator below to assist in calculating your payroll, which will determine your loan amount.

Loan Calculator

Please note, at Oklahoma Fidelity Bank, PPP is administered online only. All information and correspondence related to PPP will be facilitated online and through email including application process, submission of required documents and follow up correspondence.

The SBA is currently accepting first-time applications from a limited number of banks only. We will review and hold all applications until such time the SBA allows for additional submissions.

Please email questions to sbacovid@fidelitybank.com.

IMPORTANT information about SBA PPP 2.0

  • According to the legislation, PPP loans will be available to businesses with 500 or fewer employees that have not previously received a PPP loan to help with payroll, rent, utilities, healthcare costs and more.
  • In addition to providing for new PPP loans for first-time borrowers, the legislation also allows certain existing PPP borrowers to receive a “second draw” PPP loan if they have used all their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%.
  • The legislation also expands the list of allowable and forgivable expenses, which apply to existing PPP loans for which a borrower has not yet received forgiveness. Additionally, the legislation provides for a more flexible Covered Period.

At Oklahoma Fidelity Bank, applying for forgiveness of the first round of funding and/or applying for a second round of PPP will be administered online only. All information and correspondence related to PPP will occur online and through email, including the application process, submission of required documents and follow-up correspondence.

Simplified PPP loan forgiveness process

The new legislation includes provisions that further simplify the PPP loan forgiveness application process for loans $150,000 or less, whereby a borrower signs and submits a simplified certification to the lender, along with supporting documentation. 

For the most recent rules regarding the SBA’s PPP loan forgiveness process, including your Covered Period, the type of costs that are eligible for forgiveness and what documentation you will need to submit as part of your application, please visit the SBA website.

This information is provided for your convenience. Please be sure to understand and comply with the guidance issued by the SBA.

If you do not have an Oklahoma Fidelity Bank business checking and online banking access, please call 1-800-757-0464 or your designated commercial banker.


We stand ready to serve.

During this challenging time, please consider contacting your commercial banker. We will do our best to provide you with accurate information to aid in your decision making. 

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