Union Bank and Trust (UBT) has opened its SBA PPP loan forgiveness application portal as of today - 8 Oct 2020. We have partnered with Holtmeyer & Monson (H&M) one of the largest SBA Service Providers in the country to help with the banks SBA forgiveness applications process. To make this process more efficient for our clients of the SBA PPP program the bank and H&M have developed an online application processing portal. This portal will help the application process, reduce errors and make the whole process more efficient. This email contains the link to submit your application and basic instructions.   SBA PPP Loan forgiveness Update. The SBA and the US Treasury have begun to finally start processing and making final decisions on SBA PPP loans as of 2 Oct 2020. Many banks in the US, including UBT, have been waiting to see if Congress was to take any additional action on streamlining the forgiveness process. Congress sadly did not act so the US Treasury and Banks have decided to move ahead with the forgiveness process as currently structured.      Process Basics - This is a 3 Step process: Step 1: Borrower submits the application to the bank via thought the banks application portal.   https://ubtmn.lenderscooperative.com Step 2: UBT will review the application, ensuring it is complete and recommend to the SBA a forgiveness decision based on the program criteria and submitted application. Step 3: The SBA will review the submitted application and recommended decision from the lender (UBT) and they can either agree with that recommended decision or change the decision. They have up to 90 days to review the application once it is submitted by the bank to the SBA.   To begin the SBA Loan Forgiveness Application process have the following information ready. Have your SBA Loan number and EIN number that was on the SBA PPP application ready as you will need this to start the process. Have payroll information, rent/mortgage payment information, utility information and any other documents you will be using for submitting the application. There will be a feature to upload these electronically as part of the application. Have the original number of employees that you used when you applied and the current number of employees. Other Notes If you received an EIDL loan/advance from the SBA please contact your banker at UBT. These loans if still outstanding at the start of the forgiveness process will be deducted from any forgiveness amounts that get approved. Let’s get started (Please use Google Chrome for your web browser - MS Explorer is not supported)   Click Here to Start the SBA Forgivness Application SBA PPP Loan Forgiveness Communication Process Once the loan has been reviewed by the bank, a recommendation has been developed on forgiveness and submitted to the SBA we will communicate that to you. Once the SBA has reviewed the application and the banks forgiveness application we will communicate that with you. While the SBA has up to 90 days for this process it is our expectation that this will be done within 30 days based on what we see developing at this time. If you have any additional questions you can always contact the bank and your lender that you worked with at the time of SBA PPP application. We welcome your questions (612) 379-3222.

Concerned about fraud? According to 2013 AFP Payments & Fraud Control study, 61% of companies experienced attempted or actual payments fraud. The typical loss due to payment fraud was $20,300. Union Bank & Trust is committed to offering convenient management solutions to our customers. We offer services to ensure that your account is protected against unauthorized presentments. For Checks – Our positive Pay service will match each item presented for payment against a list of items with date, amount and check number provided by you. You will receive notification of items that do not match any of the criteria so you can make an informed pay-no pay decision. For electronic presentments – ACH ALERT triggers a notification when an ACH debit is received for payment against your account enabling you to detect fraudulent entries immediately and return them instantly. You can also populate an “approved list” for authorized vendors so future debits do not trigger a notification. To learn more, contact us today.