Frustration – this is the first word we hear from businesses who have attempted to apply for a Paycheck Protection Program.
Bank OZK has introduced one of the better application portals we have seen to date (available at this link).
The loan process will no doubt continue to be frustrating. BankOZK should nonetheless be acknowledged for their efforts to make applying for a PPP loan easier.
In addition to the portal, Bank OZK has provided the following guidance:
- The bank does not require Operating Agreements/By-laws for 100% sole owners!
- The banks existing business customers will be able to apply through our portal and upload the required documents.
- If you have sent the application and supporting documents to a bank via email, you will still need to complete the info screens through the portal and upload the requested documents. The bank cannot complete this on your behalf. This will help applications be processed at a much faster pace. Any documents previously sent are being stored as “backup”.
- If you are not an existing business customer, you may open an account with a local branch. Once your account has cleared due diligence (24-48 hrs), you will be able to apply. If you recently opened an account, confirm with your retail banking partner the status of your account.
- Businesses with multiple owners (more than one, no matter what the %) will be required to upload their organizational documents (Recorded Articles, Operating Agreement/By-laws, Certificate of Good Standing/Certificate of Status).
- Other documents to upload:
- SBA Form 2483 (04/20) application form – (attached, must be this version),
- Copy of ID
- Payroll validation (supporting the 12 mo average amount you entered on the application),
- Addendums A & B if required per the SBA Form 2483.
- More documentation may be required.
- Processes are still evolving and certain circumstances may warrant additional info. Again, documents must be uploaded by you. The Bank cannot upload these documents even though we may have them on file.
- Please take your time on the application. It should not take long, but the more accurate and more complete information we have, the quicker we can process!
- Once your application is reviewed, a customer care representative may reach out to you if application is incomplete. Please make best effort to upload all required documents to prevent delays. You will need to use Docu-sign to complete once the loan is approved.