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Breaking news from the ABA: The Small Business Administration and the Treasury Department last night updated their Paycheck Protection Program FAQ document to address a question many lenders faced related to closing loans. SBA and Treasury clarified that lenders do not need a separate SBA authorization document prior to issuing a PPP loan. ‌Instead, lenders must have executed SBA Form …

Breaking news from the ABA: Newly added FAQs from the Small Business Administration and the Treasury Department today address two challenges with the Paycheck Protection Program that ABA and the state bankers associations have been urgently raising with officials: the promissory note to use with PPP loans and the expectation for a five-day period between loan approval and funding. Regarding …

The Treasury Department recently updated its frequently asked questions on the Small Business Administration’s Paycheck Protection Program to address several questions raised by bankers. You can download the FAQs by clicking here.  

The OBA just got off the phone with Treasury Secretary Steve Mnuchin. He said directly: 1. Setting up this program has taken a monumental effort on the part of Treasury and the SBA. 2. More than 1,200 banks are already in the program and making PPP loans now. 3. Bank directors ARE ELIGIBLE to participate in the PPP process! It …

OKLAHOMA CITY — With the COVID-19 pandemic impacting communities and businesses across the state, Oklahoma banks are focused on helping as much as they can. The Paycheck Protection Program will offer some relief to small businesses in Oklahoma as it launches on Friday, April 3. Oklahoma bankers, however, do ask for patience from the public as the program begins. Financial …

The 202o OBA Convention planned for May 18-20, 2020 has been postponed in order to protect the health and well-being of our attendees and speakers. We are working our hardest to reschedule the event and updates will be provided as they become available. Thank you for your understanding and please do not hesitate to reach out with questions.

Who can get a loan? Businesses, including self-employed and independent contractors, nonprofits (501 C3), veterans’ organizations (501 C19) and tribal business concerns with less than 500 employees. Where do I apply? Any federally insured depository (bank or credit union). How much can I borrow? Up to $10 million but not more than 2.5 times average monthly payroll. How much will …

(As of March 25, 2020) COVID-19 continues to take its toll as it impacts communities in Oklahoma and across the country, and America’s banks are helping to  lead the way and taking steps to respond to the needs of individuals and small business owners directly affected. Note: This support will vary by institution and the customer’s specific circumstances. As a customer, …

COVID-19 is causing many concerns with consumers, but access to your money shouldn’t be one of them. Here are the top five things you need to know about your money and banks under “Safer At Home.” 1. You have continued access to your funds and bank services. Banks are considered an essential service which means you continue to have access …

Business continuity planning during pandemics must include compliance considerations at every level and in every department of the bank—the current COVID-19 crisis is no different. Compliance Alliance developed these tools for all banks across the United States – regardless of membership – for the challenging weeks ahead. Here are the bank pandemic planning tools: COVID-19 Essential Critical Infrastructure Worker Credential …