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In updates to its list of Frequently Asked Questions, the Small Business Administration said it will grant a seven-day extension to the safe harbor for firms that have access to other sources of capital to repay PPP loans. Borrowers that applied for a PPP loan prior to April 24, 2020, and that repay the loan in full by May 14, …

We received an email notice from the SBA recently asking us to spread the word that they are looking to hire a large number of people who are experienced bankers, or who have accounting or finance experience. The agency is looking for temporary employees for a period of 2-6 months. During those 2-6 months, it would be a full-time position, …

Banks in Oklahoma have responded to #COVID19 by standing by communities and serving as a critical delivery system for government relief. The most gratifying response has come from customers. See more ways #AmericasBanks are helping: https://bit.ly/2X31zlU #OKBanksAreHelping

SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Under SBA’s interim final rule on disbursements, posted April 28, 2020, lenders must disburse PPP loans within 10 calendar days of loan approval; a loan is considered approved when the loan is assigned a loan number by SBA. That interim final rule also provides that loans …

In This Issue… OBA Annual Business Meeting set for Tuesday Banks return to offices, facilities Check out OBA’s Strategic Members COVID-19 Resource page OBA education corner …

The following comes courtesy the American Bankers Association: The Small Business Administration and Treasury Department this evening released the application that borrowers must complete in order to have their Paycheck Protection Program loan forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. SBA announced several measures intended to reduce …

Payments from the SBA are remitted by a third-party intermediary named Colson Services, which is a subsidiary of BNY Mellon and currently performs the function of fiscal transfer agent for the SBA. We are hearing word the 1502 Dashboard maintained by Colson Services could be available as soon as Friday, May 15. You can visit the website by going here: …

The following comes courtesy the American Bankers Association: Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will be deemed …

The following comes courtesy the American Bankers Association: Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will be deemed …

In This Issue… OBA Annual Business Meeting set for May 19 EID loans now available to ag businesses affected by COVID-19 pandemic Information available detailing COVID-19-related frauds Thompson confirmed for eighth term as Oklahoma bank commissioner Check out OBA’s Strategic Members COVID-19 Resource page OBA education corner …