Oklahoma banks have worked around the clock since the second round of the Paycheck Protection Program was opened early last week, helping disburse MILLIONS of dollars and TENS OF THOUSANDS of loans to the state’s small businesses. According to the Department of the Treasury, Oklahoma banks, as of Tuesday, had already funded 20,919 loans worth more than $877 million in …
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SBA to reserve time for lenders with fewer than $1 billion assets today; also highlights new PPP interim rule, changes to Connect Portal
The following comes courtesy the American Bankers Association: The Small Business Administration announced this afternoon it will reserve an eight-hour block of time for lenders with fewer than $1 billion in assets to submit Paycheck Protection Program loan applications to SBA. This window will run from 3 p.m. CDT through 10:59 p.m. CDT today. In a message to lenders, SBA …
Read More »SBA clarifies PPP’s 10-day disbursement window, fee payments
The Small Business Administration last night issued an interim final rule providing clarity on the 10-day loan disbursement requirement under the Paycheck Protection Program, as well as the filing required to receive the lender processing fee. Moving forward, lenders must make a full, one-time disbursement of PPP loan funds within 10 calendar days of the loan being approved—that is, when …
Read More »SBA announces measures aimed at smoothing operations ahead of PPP restart
Breaking news from the ABA: With the U.S. Small Business Administration expecting a high volume of Paycheck Protection Program loan applications when the E-Tran system reopens at 9:30 a.m. tomorrow, SBA today notified lenders of several steps it will take to ensure the smooth operation of the program, including pacing the number of loans processed once the system reopens. Acknowledging …
Read More »OBA President/CEO Roger Beverage addresses concern for the PPP
MEMORANDUM TO: All OBA Chairmen, Presidents, CEOs and CFOs RE: Good Faith Certification Good afternoon: Some additional guidance was released by the Treasury Department this week, and I found it very troubling. Here’s why. Question #31 was added to the Treasury’s list of FAQs last Thursday. You may recall that there has been some controversy about whether large organizations, like …
Read More »SBA issues guidance on calculating max PPP loan size
Breaking news from the ABA: With the Small Business Administration reopening its E-Tran system for Paycheck Protection Program applications on Monday morning, SBA last night issued guidance to help borrowers and lenders calculate and document the maximum PPP loan amount a business may be eligible for. The guidance covers several situations about which lenders have sought clarity. The guidance addresses …
Read More »PPP loans to resume on Monday morning
Paycheck Protection Program loans will resume through the Small Business Administration’s E-Tran platform at 9:30 a.m. (CDT) Monday. President Trump signed a bill earlier today appropriating more than $320 billion for the PPP. Of this, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets. …
Read More »House approves additional PPP funds, President to sign imminently
Breaking news from the ABA: By a strong bipartisan vote this evening, the House cleared legislation providing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The Senate passed the bill earlier this week, and President Trump is expected to sign it shortly. Of the more than $320 billion appropriated for PPP loans, a …
Read More »Preparing for round two of the PPP
Breaking news from the ABA: The House is expected this afternoon to approve the bill providing an additional $320 billion in funding for the SBA’s Paycheck Protection Program. The president will sign it expeditiously, and the Treasury has said it will work to get the appropriation to SBA ASAP. We therefore expect the E-Tran system to be reopened as early …
Read More »Senate clears $320B in additional funding for Paycheck Protection Program
Breaking news from the ABA: After bipartisan negotiations, the Senate this afternoon unanimously passed legislation to provide more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The House must now approve the bill, which it is expected to do in a floor vote later this week. Of the more than $320 billion appropriated for …
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