News

As you know, the SBA today officially announced that it has exhausted its $349 billion in Paycheck Protection Program funding. Since Oklahoma bankers know better than most how critically important it is for Congress to authorize additional funds for this program, we urge you to make a direct appeal to congressional leadership. Senate Majority Leader McConnell, Senate Minority Leader Schumer, …

As of the morning of April 16, the funds for the Paycheck Protection Program have been depleted. While we expect Congress to appropriate more funds for the PPP soon, in the meantime the Small Business Administration and Treasury Department will not be processing any more loan requests through the PPP. “There is currently a bill being discussed in congress that …

Breaking news from the ABA: The Small Business Administration will stop accepting applications for Paycheck Protection Program loans once the processed loan volume reaches the $349 billion level authorized by the CARES Act, the SBA said in a communication to stakeholders tonight. Once that point is reached “in the near future,” SBA said, “lenders will no longer be able to …

OKLAHOMA CITY — Oklahoma banks have worked around the clock since the Paycheck Protection Program was unveiled less than two weeks ago, helping disburse BILLIONS 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 26,451 loans worth $4.01 billion since the …

There I was, minding my own business, with thoughts of the upcoming anniversary of my heart attack. Happy thoughts they were because I was so very blessed to have survived it. That memory brought back feelings of gratitude and praise that I lived to celebrate my 74th birthday. It was the best one ever, as you might imagine. Now I’m …

We’re almost a week into the process of implementing the CARES Act, and still there seem to be more questions than answers. “We have been trying to keep our member banks up to date on various aspects of the PPP (Paycheck Protection Program),” said Adrian Beverage, OBA’s chief of staff. “It just seems like once we think we have an …

Agency also clarifies bank director, shareholder eligibility for PPP loans‌ Breaking news from the ABA: With independent contractors and the self-employed now applying for Paycheck Protection Program loans, the Small Business Administration today issued an interim final rule clarifying eligibility and application processes for these individuals. The rule clarifies that self-employed individuals who filed Schedule C with their federal income …

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 …

The following question was asked: Please provide guidance on how to proceed with directors of banks receiving PPP loans under Reg O. Here is the response from the SBA: 13 CFR 120.110(a)(15) (currently 120.110(0)) – prohibiting loans to businesses in which the Lender or CDC, or any of its Associates owns an equity interest. The business is eligible but it …

The following question was asked: Please provide guidance on how to proceed with directors of banks receiving PPP loans under Reg O. Here is the response from the SBA: 13 CFR 120.110(a)(15) (currently 120.110(0)) – prohibiting loans to businesses in which the Lender or CDC, or any of its Associates owns an equity interest. The business is eligible but it …