News

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 2020 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.

Many bankers have asked where they can find their SBA Code/Authorization code. The SBA has just confirmed that the “Authorization Code” is the local SBA District Office Code. The SBA Office Code for the Oklahoma District Office is 0680.

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 heard from bankers interested in serving as chairperson of the Emerging Leaders Division. This position was open to any OBA Emerging Leaders who are currently enrolled in OBA Emerging Leaders Academy or had previously graduated from an OBA Leadership Academy. The Emerging Leaders chair will serve a two-year term and will work closely with OBA staff to continue …

The OBA just received word the PPP system is temporarliy down to make system upgrades. We are told it will be back up soon; however, we do not know an exact time frame. Keep sending us (roger@oba.com; adrian@oba.com) questions about any issues that are making it difficult to participate in the PPP and we’ll do our very best to get …

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 …

There have been many questions regarding participation of faith-based organizations in the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL). Click here to view an SBA document addressing frequently asked questions.

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 …