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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 …
April 2020
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April 24, 2020
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. …
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April 23, 2020
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 …
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April 23, 2020
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 …
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April 22, 2020
April 2020 OBA Legal Briefs
Coronavirus and Assisting Customers Modify Policies—COVID-19 addendums Assisting borrowers New loans Loans past due or about to be Limits on fee, penalties and interest Regulatory reporting Credit bureau reporting Coronavirus and Assisting Customers By Andy Zavoina (with Pauli Loeffler) There is a risk balance that banks must follow so that in six months or at your next exam, you will …
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April 21, 2020
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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April 21, 2020
Community Bank Solutions
We have over 50 years of operational experience and a large inventory of operations procedures and policies as well as Board Policies. Our experience ranges from: Project Management, Resource Manuals for all Operational areas Teller Universal Banker/CSR Loan Ops Branch Manager Safe Deposit Box Credit Administration Debit Card Procesures And …
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April 16, 2020
Call Congress now; urge additional PPP funding
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, …
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April 16, 2020
PPP funds depleted; talking points for bankers to customers
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 …
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April 15, 2020
SBA to stop accepting PPP applications once $349B limit reached
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 …