OKBanker Direct

June 2020

• June 11, 2020

  SBA, Treasury issue guidance on PPP flexibility, new application form for borrowers

  The following information comes courtesy the ABA: As expected, the Small Business Administration and Treasury Department late last night (June 10) released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act. SBA also published updated, streamlined application forms for borrowers and lenders to use for loans made on or after June 5, …
• June 4, 2020

  Bipartisan letter urged Senate to pass PPP Flexibility Act

  Bankers garnered a strong bipartisan group of U.S. representatives to co-sign a letter urging senators to approve the PPP Flexibility Act prior to its passage on Wednesday. Oklahoma fifth district representative, Kendra Horn, was one of the co-signers of the letter, which reached the Senate shortly before it passed the bill via voice vote. We’d like to thank Rep. Horn …
• June 3, 2020

  Senate passes PPP Flexibility Act

  The Senate passed legislation this afternoon to help businesses get their Paycheck Protection Program loans forgiven and lengthening the time they have to use the funds. You can read more about the details of the bill in the OK Banker Direct sent on May 28 after the bill passed the U.S. House of Representatives. https://www.oba.com/2020/05/28/house-passes-ppp-flexibility-act/ The bill passed by voice …
• June 1, 2020

  OBA partners with State Election Board to aid absentee voters

  The Oklahoma Bankers Association, along with the Community Bankers of Oklahoma and the Oklahoma Credit Union Association, is partnering with the State Election Board to encourage the state’s financial institutions to aid absentee voters this election season. The OBA is asking its banks to provide one or more of the following services for free to absentee voters this year: • …

May 2020

• May 28, 2020

  House passes PPP Flexibility Act

  The U.S. House of Representatives approved this afternoon new legislation to simplify businesses having their Paycheck Protection Program loans forgiven and lengthening the time they have to use the funds. The bill would extend the forgiveness period for PPP loans from eight to 24 weeks and reduce payroll spending requirements from 75% of loan funds, to 60%. The House passed …
• May 19, 2020

  SBA releases more information on Form 1502 for PPP loan

  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 …
• May 15, 2020

  SBA releases borrower application, instructions for PPP loan forgiveness

  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 …
• May 14, 2020

  Information regarding Colson Services …

  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: …
• May 13, 2020

  SBA announces Safe Harbor for PPP borrowers with loans for less than $2 million

  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 …
• May 11, 2020

  PSAs on PPP available for local radio stations

  Entering the weekend, the OBA sent out a news release to a number of Oklahoma radio stations, urging them to run enclosed public service announcements related to the Paycheck Protection Program.. We encourage our banks to send the news release to their own local radio stations as well, to increase the possibility of them being aired. If you have any …