OKBanker Direct

June 2020

• 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 …

April 2020

• April 26, 2020

  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 …
• 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 …
• 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 …