Tuesday, November 24, 2020

Oklahoma banks disburse BILLIONS through Paycheck Protection Program

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 PPP was opened on April 3.

“No question about it: Oklahoma banks are helping, just like banks in every state,” Oklahoma Bankers Association President and CEO Roger Beverage said. “It hasn’t been flawless but banks are making a HUGE difference and are on the front lines of this economic crisis in our nation and state.”

The PPP, which is part of the $2 trillion economic stimulus package passed by the federal government late last month, allocated up to $350 billion in forgivable loans to help small businesses maintain payrolls during the COVID-19 pandemic. The Program went live on Friday, April 3, for businesses and Friday, April 10, for independent contractors and self-employed individuals.

“The rollout hasn’t been without its bumps as our banks want to make sure they follow guidelines and best practices for the Program, but also not be a bottleneck to those small businesses in the state that desperately need it,” OBA Executive Vice President/Government Relations Adrian Beverage said. “But we are beyond ecstatic at where we are now in banks helping our state’s small businesses and individuals get what they need to survive these difficult times.”