Thursday, November 26, 2020

Oklahoma banks tally large amounts of help for businesses after (first round of?) Paycheck Protection Program

With the depletion of the Paycheck Protection Program funds on April 16, Oklahoma banks ended up handling TENS OF THOUSANDS of loans to the state’s small businesses worth BILLIONS of dollars through the Program.

According to the Department of the Treasury, Oklahoma banks as of when the funds were exhausted on April 16, had funded 35,557 loans worth $4.61 billion since the PPP was opened on April 3.

Oklahoma banks don’t want the aid to the state’s businesses to end there, however. Banks and bankers associations across the country are urging Congress to do a second round of the Program.

“There is currently a bill being discussed in Congress that would add additional funds to the program,” OBA Executive Vice President/Government Relations Adrian Beverage said. “With the initial amount appropriated now being gone, there will be tremendous pressure on Congress to get the additional funding approved. There are still millions of small businesses, independent contractors and sole proprietors needing help and Oklahoma banks want to be there to help them.”

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.