In This Issue…
- Urge Senate to simplify forgiveness for PPP loans at, below $150,000
- Second phase of Oklahoma Business Relief Program closed quickly
- Oklahoma Bankers Hall of Fame taking nominations for 2020 inductees – deadline is Wednesday!
- OBA education corner …
Urge Senate to simplify forgiveness for PPP loans at, below $150,000
Since April 3, bankers across the country have assisted small businesses in their communities by providing loans through the Small Business Administration’s Paycheck Protection Program.
To date, small businesses have received more than 4.8 million loans through the program. As the Paycheck Protection Program enters the forgiveness phase, the process should be easy, simple and less technical for small business owners who borrowed $150k or less, which account for 86% of all PPP loans.
Ask your senators to support legislation to expedite the forgiveness process for most borrowers who received loans through the PPP.
Here’s a sample letter you can use to put on your bank’s letterhead:
I support S. 4117 and I’m asking you to co-sponsor this bill. The bill deals with the Small Business Administration’s Paycheck Protection Program and will help small businesses across Oklahoma by expediting the forgiveness process for most PPP borrowers.
The past several months have been unlike anything we have ever experienced, and it will be months before we fully recover from the health and economic shock caused by the COVID-19 pandemic. Small businesses across our state are doing everything they can to withstand the economic impact of this unprecedented pandemic, and it’s taken a toll on small business owners and their employees.
When Congress enacted the PPP, the goal was to help our country’s small business owners meet the challenges of the COVID-19 pandemic, keep their businesses open, pay their employees and serve their communities. More than 4.8 million loans have been disbursed to date, and more than 62,000 of those loans are in Oklahoma.
Eighty-six percent of PPP borrowers received loans of $150,000 and less. But these loans account for fewer than 27% of total PPP loan dollars. Right now we’re stuck at the beginning of the forgiveness phase. I’m asking you to help ensure that the forgiveness process is easy, simple and less technical for these small business owners who are still trying to figure out how to survive the economic impact of the coronavirus shutdown while we struggle to reopen our economy.
I’m asking for your support because our state’s small businesses need your help.
Instead of asking the smallest and most vulnerable of PPP borrowers to process burdensome paperwork, S. 4117 will simplify the forgiveness process as it was originally envisioned by Congress. Borrowers will be required to complete a simple, one-page form attesting that they used the funds according to the PPP loan requirements.
To help small businesses succeed in this pandemic, I’m asking you to help them by eliminating the unnecessarily complicated paperwork that’s being required by the SBA.
Second phase of Oklahoma Business Relief Program closed quickly
The Oklahoma Department of Commerce announced a second phase of the Oklahoma Business Relief Program, which began this morning, but ended less than an hour later.
Another $50 million had been designated for use in the Program, but was almost immediately depleted, forcing the Program to shut down again before 9 a.m. today.
Developed to help local businesses across the state overcome the economic challenges of COVID-19, the Oklahoma Business Relief Program offered vital funding for businesses that have suffered revenue loss due to the pandemic. The Program began on June 29 and lasted until the initial $50 million was depleted a few days later.
The OBA is the process of gaining comments and questions from bankers concerning the program. If you have anything you’d like to contribute, please email the OBA’s Adrian Beverage at email@example.com.
Oklahoma Bankers Hall of Fame taking nominations for 2020 inductees – deadline is Wednesday!
The OBA will be taking nominations for 2020 Oklahoma Bankers Hall of Fame inductees through Wednesday.
The Hall of Fame was created by the OBA Board of Directors to honor individual bankers for their contributions to the banking industry and the State of Oklahoma.
In addition, the Hall of Fame is intended to recognize bankers’ achievements on behalf of the Association’s member banks.
- Oklahoma Bankers Hall of Fame overview.
- Oklahoma Bankers Hall of Fame nomination instructions.
- Oklahoma Bankers Hall of Fame nomination form.
Bankers make a difference in their communities every day. To rise to the level required for induction into the Hall of Fame, the nominating committee for the Hall will examine whether the individual banker has made a difference beyond their local community. The Hall of Fame will also preserve the unique history of Oklahoma’s banking greats.
The following criteria will be considered by the nominating committee when selecting individuals to be nominated for selection to the Hall of Fame:
- Affiliation (past or present) with an Association member bank.
- Service on boards or committees of the Association.
- Participation in the activities of banker trade associations at the national level, such as the American Bankers Association and Independent Community Bankers of America.
- Contributions to the development, improvement and growth of the banking industry in Oklahoma.
Whether the individual has had a significant impact on the manner in which financial services are provided to consumers.
- The individual has demonstrated the importance of community involvement and participation in the work of various community groups at the local, state and national levels.
- The number of years of service to the state and the industry.
Nominations for induction into the Oklahoma Bankers Hall of Fame may be made by any bank employee of an OBA-member bank. There is no limit on the number of nominees that can be presented to the nominating committee in any given year. Nominees may be either living or deceased.
Nomination forms are available by clicking here and can also be obtained by calling the Association (405/424-5252) or emailing firstname.lastname@example.org. Anyone who was on the ballot previously but not elected will automatically be included with applications received this year for ballot selection by the Nominating Committee. They don’t need to do anything but are welcome to ‘update’ their application if they’d like. The application and other helpful information are available on our website.
Note: The deadline for receipt of applications is Wednesday, July 15, 2020.
OBA education corner …
While live events and seminars are few and far between during the summer, the OBA’s education department has plenty of webinars lined up. You can download a flyer highlighting upcoming webinars by clicking here, or just peruse below for those coming soon!
NOTE: Effective March 16, and until further notice, TTS (our webinar provider) has extended the OnDemand access period for all ‘Live Plus Five (Days)’ registrants to 60 days (versus five business days). Also, they are waiving the $75 per location fee for additional locations
- Beyond Reg. H: Thinking Outside Of The Box, July 21, webinar — We’ll take you on a journey through the requirements and offer some thought-provoking ideas on rethinking and going beyond the regulations.
- Rise Of Fintech In Consumer Loans, July 21, webinar — Learn how taking an allied partnership approach with the right fintech lender can improve your customer experience and add organizational value in a post COVID-19 world.
- The Fair Debt Collection Practices Act: Then And Now, July 22, webinar — Any person actively involved in the collection of debts owed to a financial institution would benefit from the information covered during this session.
- 25 Overdraft Privileges And How To Avoid Them, July 22, webinar — This program is designed to update you and help you complete an ODP checkup on your program before the examiners get there.
- 25 Questions Customers Ask About Business Accounts, July 23, webinar — This program will address 25 different questions your account holders might ask on their business accounts and the correct answers.
- Opening Minor Accounts, July 28, webinar — You will be challenged to look at old practices, how to handle checks, when to give access and so much more in this information packed program.
- Credit Analysis Basics, Aug. 19, webinar — We will cover the basics of the three main areas of lending- consumer, mortgage, and commercial lending. Each of the three areas will be illustrated with real-life case studies.
- 2020 OBA Compliance School, Aug. 24-28, Oklahoma City — Students will return to their banks equipped to deal with compliance regulations that impact lending practices and deposit functions as well as other related federal and state laws and regulations.
- 2020 OBA Basic Banking School, Sept. 14-17, Oklahoma City — The school is designed to introduce students to basic banking concepts as they relate to the overall functioning of a bank.