Wednesday, October 20, 2021

Week of Jan. 18

In This Issue…

SBA issues FAQs on revenue reduction, max loan amount calculations for second-draw PPP loans

With the Paycheck Protection Program portal reopening for all lenders this morning, the Small Business Administration today issued a set of frequently asked questions that address how to calculate revenue reduction and maximum loan amounts for second-draw PPP loans, as well as the documents borrowers must provide to back up these calculations.

Second-draw loans are available for borrowers with 300 or fewer employees that experienced a 25% or greater revenue drop in 2020 compared to 2019 and that have used or intend to use the full amount of their first-draw PPP loan by the time they receive their second draw loan.

Click here to read the FAQs.

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New resources available for reopening of PPP

Bankers Alliance has created a list of tools and events they are offering to all interested in the PPP, regardless of membership status. Below are more details.

Tools:

  • Interim Final Rule for PPP Second Round
  • SBA Procedural Notice: Modification of Forms 3506, 3507 and 750 CA (for purposes of PPP only)
  • SBA Procedural Notice: Repeal of EIDL Advance Deduction Requirement for SBA Loan Forgiveness Remittances to PPP Lenders
  • Paycheck Protection Program Tracker
  • IFR #25 Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by the Economic Aid Act

Events:

Bankers Alliance will be hosting a live PPP Huddle on Jan. 20, 2021, at 2:30 p.m. CT. All members are welcome to join to get answers to PPP questions you may have.

Find this event registration and tools here.

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Review your bank’s information for OBA directory

The Oklahoma Bankers Association Directory of Banks is again being produced this year by NFR Communications (formerly BankNews Media). To best serve you, we want to include the most up-to-date and accurate information about your bank, your branches and your staff. However, we need your help.

To ensure we are using the most accurate information, please follow the instructions provided in the letter that was mailed to your bank last week by NFR Communications. Please review and revise as necessary the financial directory listing for your holding company, your main bank and your branches. You can also use the login information that was included in the letter to update your listing online or, if needed, download a new form.

Completed forms may be returned by email to directories@nfrcom.com or faxed to 913-261-7010. Please update the information no later than Feb. 10, 2021.

We appreciate your help in making the 2021 Edition of the Oklahoma Bankers Association Directory of Banks a success.

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2021 OBA college scholarship available

Each year, the Oklahoma Bankers Association awards a $1,000 scholarship to an incoming freshman who has a parent, grandparent, sibling or spouse who is a Professional Member of the Association.

The student must enroll in an accredited Oklahoma institution of higher education. The applicant must also be graduating from an Oklahoma high school. A panel of bankers will select the winning applicant.

Click here to access the application for the 2021 scholarship. Applications are due April 16, 2021.

Questions? Contact Megan McGuire at our office at 405-424-5252 or by email at megan@oba.com.

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OBA education corner …

New year, new events! Check out the OBA education corner to see what events are lined up for the beginning of 2021.

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.

  • 2021 Compliance Update, Jan. 26, Tulsa, Jan. 28, Oklahoma City — The 2021 Compliance Updates will provide a review of issues and concerns facing every bank’s compliance team. The sessions will focus on “hot” topics, trends, and areas that may need more emphasis. Common compliance mistakes also will be covered.
  • The Right of Setoff, webinar, Jan. 27 — Do you know when the right of setoff is allowed and when it isn’t? Do you know if your financial institution has a statutory or contractual right of setoff? Do you understand the financial risks of using your setoff rights incorrectly? If you don’t know the answers to these questions, make sure to attend this valuable webinar.
  • State of HDMA in 2021webinar, Feb. 1 — In this webinar we’ll review all the pain points of HMDA, including for action taken and various of the data points.
  • Top Ten Loan Documentation Mistakes and How to Avoid Them, webinar, Feb. 4 — This webinar draws upon the speaker’s 25 plus years of teaching loan documentation and practicing law. Experienced bankers will benefit from confirmation of knowing “the right thing to do.” New lenders will learn to avoid the most frequent exceptions and loss-causing mistakes.
  • 2021 Intermediate Banking School, Session 1, Oklahoma City, Feb. 1-5 — Presented in two sessions, the school is designed to prepare students to serve effectively and profitably the needs and desires of their banks and the banking public. A major objective of the program is to instill an appreciation for and an understanding of the operations and interrelationships of departments within a bank.
  • 2021 Intro to Consumer Lending, Feb. 10, Tulsa, Feb. 11, Oklahoma City — The seminar will cover the basics of consumer lending including the consumer loan function, marketing consumer loans, and making consumer lending decisions based on the five (5) C’s of credit- capacity, capital, collateral, conditions, and character.

Also, the Graduate School of Banking at Madison, Wisconsin, is offering a couple of scholarships for the 2021 school year to a pair of its schools. GSB-Madison plans to award both the HR School scholarship and the Graduate Banking School scholarship in the coming months. Here’s additional info:

  • HR Virtual School Scholarship — $700
    • The school will start April 12 and will be presented over a two-week time frame.
    • Application due: Feb. 12.
  • Prochnow Scholarship — $1,500 for each of 3 years
    • GSB is held Aug 1-13.
    • Must be entering the first year at GSB and plan to attend three years.
    • Application due: March 19.

If you have any questions, contact Janis Reeser at the OBA.

One education program, in particular, to be aware of is the OBA Intern Program. The Intern Program will again be active in 2021 and we’re looking for participating banks! For more information on this IMPORTANT program – important not only to aspiring students, but also to participating banks – Contact the OBA education department at (405) 424-5252 or click here for more information!

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