Thursday, October 21, 2021

Cami ten Napel

SBA releases additional PPP guidance

The SBA just released additional guidance on the PPP. Regarding calculating the maximum loan amounts for first-draw PPP loans and what documentation is required for different types of businesses … “The U.S. government will not challenge lender PPP actions that conform to this guidance and to the PPP Interim Final Rules and any subsequent rulemaking in effect at the time …

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SBA expected to open PPP to small banks on Jan. 15

American Banker reported that the Small Business Administration is expected to grant more small lenders access to the Paycheck Protection Program portal on Friday. The SBA and the Treasury Department, which are administering the program, will allow participants with less than $1 billion of assets to process new and second draw applications in two days (Jan. 15), an SBA spokesman …

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SBA releases technical information for PPP system

The SBA released technical information tonight that lenders will need to access the updated Paycheck Protection Program loan portal system. The portal opens Monday but only for “community financial institutions,” which mean CDFIs, MDIs, certified development companies and microloan intermediaries. The first part released tonight contains information regarding API technical information. The second part is the SBA Paycheck Protection Platform …

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PPP to open for First Draw loans on monday

Earlier this morning, the Small Business Administration and U.S. Treasury announced the Paycheck Protection Program will re-open next week for new and existing borrowers. Initially, only community financial institutions will be able to make First Draw PPP Loans on Monday, Jan. 11, and Second Draw PPP Loans on Wednesday, Jan. 13. The PPP will open to all participating lenders shortly …

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Common questions answered about PPP reopening

Here are additional details from the SBA’s Dustin Allen regarding the Paycheck Protection Program reopening set for next week. 1. There hasn’t been an application released yet for either of the new PPP loan options. We know there will be one released for the Second Draw PPP loans due to the program changes. We are waiting on further guidance on …

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Details, rules released for upcoming PPP launch

The Small Business Administration and U.S. Treasury late last night released initial guidance documents for the upcoming next round of the Paycheck Protection Program. Community financial institutions will be able to submit loan applications for the PPP for at least two days before other lenders. Unfortunately, however, the SBA did NOT set a date on which it will reopen the …

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Week of Jan. 4

In This Issue… IRS: ‘Get My Payments’ portal now live COVID mitigation efforts being examined in banks? Dates changed for 2021 OBA Senior Management Forum Nondeductible portion of OBA dues calculated OBA education corner … IRS: ‘Get My Payments’ portal now live Monday, the Internal Revenue Service announced the Get My Payments portal – available in English and Spanish – …

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Adrian Beverage named successor to president/CEO of Oklahoma Bankers Association

The Oklahoma Bankers Association announced Thursday that, after a nationwide executive search, Adrian Beverage has been chosen as its next president and CEO, effective May 1, 2021. “With our partners at Schnake Turnbo Frank, our 10-member succession committee conducted an objective, dynamic process to select the next president and CEO of the OBA,” said Rick Walker, chairman of the OBA …

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Associations working to clarify frontline bank employees’ position in COVID-19 vaccination queue

This morning, the Alliance of State Bankers Associations, working through and with the ABA, received news about COVID-19 vaccination priorities. “Earlier today the Center for Disease Control and Advisory Committee on Immunization Practices voted on the prioritization of those who will receive the COVID-19 vaccine in Phases 1b and 1c,” said Adrian Beverage, OBA’s incoming president & CEO. “Two changes …

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Compliance Alliance releases action plan for SolarWinds issue

The Compliance Alliance has released an action plan in response to the cyberattacks that have compromised SolarWinds’ Orion Network Management Products and, thus, has posed a possible risk to the security of banks. The SolarWinds Data Breach Action Plan, from Compliance Alliance, can be downloaded by clicking here (.pdf).

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