Thursday, March 28, 2024

Jeremy Cowen

SBA announces Safe Harbor for PPP borrowers with loans of less than $2 million

The following comes courtesy the American Bankers Association: Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will be deemed …

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SBA announces Safe Harbor for PPP borrowers with loans for less than $2 million

The following comes courtesy the American Bankers Association: Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will be deemed …

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Week of May 11

In This Issue… OBA Annual Business Meeting set for May 19 EID loans now available to ag businesses affected by COVID-19 pandemic Information available detailing COVID-19-related frauds Thompson confirmed for eighth term as Oklahoma bank commissioner Check out OBA’s Strategic Members COVID-19 Resource page OBA education corner …

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PSAs on PPP available for local radio stations

Entering the weekend, the OBA sent out a news release to a number of Oklahoma radio stations, urging them to run enclosed public service announcements related to the Paycheck Protection Program.. We encourage our banks to send the news release to their own local radio stations as well, to increase the possibility of them being aired. If you have any …

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PPP loans to resume on Monday morning

Paycheck Protection Program loans will resume through the Small Business Administration’s E-Tran platform at 9:30 a.m. (CDT) Monday. President Trump signed a bill earlier today appropriating more than $320 billion for the PPP. Of this, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets. …

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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 …

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Executive News: Nightmare on main street

There I was, minding my own business, with thoughts of the upcoming anniversary of my heart attack. Happy thoughts they were because I was so very blessed to have survived it. That memory brought back feelings of gratitude and praise that I lived to celebrate my 74th birthday. It was the best one ever, as you might imagine. Now I’m …

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Implementing the CARES Act – successes, frustrations

We’re almost a week into the process of implementing the CARES Act, and still there seem to be more questions than answers. “We have been trying to keep our member banks up to date on various aspects of the PPP (Paycheck Protection Program),” said Adrian Beverage, OBA’s chief of staff. “It just seems like once we think we have an …

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Treasury updates FAQs on PPP

Woman using mobile phone

The Treasury Department recently updated its frequently asked questions on the Small Business Administration’s Paycheck Protection Program to address several questions raised by bankers. You can download the FAQs by clicking here.  

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