SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Under SBA’s interim final rule on disbursements, posted April 28, 2020, lenders must disburse PPP loans within 10 calendar days of loan approval; a loan is considered approved when the loan is assigned a loan number by SBA. That interim final rule also provides that loans …

The following comes courtesy the American Bankers Association: The Small Business Administration and Treasury Department this evening released the application that borrowers must complete in order to have their Paycheck Protection Program loan forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. SBA announced several measures intended to reduce …

Payments from the SBA are remitted by a third-party intermediary named Colson Services, which is a subsidiary of BNY Mellon and currently performs the function of fiscal transfer agent for the SBA. We are hearing word the 1502 Dashboard maintained by Colson Services could be available as soon as Friday, May 15. You can visit the website by going here: …

Unemployment fraud is surging in many forms, as reported by bankers statewide. It is critical each bank know of and respond to each version as it hits. Toward that end, OBA will try to keep you apprised as we learn of new issues as each is time sensitive. The first such scenario defines an issue facing the State of Washington, …

OPPORTUNITY TO FREEZE FEES AMID STRONG DEMAND FOR NEXT GSB SESSION   Madison, Wis. — As recently as March, enrollment in the Graduate School of Banking at the University of Wisconsin-Madison was running at a 10-year high. Then, just weeks later, the 2020 session was cancelled due to circumstances around the pandemic. Students who’d previously enrolled were moved to the …

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 …

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 …

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 …

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 …

Oklahoma banks have worked around the clock since the second round of the Paycheck Protection Program was opened early last week, helping disburse MILLIONS 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 20,919 loans worth more than $877 million in …