Tuesday, December 1, 2020

Megan McGuire

Contact your senators: Ask them to co-sponsor PPP forgiveness bill

In last week’s OBA Update, we asked our bankers to contact Sen. Inhofe and Sen. Lankford to sign-on as co-sponsors to S. 4117. This bill would all small business that received PPP loans less than $150,000 to have blanket forgiveness. Loans of this size account for 86% of all PPP loans, but the total dollar amount of these loans make …

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Recording of fraud webinar with OBA’s Elaine Dodd available

The OBA’s Elaine Dodd conducted a banking fraud webinar in partnership with the Oklahoma Insurance Department and AARP Oklahoma as a part of the series, Hoodwinked: A Fraud Conference. Topics covered included: credit/debit cards, checking/savings, money mules, social engineering, sim swapping and pandemic scams. Bankers and/or customers should click here to view the webinar recording.

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Week of July 20

In This Issue… Department of Commerce provides next steps for Oklahoma Business Relief Plan Oklahoma Insurance Department/OBA virtual offering on banking fraud scheduled for tomorrow, July 22 at 10 a.m. Fed extends rule allowing directors, shareholders to apply for PPP loans 2021 Oklahoma Views & Vistas Calendar available for discounted pricing extended through Aug. 31 Check out OBA’s Strategic Members …

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Fed extends rule allowing directors, shareholders to apply for PPP loans

The Federal Reserve announced on July 15 that it would extend a temporary exemption from Regulation O to allow bank directors and shareholders to receive Paycheck Protection Program loans from their related banks. Reg O generally limits lending activity to bank directors, shareholders, officers and businesses owned by these persons. The exception—which applies only to PPP loans—will be extended through …

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Week of May 18

In This Issue… OBA Annual Business Meeting set for Tuesday Banks return to offices, facilities Check out OBA’s Strategic Members COVID-19 Resource page OBA education corner …

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SBA to reserve time for lenders with fewer than $1 billion assets today; also highlights new PPP interim rule, changes to Connect Portal

The following comes courtesy the American Bankers Association: The Small Business Administration announced this afternoon it will reserve an eight-hour block of time for lenders with fewer than $1 billion in assets to submit Paycheck Protection Program loan applications to SBA. This window will run from 3 p.m. CDT through 10:59 p.m. CDT today. In a message to lenders, SBA …

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SBA clarifies PPP’s 10-day disbursement window, fee payments

The Small Business Administration last night issued an interim final rule providing clarity on the 10-day loan disbursement requirement under the Paycheck Protection Program, as well as the filing required to receive the lender processing fee. ‌Moving forward, lenders must make a full, one-time disbursement of PPP loan funds within 10 calendar days of the loan being approved—that is, when …

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SBA announces measures aimed at smoothing operations ahead of PPP restart

Breaking news from the ABA: With the U.S. Small Business Administration expecting a high volume of Paycheck Protection Program loan applications when the E-Tran system reopens at 9:30 a.m. tomorrow, SBA today notified lenders of several steps it will take to ensure the smooth operation of the program, including pacing the number of loans processed once the system reopens. Acknowledging …

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