Saturday, June 25, 2022

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Banks across Oklahoma, nation are stepping up

Banks in Oklahoma have responded to #COVID19 by standing by communities and serving as a critical delivery system for government relief. The most gratifying response has come from customers. See more ways #AmericasBanks are helping: https://bit.ly/2X31zlU #OKBanksAreHelping

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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 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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OBA President/CEO Roger Beverage addresses concern for the PPP

MEMORANDUM TO: All OBA Chairmen, Presidents, CEOs and CFOs RE: Good Faith Certification Good afternoon: Some additional guidance was released by the Treasury Department this week, and I found it very troubling. Here’s why. Question #31 was added to the Treasury’s list of FAQs last Thursday. You may recall that there has been some controversy about whether large organizations, like …

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SBA issues guidance on calculating max PPP loan size

Stacked coins

Breaking news from the ABA: With the Small Business Administration reopening its E-Tran system for Paycheck Protection Program applications on Monday morning, SBA last night issued guidance to help borrowers and lenders calculate and document the maximum PPP loan amount a business may be eligible for. The guidance covers several situations about which lenders have sought clarity. The guidance addresses …

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SBA to stop accepting PPP applications once $349B limit reached

Breaking news from the ABA: The Small Business Administration will stop accepting applications for Paycheck Protection Program loans once the processed loan volume reaches the $349 billion level authorized by the CARES Act, the SBA said in a communication to stakeholders tonight. Once that point is reached “in the near future,” SBA said, “lenders will no longer be able to …

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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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SBA, Treasury Provide Guidance on Final Authorization of PPP Loans

Breaking news from the ABA: The Small Business Administration and the Treasury Department last night updated their Paycheck Protection Program FAQ document to address a question many lenders faced related to closing loans. SBA and Treasury clarified that lenders do not need a separate SBA authorization document prior to issuing a PPP loan. ‌Instead, lenders must have executed SBA Form …

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