Monday, November 30, 2020

Oklahoma Banker Direct

Zoom call with Sen. Lankford on Wednesday

The OBA will host a Zoom call with Sen. James Lankford (R-Okla.) at 9:30 a.m. on Wednesday. All those at OBA-member banks are invited to join. Here is the Zoom info: OBA/Lankford meeting Join Zoom Meeting https://zoom.us/j/91284586254?pwd=MTFPWWIyZk1RcGcwb1RER0Jzc3V6Zz09 Meeting ID: 912 8458 6254 Passcode: 204620 For Telephone Audio: +1 346 248 7799 Meeting ID: 912 8458 6254 Passcode: 204620 Contact Adrian, Jeremy or Megan at the …

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SBA streamlines PPP loan forgiveness for $50,000 or less

The Small Business Administration tonight released a streamlined loan forgiveness application for Paycheck Protection Program loans of $50,000 or less. The forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their …

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SBA begins remitting PPP loan forgiveness payments to lenders

This Banker Direct is to inform our bankers that SBA has begun remitting PPP loan forgiveness payments to lenders. To ensure successful payment processing, we encourage you to: • Recheck your institution settings within the PPP Forgiveness Platform (e.g. distribution list for email notifications, routing and account number and interest accrual method selection). • Perform a final check of your …

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Forgiveness bill remains on hold in Senate

Earlier this afternoon, Sen. Kevin Cramer (R-N.D.), the lead sponsor of S. 4117, the Paycheck Protection Small Business Forgiveness Act, sought unanimous consent to have the Senate immediately consider this legislation. Unfortunately, Sen. Ben Cardin (D-Md.), the ranking member of the Senate Small Business Committee, objected to consideration of the bill because the legislation is too narrowly tailored to only …

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Forgiveness bill on hold

During the OBA Virtual Washington Visit, which concluded Thursday, bankers in attendance had a number of good meetings with members of the Oklahoma delegation. One of those meetings was with Rep. Markwayne Mullin (R-Okla. 2), and it was excellent. “Markwayne has been of incredible assistance to the Association and to the industry, especially during this COVID-19 crisis,” OBA President and …

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Where do we stand on PPP loan forgiveness?

At both the OBA’s Government Relations Council and OBA Board meetings this week, a question came up about PPP loan forgiveness and whether it is something Congress is going to address before the upcoming election. “Probably not,” said the OBA’s chief lobbyist and government relations director, Adrian Beverage. “There are still those who want to guard against fraudulent applications and …

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FDIC chairperson expresses gratitude for community banks

In conjunction with the OBA Virtual Washington Visit, we just got off the Zoom meeting with FDIC Chairperson Jelena McWilliams and members of her senior staff. As she wrapped up our meeting, she expressed her gratitude for all that community banks did and have done during the pandemic. “Community banks do have a future,” she told our group. “I want …

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Final registrations needed for OBA Virtual Washington Visit

Federal Reserve staff reached out to us earlier this week asking for final registration lists for our upcoming OBA Virtual Washington Visit. At this point we plan to submit a “final” registration list first thing Monday morning. We understand not everyone has registered for this year’s (free!) program, and registration numbers continue to grow. We will continue to push for …

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Register for OBA Virtual Washington Visit!

We’re still encouraging member and non-member banks to sign up for this year’s OBA Virtual Washington Visit, and to do so at your earliest convenience. It’s a unique opportunity to hear directly from your bank’s federal regulator, as well as hearing up-to-the-minute information about the political climate and prospects for the upcoming elections in November. • There’s no charge to …

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