Thursday, September 16, 2021

Oklahoma Banker Direct

OBA highlights three points of action on IRS reporting proposal

As early as next week, Congress is expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service. The proposal would require financial institutions to track and submit to the IRS information on every account that has a minimum balance of $600. This proposal raises serious data …

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SBA offering webinar on changes coming to the PPP Forgiveness Portal

Dustin Allen with the SBA’s Oklahoma District Office would like to invite all Oklahoma lenders to attend a webinar on changes coming to the PPP Forgiveness Portal. This update will focus on the new Direct Forgiveness process and how lenders can opt in. The webinar will be held on Monday, July 26 at 10 a.m. and should last 30-45 minutes. …

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Juneteenth holiday enacted; federal government to close Friday

Breaking news courtesy the ABA: President Biden this afternoon signed legislation recognizing Juneteenth as a federal holiday. The new June 19 holiday commemorates the day in 1865, two and a half years after the Emancipation Proclamation and two months after the end of the Civil War, when hundreds of thousands of enslaved men and women in Texas finally learned they …

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SBA releases information on correcting PPP forgiveness errors

The Small Business Administration is establishing a forgiveness payment correction process for lenders that made a mistake in requesting the accurate forgiveness amount. Effective immediately, lenders can send a platform message, using message type of “Payment or Reconciliation Questions”, to request forgiveness payment corrections. The message must include the SBA loan number, the amount of the correction being requested and …

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Paycheck Protection Program funding has been exhausted

Breaking news from the ABA: The Small Business Administration has just informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal will stop accepting applications for loans from most lenders. SBA said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet …

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Nominating Committee for OBA first vice chair selected

Memorandum To: All OBA-Member Banks Re: Nominating Committee for First Vice Chair Pursuant to Section 6.3 of the By Laws of the Oklahoma Bankers Association, OBA Chairman Rick Walker is required to appoint four current board members to serve on the Nominating Committee for the office of first vice chair. The Committee is chaired by the Immediate Past Chair, which …

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USDA announces ‘Pandemic Assistance for Producers’ to distribute resources more equitably

The USDA announced Wednesday it is establishing new programs and efforts to bring financial assistance to farmers, ranchers and producers who felt the impact of COVID-19 market disruptions. The new initiative – USDA Pandemic Assistance for Producers– will reach a broader set of producers than previous COVID-19 aid programs. USDA is dedicating at least $6 billion toward the new programs. …

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Senate passes PPP extension; bill heads to president

The Senate today voted overwhelmingly today to pass a bill extending the Paycheck Protection Program. The legislation, which was approved 92-7 by the Senate after the House already passed it, now goes to President Biden for signing. The Paycheck Protection Program Extension Act would allow loan applications to the program – currently set to expire on March 31 – for …

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PPP payroll calculation adjusted for Form 1040, Schedule C

The Small Business Administration this afternoon issued an interim final rule implementing recent changes to the Paycheck Protection Program. The interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income. SBA also has updated forms for borrowers and lenders to reflect these changes and step-by-step loan amount calculations. …

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Businesses with fewer than 20 employees to have exclusive PPP application period starting this week

The White House announced today several measures to ensure the smallest firms have access to Paycheck Protection Program loans, including an exclusive application window for firms with fewer than 20 employees, a revised loan calculation and funding set-aside for sole proprietors and self-employed individuals and new eligibility for businesses owned by those with certain felony convictions. Five weeks after the …

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