Saturday, March 6, 2021

Oklahoma Banker Direct

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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SBA updates PPP interactions

The Small Business Administration announced this morning it is taking additional steps toward improving the speed to resolve data mismatches and eligibility concerns so small businesses have as much time as possible to access much-needed PPP funds, while maintaining the integrity of the program. Three changes were mentioned by the SBA: 1. Enable lenders to directly certify eligibility for borrowers …

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SBA issues procedural notice addressing second-draw loans

As the Small Business Administration works to resolve several issues with the Paycheck Protection Program, it issued a procedural notice late last night outlining how it will move forward with the processing of second-draw PPP loan applications for borrowers who still have an unresolved issue related to their first-draw loan. “This is a timely issue that was discussed by the …

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SBA releases updated PPP forgiveness information

The SBA published new Paycheck Protection Plan loan forgiveness forms on Tuesday night, and an IFR on Loan Forgiveness Requirements and Loan Review Procedures as Amended by the Economic Aid Act. The documents can be downloaded below: • IFR on PPP – Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act • Revised SBA Form 3508 PPP Loan …

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SBA releases additional PPP guidance

The SBA just released additional guidance on the PPP. Regarding calculating the maximum loan amounts for first-draw PPP loans and what documentation is required for different types of businesses … “The U.S. government will not challenge lender PPP actions that conform to this guidance and to the PPP Interim Final Rules and any subsequent rulemaking in effect at the time …

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SBA expected to open PPP to small banks on Jan. 15

American Banker reported that the Small Business Administration is expected to grant more small lenders access to the Paycheck Protection Program portal on Friday. The SBA and the Treasury Department, which are administering the program, will allow participants with less than $1 billion of assets to process new and second draw applications in two days (Jan. 15), an SBA spokesman …

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SBA releases technical information for PPP system

The SBA released technical information tonight that lenders will need to access the updated Paycheck Protection Program loan portal system. The portal opens Monday but only for “community financial institutions,” which mean CDFIs, MDIs, certified development companies and microloan intermediaries. The first part released tonight contains information regarding API technical information. The second part is the SBA Paycheck Protection Platform …

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PPP to open for First Draw loans on monday

Earlier this morning, the Small Business Administration and U.S. Treasury announced the Paycheck Protection Program will re-open next week for new and existing borrowers. Initially, only community financial institutions will be able to make First Draw PPP Loans on Monday, Jan. 11, and Second Draw PPP Loans on Wednesday, Jan. 13. The PPP will open to all participating lenders shortly …

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Common questions answered about PPP reopening

Here are additional details from the SBA’s Dustin Allen regarding the Paycheck Protection Program reopening set for next week. 1. There hasn’t been an application released yet for either of the new PPP loan options. We know there will be one released for the Second Draw PPP loans due to the program changes. We are waiting on further guidance on …

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