Oklahoma Banker Direct

Breaking news from the ABA: By a strong bipartisan vote this evening, the House cleared legislation providing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The Senate passed the bill earlier this week, and President Trump is expected to sign it shortly. Of the more than $320 billion appropriated for PPP loans, a …

Breaking news from the ABA: The House is expected this afternoon to approve the bill providing an additional $320 billion in funding for the SBA’s Paycheck Protection Program. The president will sign it expeditiously, and the Treasury has said it will work to get the appropriation to SBA ASAP. We therefore expect the E-Tran system to be reopened as early …

As you know, the SBA today officially announced that it has exhausted its $349 billion in Paycheck Protection Program funding. Since Oklahoma bankers know better than most how critically important it is for Congress to authorize additional funds for this program, we urge you to make a direct appeal to congressional leadership. Senate Majority Leader McConnell, Senate Minority Leader Schumer, …

As of the morning of April 16, the funds for the Paycheck Protection Program have been depleted. While we expect Congress to appropriate more funds for the PPP soon, in the meantime the Small Business Administration and Treasury Department will not be processing any more loan requests through the PPP. “There is currently a bill being discussed in congress that …

The following question was asked: Please provide guidance on how to proceed with directors of banks receiving PPP loans under Reg O. Here is the response from the SBA: 13 CFR 120.110(a)(15) (currently 120.110(0)) – prohibiting loans to businesses in which the Lender or CDC, or any of its Associates owns an equity interest. The business is eligible but it …

Many bankers have asked where they can find their SBA Code/Authorization code. The SBA has just confirmed that the “Authorization Code” is the local SBA District Office Code. The SBA Office Code for the Oklahoma District Office is 0680.

The OBA just received word the PPP system is temporarliy down to make system upgrades. We are told it will be back up soon; however, we do not know an exact time frame. Keep sending us (roger@oba.com; adrian@oba.com) questions about any issues that are making it difficult to participate in the PPP and we’ll do our very best to get …

There have been many questions regarding participation of faith-based organizations in the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL). Click here to view an SBA document addressing frequently asked questions.

(includes updated time) CFPB Director Kathy Kraninger will make her first visit to Oklahoma City on Nov. 14 to do a number of things, which includes a briefing with OBA-member banks. The meeting will be held at 10:30 a.m. on Thursday, Nov. 14 in the conference room at Valliance Bank, which is located at 1601 NW Expressway, Oklahoma City, OK …

(Information courtesy of ABA) The U.S. Department of Agriculture on Tuesday issued an interim final rule establishing new regulations and procedures for the legal production of industrial hemp, as required by the 2018 Farm Bill. The Farm Bill reclassified hemp as a legal agricultural commodity, but questions remained, including those related to banks’ ability to serve hemp producers and hemp-related …