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The Senate passed legislation this afternoon to help businesses get their Paycheck Protection Program loans forgiven and lengthening the time they have to use the funds. You can read more about the details of the bill in the OK Banker Direct sent on May 28 after the bill passed the U.S. House of Representatives. https://www.oba.com/2020/05/28/house-passes-ppp-flexibility-act/ The bill passed by voice …
June 2020
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June 2, 2020
Week of June 1
In This Issue… OBA partners with State Election Board to aid absentee voters OBA asking for responses to two short surveys Check out OBA’s Strategic Members Covid-19 Resource Page OBA education corner …
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June 1, 2020
OBA partners with State Election Board to aid absentee voters
The Oklahoma Bankers Association, along with the Community Bankers of Oklahoma and the Oklahoma Credit Union Association, is partnering with the State Election Board to encourage the state’s financial institutions to aid absentee voters this election season. The OBA is asking its banks to provide one or more of the following services for free to absentee voters this year: • …
May 2020
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May 29, 2020
SBA issues rules on PPP loan forgiveness, lender responsibilities
The following information comes courtesy the ABA: The Small Business Administration late Friday night released much-anticipated interim final rules describing the loan forgiveness process, as well as lenders’ and borrowers’ responsibilities, for the Paycheck Protection Program. For PPP loans to be forgiven under the rules, lenders must confirm they received the borrower certifications in the loan forgiveness application form and …
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May 28, 2020
House passes PPP Flexibility Act
The U.S. House of Representatives approved this afternoon new legislation to simplify businesses having their Paycheck Protection Program loans forgiven and lengthening the time they have to use the funds. The bill would extend the forgiveness period for PPP loans from eight to 24 weeks and reduce payroll spending requirements from 75% of loan funds, to 60%. The House passed …
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May 26, 2020
Week of May 25
In This Issue… This week’s OBA call with bankers available for download OBA recommends Abrigo PPP Forgiveness & Administration solution SBA issues rules on PPP forgiveness, lender responsibilities OBA education corner …
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May 21, 2020
May 2020 OBA Legal Briefs
Work “after” the coronavirus Information on Oklahoma campaign accounts Are savings transfer limits dead? Work “after” the coronavirus By Andy Zavoina Whether you call it the new normal or the abnormal, as bankers we are really in new territory. Sometimes it is akin to walking into a dark room and feeling your way around and then learning someone is still …
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May 21, 2020
Further information on unemployment scams …
We have received the following information on surging unemployment scams from the Secret Service. The OBA is attempting to build a list of banks that have returned these and it may simply be all our banks. If you have been dealing with this and you have not already notified us, we are asking that you send an email titled “UI …
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May 21, 2020
Executive News: Next big hurdle: ‘forgiveness’
It may be a new beginning as consumer patience wears off and people begin to venture out to test the waters. Some of us recognize the difference between previous recessions (usually they begin in a sector, like energy or agriculture) and this one. Right now, consumers are on the front lines o f the current recession (no jobs, no income, …
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May 21, 2020
Safe harbor granted extension
In updates to its list of Frequently Asked Questions, the Small Business Administration said it will grant a seven-day extension to the safe harbor for firms that have access to other sources of capital to repay PPP loans. Borrowers that applied for a PPP loan prior to April 24, 2020, and that repay the loan in full by May 14, …