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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 …
May 2020
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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, …
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May 21, 2020
SBA looks for help – what does it imply?
We received an email notice from the SBA recently asking us to spread the word that they are looking to hire a large number of people who are experienced bankers, or who have accounting or finance experience. The agency is looking for temporary employees for a period of 2-6 months. During those 2-6 months, it would be a full-time position, …
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May 20, 2020
Banks across Oklahoma, nation are stepping up
Banks in Oklahoma have responded to #COVID19 by standing by communities and serving as a critical delivery system for government relief. The most gratifying response has come from customers. See more ways #AmericasBanks are helping: https://bit.ly/2X31zlU #OKBanksAreHelping
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May 19, 2020
SBA releases more information on Form 1502 for PPP loan
SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Under SBA’s interim final rule on disbursements, posted April 28, 2020, lenders must disburse PPP loans within 10 calendar days of loan approval; a loan is considered approved when the loan is assigned a loan number by SBA. That interim final rule also provides that loans …