Sunday, January 17, 2021

OKBanker Direct

Oklahoma Banker Direct

December 2020

  • December 21, 2020

    Congress reaches deal on stimulus spending package

    Congressional leaders reached a deal Sunday night on a roughly $900 billion spending package to bolster the U.S. economy amid the continued coronavirus pandemic. While the legislative text has not yet been released, the deal reportedly includes $284 billion in new funds for the Paycheck Protection Program, including a second draw option for prior PPP borrowers, and a new round …

  • December 14, 2020

    Answering questions about president’s Christmas Eve executive order

    The executive order recently signed by President Trump concerning Christmas Eve has raised questions about if Dec. 24 is now a full-fledged holiday. The OBA compliance team looked close at the order and have discerned it is NOT a holiday, but instead is simply allowing many federal employees the day off. Here is the summation from our compliance team, and how it …

  • December 10, 2020

    OBA names successor for president/CEO position

    OBA Chairman Rick Walker has a special announcement for all OBA members. His letter is below: Dear OBA members, In 2019, the OBA Board of Directors nominated a 10-member succession committee to begin the process of selecting a new leader for the OBA before Roger Beverage’s impending retirement in 2021. That committee, headed by Sandy Werner, ultimately selected the leadership …

  • December 9, 2020

    Banking associations ask for extension of CARES Act

    The Oklahoma Bankers Association, the American Bankers Association and 50 other state and territorial bankers associations, co-signed a letter today to several congressional leaders thanking them for their leadership and support throughout the COVID-19 pandemic and urging them to extend the CARES Act. The letter, addressed to Sen. Mike Crapo (R-Idaho), Sen. Sherrod Brown (R-Ohio), Rep. Maxine Waters (D-Calif.) and …

  • December 4, 2020

    Banks interested in more PPP loans?

    There is a new round of stimulus packaging being discussed in Washington. Part of it is likely to include some additional PPP-like funding. If this proposal comes to pass, would your bank participate in this new tranche of funds with the same guidelines you have experienced in the previous two tranches of PPP funding? Please take a quick minute (or …

November 2020

  • November 30, 2020

    SBA to release info on PPP, EIDL loans

    Last week, the U.S. District Court for the District of Columbia issued its opinion in a case entitled, WP Company LLC d/b/a The Washington Post vs. the U.S. Small Business Administration, et al. The case involves two actions brought under the Freedom of Information Act regarding disclosure of the names, addresses and precise loan amounts as requested by the plaintiffs. On …

October 2020

  • October 12, 2020

    Zoom call with Sen. Lankford on Wednesday

    The OBA will host a Zoom call with Sen. James Lankford (R-Okla.) at 9:30 a.m. on Wednesday. All those at OBA-member banks are invited to join. Here is the Zoom info: OBA/Lankford meeting Join Zoom Meeting Meeting ID: 912 8458 6254 Passcode: 204620 For Telephone Audio: +1 346 248 7799 Meeting ID: 912 8458 6254 Passcode: 204620 Contact Adrian, Jeremy or Megan at the …

  • October 8, 2020

    SBA streamlines PPP loan forgiveness for $50,000 or less

    The Small Business Administration tonight released a streamlined loan forgiveness application for Paycheck Protection Program loans of $50,000 or less. The forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their …

  • October 7, 2020

    SBA begins remitting PPP loan forgiveness payments to lenders

    This Banker Direct is to inform our bankers that SBA has begun remitting PPP loan forgiveness payments to lenders. To ensure successful payment processing, we encourage you to: • Recheck your institution settings within the PPP Forgiveness Platform (e.g. distribution list for email notifications, routing and account number and interest accrual method selection). • Perform a final check of your …

September 2020

  • September 30, 2020

    Forgiveness bill remains on hold in Senate

    Earlier this afternoon, Sen. Kevin Cramer (R-N.D.), the lead sponsor of S. 4117, the Paycheck Protection Small Business Forgiveness Act, sought unanimous consent to have the Senate immediately consider this legislation. Unfortunately, Sen. Ben Cardin (D-Md.), the ranking member of the Senate Small Business Committee, objected to consideration of the bill because the legislation is too narrowly tailored to only …