Thursday, August 6, 2020

OKBanker Direct

Oklahoma Banker Direct

July 2020

  • July 22, 2020

    Contact your senators: Ask them to co-sponsor PPP forgiveness bill

    In last week’s OBA Update, we asked our bankers to contact Sen. Inhofe and Sen. Lankford to sign-on as co-sponsors to S. 4117. This bill would all small business that received PPP loans less than $150,000 to have blanket forgiveness. Loans of this size account for 86% of all PPP loans, but the total dollar amount of these loans make …

  • July 15, 2020

    OBA needing bank info on Oklahoma Business Relief Program

    The OBA is the process of collecting information from banks concerning the Oklahoma Business Relief Program. Specifically, we need to know the total number of applications your bank currently has on hand that were not submitted before the portal closed. We’d appreciate the info as soon as possible. Please email the OBA’s Adrian Beverage at adrian@oba.com, or reply to this …

  • July 15, 2020

    Special message from OBA President/CEO Roger Beverage

    Longtime OBA President and CEO Roger Beverage filmed a special video webcast message to share with all Oklahoma bankers. It can be viewed by clicking through the link below. If you do not have audio and/or video capabilities on your computer, you can download the transcript of his message by clicking here (.pdf).

  • July 14, 2020

    SBA releases update to Procedural Notice

    Last night, the Small Business Administration released an update to the Procedural Notice covering PPP Lender Fee Payments and the 1502 Reporting Process. This covers several updates and clarifications, but the largest item is it provides details on the how the monthly reporting will work on PPP loans. As a reminder, the initial 1502 report on your PPP loans was …

  • July 9, 2020

    Questions arise about Tulsa and the Creek Nation

    In a 5 – 4 decision, the United States Supreme Court has thrown into question a number of issues, including wrongful criminal convictions, property and sales taxes, along with question about bank collateral. The decision, written by Justice Neal Gorsuch, means that a large area of Eastern Oklahoma is still an American Indian Reservation and, as such, casts doubt on …

  • July 8, 2020

    Lucas comments on importance of Main Street Lending Program

    Rep. Frank Lucas (OK-District 3) released the following statement today after the Federal Reserve Bank of Boston announced on Monday the Main Street Lending Program is fully operational. The MSLP will support small and mid-sized businesses, and their employees, that were in good financial standing before the pandemic by ensuring credit flows to businesses in need. The goal is to …

  • July 2, 2020

    Oklahoma Business Relief Program to have second phase

    The Oklahoma Department of Commerce announced a second phase of the Oklahoma Business Relief Program, which will begin later this month. Phase II of the OBRP is tentatively scheduled to begin on July 13. The Department of Commerce will give at least five-days notice before the start date. Another $50 million has been designated for use in the Program. Developed …

  • July 1, 2020

    House approves Paycheck Protection Program extension

    Earlier this afternoon, the U.S. House approved the previously passed Senate measure to extend the Paycheck Protection Program through Aug. 8. The extension, which was approved in both the Senate and House by unanimous consent, also decouples PPP authorization from the 7(a) program, eliminating the risk that the regular 7(a) program could shut down when the PPP hits its authorization …

  • July 1, 2020

    Paycheck Protection Program extension approved by Senate; Republican 5th District primary moves to runoff

    The U.S. Senate approved an extension of the Paycheck Protection Program late last night. The PPP was set to expire at the end of Tuesday. The Program will still be paused following the Senate’s action as the U.S. House must also approve the extension. Once approved, the new deadline would be extended until Aug. 8. There is approximately $130 billion …

June 2020

  • June 25, 2020

    PPP cutoff approaching

    The Paycheck Protection Program (PPP) cutoff is June 30. According to the SBA’s Dustin Allen, it will be a hard and fast cutoff at Close of Business on June 30. If an application has not been input in to ETRAN and reached the approval stage by that time it will not be given consideration. Allen urges bankers to make sure …