OKBanker Direct

Oklahoma Banker Direct

March 2021

  • March 25, 2021

    USDA announces ‘Pandemic Assistance for Producers’ to distribute resources more equitably

    The USDA announced Wednesday it is establishing new programs and efforts to bring financial assistance to farmers, ranchers and producers who felt the impact of COVID-19 market disruptions. The new initiative – USDA Pandemic Assistance for Producers– will reach a broader set of producers than previous COVID-19 aid programs. USDA is dedicating at least $6 billion toward the new programs. …

  • March 25, 2021

    Senate passes PPP extension; bill heads to president

    The Senate today voted overwhelmingly today to pass a bill extending the Paycheck Protection Program. The legislation, which was approved 92-7 by the Senate after the House already passed it, now goes to President Biden for signing. The Paycheck Protection Program Extension Act would allow loan applications to the program – currently set to expire on March 31 – for …

  • March 3, 2021

    PPP payroll calculation adjusted for Form 1040, Schedule C

    The Small Business Administration this afternoon issued an interim final rule implementing recent changes to the Paycheck Protection Program. The interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income. SBA also has updated forms for borrowers and lenders to reflect these changes and step-by-step loan amount calculations. …

February 2021

  • February 22, 2021

    Businesses with fewer than 20 employees to have exclusive PPP application period starting this week

    The White House announced today several measures to ensure the smallest firms have access to Paycheck Protection Program loans, including an exclusive application window for firms with fewer than 20 employees, a revised loan calculation and funding set-aside for sole proprietors and self-employed individuals and new eligibility for businesses owned by those with certain felony convictions. Five weeks after the …

  • February 12, 2021

    Emergency closing requirements for state-chartered banks highlighted by State Banking Department

    Section 603 of the Oklahoma Banking Code provides authority to the officers of a bank or credit union to close the institution (or one or more of its facilities) when an emergency exists – which could include the upcoming winter storm. Notice must be given to the Oklahoma State Banking Department when the bank decides to close because of an …

  • February 10, 2021

    SBA updates PPP interactions

    The Small Business Administration announced this morning it is taking additional steps toward improving the speed to resolve data mismatches and eligibility concerns so small businesses have as much time as possible to access much-needed PPP funds, while maintaining the integrity of the program. Three changes were mentioned by the SBA: 1. Enable lenders to directly certify eligibility for borrowers …

January 2021

  • January 28, 2021

    SBA issues procedural notice addressing second-draw loans

    As the Small Business Administration works to resolve several issues with the Paycheck Protection Program, it issued a procedural notice late last night outlining how it will move forward with the processing of second-draw PPP loan applications for borrowers who still have an unresolved issue related to their first-draw loan. “This is a timely issue that was discussed by the …

  • January 20, 2021

    SBA releases updated PPP forgiveness information

    The SBA published new Paycheck Protection Plan loan forgiveness forms on Tuesday night, and an IFR on Loan Forgiveness Requirements and Loan Review Procedures as Amended by the Economic Aid Act. The documents can be downloaded below: • IFR on PPP – Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act • Revised SBA Form 3508 PPP Loan …

  • January 17, 2021

    SBA releases additional PPP guidance

    The SBA just released additional guidance on the PPP. Regarding calculating the maximum loan amounts for first-draw PPP loans and what documentation is required for different types of businesses … “The U.S. government will not challenge lender PPP actions that conform to this guidance and to the PPP Interim Final Rules and any subsequent rulemaking in effect at the time …

  • January 13, 2021

    SBA expected to open PPP to small banks on Jan. 15

    American Banker reported that the Small Business Administration is expected to grant more small lenders access to the Paycheck Protection Program portal on Friday. The SBA and the Treasury Department, which are administering the program, will allow participants with less than $1 billion of assets to process new and second draw applications in two days (Jan. 15), an SBA spokesman …