Thursday, June 4, 2020

OKBanker Direct

Oklahoma Banker Direct

May 2020

  • 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 …

  • 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 …

  • May 15, 2020

    SBA releases borrower application, instructions for PPP loan forgiveness

    The following comes courtesy the American Bankers Association: The Small Business Administration and Treasury Department this evening released the application that borrowers must complete in order to have their Paycheck Protection Program loan forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. SBA announced several measures intended to reduce …

  • May 14, 2020

    Information regarding Colson Services …

    Payments from the SBA are remitted by a third-party intermediary named Colson Services, which is a subsidiary of BNY Mellon and currently performs the function of fiscal transfer agent for the SBA. We are hearing word the 1502 Dashboard maintained by Colson Services could be available as soon as Friday, May 15. You can visit the website by going here: …

  • May 13, 2020

    SBA announces Safe Harbor for PPP borrowers with loans for less than $2 million

    The following comes courtesy the American Bankers Association: Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will be deemed …

  • May 11, 2020

    PSAs on PPP available for local radio stations

    Entering the weekend, the OBA sent out a news release to a number of Oklahoma radio stations, urging them to run enclosed public service announcements related to the Paycheck Protection Program.. We encourage our banks to send the news release to their own local radio stations as well, to increase the possibility of them being aired. If you have any …

  • May 3, 2020

    Oklahoma banks continue to pour loans toward small businesses via Paycheck Protection Program

    Earlier today, the OBA sent out a news release to a number of Oklahoma media outlets, pointing out the number and amount of loans Oklahoma banks have processed thus far during the second round of the Paycheck Protection Program. We encourage our banks to send the press release to their own media outlets, as well, to increase the possibility of …

April 2020

  • April 30, 2020

    Conference call on reopening of Oklahoma bank lobbies available for download

    The OBA held a video conference call via Microsoft Teams today to discuss the reopening of bank lobbies in Oklahoma and the processes and legal issues involved. Joining OBA President and CEO Roger Beverage were Mary Snyder and Joe Edwards with the Crowe & Dunlevy law group, and Oklahoma State Banking Commissioner Mick Thompson. You can download a recorded version …

  • April 29, 2020

    SBA clarifies PPP’s 10-day disbursement window, fee payments

    The Small Business Administration last night issued an interim final rule providing clarity on the 10-day loan disbursement requirement under the Paycheck Protection Program, as well as the filing required to receive the lender processing fee. Moving forward, lenders must make a full, one-time disbursement of PPP loan funds within 10 calendar days of the loan being approved-that is, when …

  • April 27, 2020

    OBA President/CEO Roger Beverage addresses PPP portal problems

    It has been a maddening day for the nation’s small businesses. Access to the SBA’s PPP lending mechanism has been sporadic at best, and non-existent at worst. Officially the SBA tells us that this slower processing reality was the SBA’s intention from the outset. There was no “crashing” of the system; rather, the SBA tells us they put a “pacer” …