OKBanker Direct

July 2020

• 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 …
• June 24, 2020

  Agent fees for CPAs, lawyers?

  We have been hearing from some of our colleagues in other states about a few issues that seem to have popped up that relate to the COVID-19 virus outbreak and the related Paycheck Protection Program initiative. We wanted to check with our banks as to whether these or any other issues may have come to your attention or may be …
• June 23, 2020

  Oklahoma Business Relief Program start moved to Monday

  As many of you know, the Oklahoma Business Resource Program – developed by the Oklahoma Department of Commerce – was scheduled to go live Friday. We heard from several bankers, with the program being first-come/first-served, there would be an initial rush of applicants, which would require bank employees to work all weekend to get the applications submitted. The OBA and …
• June 17, 2020

  SBA, Treasury release simpler loan forgiveness application for Paycheck Protection Program

  The Small Business Administration, along with the Treasury, released early this morning a new Paycheck Protection Program forgiveness application, which is more streamlined and easier for applicants to navigate. The new form, which is being referred to as an EZ Loan Forgiveness Application, can be downloaded by clicking here. The full Loan Forgiveness Application Form can be downloaded here. This …
• June 17, 2020

  State of Oklahoma starting Oklahoma Business Relief Program

  The State of Oklahoma will start its Oklahoma Business Relief Program next week. The program is similar to the Paycheck Protection Program, but at the state level. Oklahoma Gov. Kevin Stitt and Secretary of Commerce and Workforce Development Sean Kouplen asked the OBA to help spread the word about the program, as well as a pair of training calls next …
• June 13, 2020

  SBA revises PPP application forms to reflect change in applicant eligibility

  The following information comes courtesy the ABA: The Small Business Administration last night (June 12) released new borrower and lender guaranty application forms for the Paycheck Protection Program to reflect expanded eligibility for applicants with prior felony convictions. Previously, businesses were ineligible for PPP loans if at least 20% of their equity was owned by someone who had been convicted …