Wednesday, July 6, 2022

OKBanker Direct

May 2020

  • 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 …

April 2020

  • April 26, 2020

    SBA announces measures aimed at smoothing operations ahead of PPP restart

    Breaking news from the ABA: With the U.S. Small Business Administration expecting a high volume of Paycheck Protection Program loan applications when the E-Tran system reopens at 9:30 a.m. tomorrow, SBA today notified lenders of several steps it will take to ensure the smooth operation of the program, including pacing the number of loans processed once the system reopens. Acknowledging …

  • April 23, 2020

    House approves additional PPP funds, President to sign imminently

    Breaking news from the ABA: By a strong bipartisan vote this evening, the House cleared legislation providing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The Senate passed the bill earlier this week, and President Trump is expected to sign it shortly. Of the more than $320 billion appropriated for PPP loans, a …

  • April 23, 2020

    Preparing for round two of the PPP

    Breaking news from the ABA: The House is expected this afternoon to approve the bill providing an additional $320 billion in funding for the SBA’s Paycheck Protection Program. The president will sign it expeditiously, and the Treasury has said it will work to get the appropriation to SBA ASAP. We therefore expect the E-Tran system to be reopened as early …

  • April 16, 2020

    Call Congress now; urge additional PPP funding

    As you know, the SBA today officially announced that it has exhausted its $349 billion in Paycheck Protection Program funding. Since Oklahoma bankers know better than most how critically important it is for Congress to authorize additional funds for this program, we urge you to make a direct appeal to congressional leadership. Senate Majority Leader McConnell, Senate Minority Leader Schumer, …

  • April 16, 2020

    PPP funds depleted; talking points for bankers to customers

    As of the morning of April 16, the funds for the Paycheck Protection Program have been depleted. While we expect Congress to appropriate more funds for the PPP soon, in the meantime the Small Business Administration and Treasury Department will not be processing any more loan requests through the PPP. “There is currently a bill being discussed in congress that …

  • April 10, 2020

    Guidance released on PPP loans to bank directors

    The following question was asked: Please provide guidance on how to proceed with directors of banks receiving PPP loans under Reg O. Here is the response from the SBA: 13 CFR 120.110(a)(15) (currently 120.110(0)) – prohibiting loans to businesses in which the Lender or CDC, or any of its Associates owns an equity interest. The business is eligible but it …