OKBanker Direct

Oklahoma Banker Direct

April 2020

  • April 2, 2020

    What we know about the Paycheck Protection Program

    We are getting A LOT of questions about the PPP (Paycheck Protection Program), many of which we have been unable to answer, primarily because there has been no “official” guidance released by Treasury. Here’s what we know and don’t know as of 10 a.m. today: • The information released by the Treasury so far is NOT the final guidance. The details …

March 2020

  • March 30, 2020

    Department of Commerce to host additional teleconference meetings on SBA program

    The Oklahoma Department of Commerce is hosting additional teleconferences for Oklahoma businesses interested in more information about the U.S. Small Business Administration Economic Injury Disaster Loan Program. The virtual meetings will take place through Zoom. Each meeting is capped at 1,000 participants. What: Oklahoma Small Business Teleconference – SBA Economic Injury Disaster Loan Application and Program Who: Ray Little, Commerce Director of …

  • March 28, 2020

    Q&A on Paycheck Protection Loan Program

    Who can get a loan? Businesses, including self-employed and independent contractors, nonprofits (501 C3), veterans’ organizations (501 C19) and tribal business concerns with less than 500 employees. Where do I apply? Any federally insured depository (bank or credit union). How much can I borrow? Up to $10 million but not more than 2.5 times average monthly payroll. How much will …

  • March 25, 2020

    Compliance Alliance develops pandemic resources for banks

    Business continuity planning during pandemics must include compliance considerations at every level and in every department of the bank—the current COVID-19 crisis is no different. Compliance Alliance developed these tools for all banks across the United States – regardless of membership – for the challenging weeks ahead. Here are the bank pandemic planning tools: COVID-19 Essential Critical Infrastructure Worker Credential …

  • March 23, 2020

    Treasury secretary releases memorandum identifying bank, other financial services as part of Critical Infrastructure Sector

    The secretary of the treasury released a memorandum late Sunday night identifying the financial services sector as part of the nation’s Critical Infrastructure Sector by the Department of Homeland Security. Treasury Secretary Steven Mnuchin sent the memorandum, which stated the essential critical infrastructure workforce for the financial sector includes: • Workers who are needed to process and maintain systems for …

  • March 23, 2020

    SBA hosting another webinar Tuesday to explain disaster relief program

    The SBA webinar we promoted over the weekend appears to be full. Luckily, the SBA is hosting a second webinar on Tuesday to explain its Economic Injury Disaster Loan program (EIDL) in more detail, which you can sign up for here: 2 p.m. Tuesday, March 24: Register The Economic Injury Disaster Loan program provides small businesses with working capital loans of up to …

  • March 21, 2020

    SBA approves all 77 Oklahoma counties for disaster relief loan program

    In response to COVID-19, all 77 Oklahoma counties have been approved for low-interest disaster loans from the U.S. Small Business Administration. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. More information is available at SBA.gov/disaster. Stay informed by checking the coronavirus resource page on OBA.com. We will …

  • March 21, 2020

    SBA hosting webinar Tuesday to explain disaster relief program

    The SBA is doing a webinar on Tuesday to explain its Economic Injury Disaster Loan program (EIDL) in more detail, which you can sign up for here: 9 a.m. Tuesday, March 24: Register The Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to …

  • March 19, 2020

    OBA encourages banks to stay in contact with customers

    During this time, many bank customers might be feeling anxiety about access to their funds or if those funds will remain available in the future. The OBA encourages its member banks to stay in communication with its customers. Many/most of our banks have already reached out to their customers and we applaud those efforts. For those who haven’t – or …

  • March 16, 2020

    OBA to host conference call for bank leaders regarding coronavirus

    The OBA will host a live conference call at 10 a.m., Wednesday, for bank presidents, CEOs and other interested bank leaders to discuss the industry’s response to the coronavirus outbreak. OBA President and CEO Roger Beverage will host the call and will be joined by Oklahoma State Banking Commissioner Mick Thompson. The call-in number and passcode will be sent out to …