OKBanker Direct

May 2020

• 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 …
• April 9, 2020

  SBA code for Oklahoma district office is 0680

  Many bankers have asked where they can find their SBA Code/Authorization code. The SBA has just confirmed that the “Authorization Code” is the local SBA District Office Code. The SBA Office Code for the Oklahoma District Office is 0680.
• April 6, 2020

  PPP system down to make system upgrades

  The OBA just received word the PPP system is temporarliy down to make system upgrades. We are told it will be back up soon; however, we do not know an exact time frame. Keep sending us (roger@oba.com; adrian@oba.com) questions about any issues that are making it difficult to participate in the PPP and we’ll do our very best to get …