Thursday, September 23, 2021

OKBanker Direct

April 2020

  • 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 13, 2020

    Best practices for banks receiving direct deposit of stimulus payments

    By John Burnett BankersOnline (for the OBA Compliance Team) The Treasury Department tells us ACH payments for CARES Act Stimulus Payments should begin hitting banks within the next several days. We have fielded a number of questions about how to handle some of these payments. Listed below are what we recommend as “best practices” for banks that receive these payments. …

  • April 11, 2020

    SBA, Treasury Provide Guidance on Final Authorization of PPP Loans

    Breaking news from the ABA: The Small Business Administration and the Treasury Department last night updated their Paycheck Protection Program FAQ document to address a question many lenders faced related to closing loans. SBA and Treasury clarified that lenders do not need a separate SBA authorization document prior to issuing a PPP loan. ?Instead, lenders must have executed SBA Form …

  • 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

    Recording of today’s conference call with Rep. Mullin, SBA officials available

    The OBA is hosting weekly conference calls to discuss banking issues related to the COVID-19 pandemic. We had a special additional call today that included Rep. Mullin and several officials from the SBA. The call lasted more than 40 minutes and includes much information from Mullin and the officials to help banks going forward. To download/listen to the teleconference call, click …

  • 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 8, 2020

    ABA updates some PPP issues

    Recent highlights on four critical issues, courtesy of ABA President and CEO Rob Nichols. • A liquidity facility to absorb PPP loans. On Monday, the Fed announced it is building a liquidity facility to absorb the PPP loans banks are making. ABA and the state associations strongly advocated for such a facility, and we are now urging policymakers to convey the contours …

  • 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 …

  • April 5, 2020

    Mnuchin gives report on PPP program

    The OBA just got off the phone with Treasury Secretary Steve Mnuchin. He said directly: 1. Setting up this program has taken a monumental effort on the part of Treasury and the SBA. 2. More than 1,200 banks are already in the program and making PPP loans now. 3. Bank directors ARE ELIGIBLE to participate in the PPP process! It …

  • April 4, 2020

    FAQs regarding participation of faith-based organizations in the PPP and EIDL

    There have been many questions regarding participation of faith-based organizations in the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL). Click here to view an SBA document addressing frequently asked questions.