Oklahoma Department of Commerce Launches Oklahoma Bounce Back Assistance Program
(Oklahoma City) – Today, the Oklahoma Department of Commerce (Commerce)
simultaneously announced funding awards for one business assistance program as well as
the launch of a new program to help Oklahoma businesses affected by the COVID-19
pandemic.
Launched April 10, the Oklahoma Manufacturing Reboot Program was designed to assist
Oklahoma manufacturers as they retool to develop new products and/or expand current
capabilities. In the one week the application was available, Commerce received more than
300 applications. Today, Commerce and Governor Kevin Stitt awarded contracts to more
than 30 Oklahoma companies, including Cosmetic Specialty Labs, IMMY, Parrish
Enterprises, and Rapid Application Group (RAG).
RAG, a company which normally develops and supplies parts for the aerospace, energy and
healthcare industry, shifted gears and is today working around the clock to design, develop,
test and manufacture two different types of adaptable, reusable masks for healthcare
professionals, first responders, and veterans.
"This is a crisis that needs a solution right now. That's what we're doing," said Terry Hill,
former medevac pilot and CEO of RAG. "It's just in our core DNA. If there's somebody that
needs help, if we have the resources, we're going to give them everything that we can"
Because of the high level of interest and the quality of projects submitted in the Reboot
program, Commerce developed the Oklahoma Bounce Back Assistance Program to continue
to stimulate economic growth and combat the negative effects the COVID-19 pandemic has
had on the state’s economy.
This new assistance program will support high-impact new capital investment across a
broader range of industries, that will diversify the state’s economy, lead to new productdevelopment or increase capacity at Oklahoma’s existing companies. In addition to
encouraging new capital investment, these small but impactful awards will support existing
jobs and the creation of new jobs.
“We are all aware of the strain the COVID-19 pandemic has placed on our state’s economy,”
said Sean Kouplen, Oklahoma Secretary of Commerce and Workforce Development. “By
enacting this program, we can help businesses start to move forward, giving them more
flexibility as they adjust capabilities, begin new operations and hire more Oklahomans.”
The Bounce Back program utilizes funds set aside by Oklahoma Economic Development
Pooled Finance Act (62 OS 891.1 et seq) and therefore companies must meet eligibility
requirements outlined in the statute.
This incentive makes monthly cash payment awards in the form of payroll tax rebates to
help companies grow and boost business expansion investments in Oklahoma. In order to
be eligible, a company must have a minimum annual payroll of $1.25 million. Special
consideration will be given for awards associated with projects that can be implemented
quickly. Awards will generally range from $50,000 to $150,000. When reviewing the
applications, Commerce will take into consideration: amount of capital investment from the
company; the ratio of private sector dollars leveraged from Bounce Back Assistance
awards; number of existing jobs, number of projected new jobs, and the average wages
paid to employees. Projects must provide a net positive benefit for the state.
To apply, companies will submit an application to Commerce at
www.okcommerce.gov/bounceback. After submitted applications are reviewed, Commerce
staff will reach out to eligible companies. Companies that are awarded funds through the
Oklahoma Manufacturing Reboot Program are not eligible. In addition, companies that have
current contracts with the Oklahoma Quality Jobs program are not eligible.
Participating businesses will be required to provide quarterly reports verifying
employment levels and expenditures, as well as submit verification of purchase and
installation of machinery and equipment. The deadline to apply is Friday, May 8, 2020, at
12 p.m.
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