Update on Disaster Relief Programs
Wed, 07/08/2020 - 10:08am
I just wanted to reach out. I know you may have already applied for disaster relief - or you may not have needed to (which I really hope is the case); however, many businesses did not think they qualified or have been overwhelmed about how to move forward. Remember OKSBDC advisers are here to assist you with reviewing financial information, evaluating eligibility for programs or talking about other business management or marketing issues. Please reach out if you need assistance applying or managing funds from any of these programs. - Dana Hugle
Oklahoma Business Relief Program Phase 1 launched on June 29, and the $50 million allocated toward the grant program was allocated in approximately 24 hours. Phase 2 will open with another $50 million, and it is anticipated that the funds will go even faster.The Oklahoma Dept of Commerce announced that Phase 2 Of the Oklahoma Business Relief Program (OBRP) will begin at 8 am on Tuesday, July 14. Many participating financial institutions are continuing to work with businesses interested in applying to gather the required information in advance.
Businesses interested in applying in Phase 2 of OBRP should contact a participating financial institution in advance (as soon as possible) to being the process. A list of participating financial institutions, program rules and a pre-application form can be found on the Commerce website at https://www.okcommerce.gov/doing-business/business-services/oklahoma-business-relief-program/
Paycheck Protection Program - Funding deadline extended. The new deadline to apply for a PPP is Aug 8, 2020. The program resumed accepting applications on July 6 at 10 am based on the president signing an extension.
Links for additional information:
To find an eligible lender: https://www.sba.gov/paycheckprotection/find
Reach out to the lender to see if they are continuing to participate and get additional information.
This document is helpful, especially for sole proprietors and independent contractors: https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf
Application form, revised 6/24/20: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form.pdf
SBA Economic Injury Disaster Loan and Advance program
Notice: Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from all eligible small businesses and U.S. agricultural businesses. To learn more about eligibility and apply, click here. Application MUST be made online.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis
Link to information and application: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources