Oklahoma Business Relief Program
Gov. Kevin Stitt has authorized $100 million in Federal Coronavirus Relief Funds for small business assistance in Oklahoma through the Oklahoma Business Relief Program.
The program will operate much like the federal Paycheck Protection Program (PPP) but with the following differences:
- A company will have to prove they had a 25 percent reduction in revenue due to COVID-19.
- Maximum grant awarded will be $25,000. The grant amount is the total of two months average payroll or $25,000, whichever is less.
- It is a grant program, not a business loan.
- 501(c)(6) entities are eligible.
Details:
- No mandates for the grant expenses, but funds must be used for business expenses. Suggested usage includes payroll, inventory, equipment and working capital.
- Final determination of eligibility will be made by Department of Commerce.
- Funds will be administered by local lenders.
Important Dates:
·
June 29
- Applications open. Apply through a participating lender.
·
July 10
- Application deadline.
·
July 17
- Anticipated date funds will be distributed.
