How Oklahoma Small Business Can Apply for Coronavirus Help
Oklahoma small businesses impacted by the coronavirus are now eligible to apply for disaster loans from the federal government.
Oklahoma was recently added to what is now a growing list of states that are eligible to apply for a low-interest loan due to the ongoing COVID-19 crisis. Indiana joins California, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Maine, Massachusetts, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Rhode Island, Utah, and Washington.
Here’s some background information on the program and how it relates to COVID-19.
On March 13th, President Trump declared coronavirus a national emergency. That opened up $50 billion in SBA aid to states. In order for a state to be eligible for the program, that state’s Governor must apply to the Small Business Administration. Once the SBA determines an adequate need, it opens up the Economic Injury Disaster Loan assistance declaration, which provides loans to small businesses which have seen economic injury from COVID-19. Small business owners in Oklahoma can apply for the program here.
The Disaster Loans offer up to $2 million in assistance, providing vital economic support for small businesses suffering from a loss of revenue. The loans may be used to pay fixed debts, payroll, accounts payable and other bills they can’t pay because of COVID-19. The interest rate is 3.75% for small businesses. The loans have long-term repayments in order to keep the payments affordable. Longer loans can be up for 30 years depending on the borrower’s ability to pay.
SBA.gov/coronavirus – This one has a variety of coronavirus and loan information including a link to the application for disaster-relief loans.
SBA.gov/disaster – This one takes you directly to the loan application.
There a few things our members should know:
- These loans are processed first-come first served. There will be an unprecedented crush of new applications and it is best to be at the front of the line. Indiana was the first state in the region to declare a disaster and be ready to take applications.
- Important: Our members should apply even if they are not sure they will use it. Get in the pipeline now. You don’t have to fund the loan, but your loan will be ready in case you need it. Members need to remember that each loan will take time to process. No one, including the SBA, has ever seen anything like this. SBA recommends being one of the first to apply in case you will need it.
- Members also need to know the SBA disaster loans are just that: loans. They are not grants and are not free. Applicants must be credit worthy.
For accurate Oklahoma information and updates, click here.
- The Governor has engaged a Joint Task Force for COVID-19, with the assistance of the National Guard and located at the Regional Training Institute in Oklahoma. The Governor has not requested any additional assistance from the Oklahoma National Guard at this time.
- The U.S. Department of Education approved the Oklahoma State Department of Education’s request to suspend assessments and Oklahoma School Report Cards for the 2019-20 school year.
- Here are the Oklahoma Commerce Department’s resources to help homeowners impacted by COVID-19.