Update Update Update
Oklahoma Small Businesses can now apply for SBA Economic Injury Disaster Loan
Small Business Owners may now apply for SBA relief. Apply HERE.
We have been informed by the Oklahoma Secretary of Commerce that the U.S. Small Business Administration (SBA) approved an Economic Injury Disaster Loan declaration for Oklahoma that will help small businesses here in the state impacted by COVID-19. These SBA loans are critical to ensuring businesses across Oklahoma have access to financial relief.
Now more than ever, the Oklahoma Restaurant Association, Oklahoma Hotel & Lodging Association and, Oklahoma Travel Industry Association is proud to serve as the statewide voice of advocacy for Oklahoma’s hospitality industry.
Thank you for your ongoing support and dedication to our industry. I have every optimism that we will bounce back with more resiliency than ever and lead our economy in its recovery.
The Oklahoma State Chamber knows small businesses are experiencing hardships during this pandemic, and they are here to help direct you to the available resources.
In order to qualify for assistance from the U.S. Small Business Administration (SBA), Oklahoma must first be declared a disaster. In order to do that, Oklahoma has to certify it has at least five small businesses that have sustained substantial economic harm and worksheets have to be collected on those small businesses to describe what the level of impact is. Then, applications can move forward. The good news is SBA has been approving loans with a 24-hour turnaround time.
To start identifying the economic impacts on small businesses and private/nonprofit organizations associated with the coronavirus, small businesses can submit information by clicking here
and it will be used to help local and state officials identify and support a request for an Economic Injury Disaster Loan declaration from SBA. You can monitor the status of the states that have been approved here
When Oklahoma becomes eligible, applications will only be taken online. You can apply here
. The loan is designed to help normal business obligations, such as payroll and any other expenses that would have been incurred had the disaster not occurred. The loan rate is 3.75 percent for private businesses and 2.75 percent for non-profits; the loans can be extended out for 30 years and have an automatic one-year deferment.
In addition to the disaster loan, SBA is still offering its Standard 7(a) loans, which are not disaster-related. To apply, small businesses just need to visit their bank, and then SBA will be asked to guarantee. If you are interested in applying for a 7(a) loan and would like more information, you can contact the local SBA office and speak to Dustin Allen (405-609-8017) or Brenda Chavira (405-609-8022). More information on the resources available from SBA is available here
The U.S. Chamber of Commerce has also put together a list of resources
to help small businesses. Small businesses are also encouraged to contact the U.S. Chamber of Commerce Foundation’s Disaster Help Desk for Business
—an information concierge to assist small businesses with disaster readiness, relief and long-term recovery—by dialing 888-MY-BIZ-HELP or sending a message to BizHelpdesk@uschamber.com
The situation is very fluid right now and additional resources may be made available in the future. President Trump signed the Families First Coronavirus Response Act, and we will be providing a summary of that shortly.
We hope this information is helpful, and please feel free to contact us
with any follow-up questions or if we can be of further assistance.