Federal Disaster Loans Available to Small Businesses Impacted by COVID-19
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Oklahoma small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
This funding will be provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by President Trump.
To qualify for the program, the state must submit documentation of business losses for at least five businesses per county.
If approved, an SBA Economic Injury Disaster Loan assistance declaration will make disaster loans of up to $2 million available to small businesses and private, nonprofit organizations to help alleviate economic injury caused by COVID-19.
According to the SBA, these loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the impact of COVID-19. The interest rate is 3.75% for small businesses without credit available elsewhere and 2.75% for nonprofits. Businesses with credit available elsewhere are not eligible for this program.
Oklahoma businesses affected by the Coronavirus are asked to fill out the Oklahoma Department of Emergency Management’s Small Business Disaster Economic Injury Assessment survey by clicking HERE.
When SBA Economic Injury Disaster Loan applications are made available, the Oklahoma Department of Commerce will have staff available to assist small businesses with filling out the forms. Companies needing assistance with the application forms and economic development organizations providing assistance to businesses in their communities should contact Ray Little at email@example.com or 405-815-5227.
Online Form to Report Business Economic Injury Due to COVID-19
The Oklahoma Department of Emergency Management’s online form for businesses suffering losses due to the effects of COVID-19 is now active at damage.ok.gov. The form will be used to document Oklahoma business impacts related to COVID-19 in order to receive federal assistance through the U.S. Small Business Administration’s Economic Injury Disaster Loan program.
Since the form was made available online Monday, more than 425 reports have already been filed, but OEM is asking businesses to continue reporting until an SBA declaration is approved for all Oklahoma counties. Reports are especially needed from counties outside of the major metro areas.
Other resourceful links: