The COVID-19 (novel coronavirus) event is a rapidly changing situation and the Oklahoma Department of Commerce is closely monitoring updates and guidance from our federal and state partners.
If you or someone you know experience symptoms, or are worried about your health, visit the Oklahoma Department of Health for information.
The package passed in December 2020 provides additional funding for businesses that did not receive PPP money in the first round. It also allows businesses a second chance at PPP money if they can show losses of 25% or higher in 2020 over their 2019 revenue. The new law allows for the deductibility of expenses paid for under PPP funds.
See the PPP second draw program rules for details.
Paycheck Protection Program
PPP Small Business Loan Program Overview
The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
All loan proceeds used to cover payroll, rent, mortgage interest payments and utilities during the 8 weeks after the loan funds will be forgiven.
Companies needing assistance with the application forms and economic development organizations aiding businesses in their communities should contact Ray Little at firstname.lastname@example.org or 405-815-5227.
Main Street Lending Program
Main Street Lending Program. The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.
Guidance and Resources
Oklahoma Workforce System
Information on unemployment insurance, American Job Centers, companies hiring, resources, and other workforce needs.
Guidance and resources for Oklahoma non-profit enterprises from the Oklahoma Center for Non-profits.
Main Street Business and Community Resources
Updates from the national Main Street program and best practices for local Main Street programs.
New Sick Leave & Family and Medical Leave Act Benefits
Paid sick leave and FMLA related to COVID-19 are now required for some businesses with under 500 employees. Refundable tax credits will help employers pay for the new, required benefit.
Coronavirus Food Assistance Program USDA Purchase & Distribution Program
USDA is partnering with regional and local distributors, whose workforce has been significantly impacted by the closure of many restaurants, hotels, and other food service entities, to purchase $3 billion in fresh produce, dairy, and meat products. USDA Agricultural Marketing Services (AMS) will procure an estimated $100 million per month in fresh fruits and vegetables, $100 million per month in a variety of dairy products and $100 million per month in meat products to provide boxes of fresh produce, dairy, and meat products to food banks and other non-profits serving Americans in need. USDA will award contracts for the purchase of the agricultural products, the assembly of commodity boxes and delivery to identified non-profit organizations that can receive, store and distribute food items.
SBA Emergency Business Loan Program
Small Business Administration COVID-19 Disaster Loan
This program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing.
NOTICE: SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
SBA Loan Help
The Oklahoma Department of Commerce has staff available to assist small businesses with filling out disaster loan application forms. Companies needing assistance with the application forms and economic development organizations aiding businesses in their communities should contact Ray Little at email@example.com or 405-815-5227.
COVID-19 Federal Rural Resource Guide
USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by the COVID-19 outbreak. These programs can support recovery efforts for rural residents, businesses and communities through:
- technical, training, and management assistance;
- financial assistance; and
- state and local assistance.