Based on the response and success of the Oklahoma Manufacturing Reboot Program to boost the manufacturing industry, the Oklahoma Bounce Back Assistance Program was created to stimulate economic growth and combat the negative effects the COVID-19 pandemic has had on the state’s economy. This program will support high-impact new capital investment across a broader range of industries that will diversify the state’s economy, lead to new product development or increase capacity at Oklahoma’s existing companies. In addition to encouraging new capital investment, these small but impactful awards will support existing jobs and the creation of new jobs.
NOTICE: The application period has now closed. Thank you for your interest in the program. Visit our COVID19 page for updates and other programs.
Financial Incentive for Your Diversification, Expansion or Development
This incentive makes monthly cash payment awards in the form of payroll tax rebates to help companies grow and offset the cost of capital expenditures incurred through business expansion investments in Oklahoma.
- Lower the cost of a capital project
- Improve return on investment
- Increase the scope of a planned expansion
- Enhance ability to finance a project
- For-profit companies with a minimum annual payroll of $1.25 million
- Will take into consideration: amount of capital investment from the company; the ratio of private sector dollars leveraged from Bounce Back Assistance Awards; number of existing jobs, number of projected new jobs, and the average wages paid to employees
- The projects must provide a net positive benefit for the state
- Special consideration will also be given for awards associated with projects that can be implemented quickly.
- Companies that are awarded funds through the Oklahoma Manufacturing Reboot Program are not eligible.
- Companies that have current contracts with the Oklahoma Quality Jobs program are not eligible.
- To view additional rules and eligibility requirements, see the Oklahoma Economic Development Pooled Finance Act
Awards will generally range from $50,000 to $150,000 and will vary depending on potential positive impact on Oklahoma’s economy.
Participating businesses will be required to:
- provide quarterly reports verifying employment levels and expenditures
- submit verification of purchase and installation of machinery and equipment