Beginning Monday, June 29th, applications will be open for the new Oklahoma Business Relief Program (OBRP) that will award grants of up to $25,000 per business.
Governor Kevin Stitt has allocated up to $50 million in funds from the federal CARES Act to be disbursed to Oklahoman businesses and non-profits that have been negatively impacted by COVID-19. Of the $50 million, $10 million is reserved for minority-owned businesses.
Applications will be accepted on a first-come, first-served basis, so it is advised that pre-application forms are filled out prior to visiting your financial institution. Not all participating financial institutions are accepting new customers for the purpose of applying for the OBRP.
Qualifying businesses are eligible to receive a grant equal to two months of average payroll costs, up to $25,000. These businesses must have experienced at least a 25% decline in revenue in the months of March to May 2020.
Applications will be accepted from June 29th through July 10th, with grant disbursements beginning July 17th. Applications must be submitted through participating financial institutions, the list of which can be found at the link below.
This program is issuing grants, not loans (meaning the funds will not need to be repaid). The funds must be used for business expenses for which the business is not receiving any other type of reimbursement from insurance companies or government agencies.
Visit the OBPR website for the list of participating financial institutions, business eligibility requirements, necessary documentation, and other details.