An additional $50 million has been allocated toward the Oklahoma Business Relief Program (OBRP). Applications for Phase 2 of this grant program begin at 8 am on Tuesday, July 14th.
Businesses and non-profits who have suffered at least a 25% decline in revenue due to COVID-19 are eligible to receive up to $25,000 in grant funding. Applications are submitted through participating financial institutions.
It is strongly recommended that interested businesses contact a participating financial institution and begin the pre-application process as soon as possible. Roughly 24 hours after Phase 1 applications opened on June 29th, all of the initial $50 million dollars were allocated. The Department of Commerce expects Phase 2 funding to move even faster. While applications are accepted on a first-come, first-served basis, at least 20% is allocated for minority-owned businesses.
Funding for the OBRP was designated by Governor Kevin Stitt from the Federal CARES Act. The grant amount for eligible businesses will be equal to two months of average total payroll. To be clear, this is a grant, not a loan. The intention of it is to be a financial lifeline to businesses that have been adversely affected by the pandemic.
To access a list of participating financial institutions, pre-application documentation, and eligibility details, visit the Oklahoma Department of Commerce website.
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