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State of Oklahoma

Posted: Apr 03, 2020 1:17 PMUpdated: Apr 03, 2020 1:17 PM

Small Business Administration Helping Small Businesses

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Ty Loftis

The Pawhuska Chamber of Commerce wants to remind every small business that the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to make up for economic shortfalls because of the coronavirus.

These funds will be provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was signed into law by President Donald Trump. To qualify for the relief, the State of Oklahoma must submit documents of business losses for at least five businesses in each county. If approved, the declaration will make disaster loans of up to two million dollars available to small businesses, along with private and non-profit organizations.     

The Small Business Administration says these loans can be used to pay fixed debts, accounts payable, payroll and other bills that can’t be paid because of the financial toll the coronavirus has had on these small businesses.

The Oklahoma Department of Emergency Management’s online form for any business suffering economic losses is ready to be filled out at damage.ok.gov. This will be used to document Oklahoma businesses and how they have been impacted related to the coronavirus in order to receive that federal assistance through the loan program.     

When Small Business Administration loan applications become available, the Oklahoma Department of Commerce will have staff available to help these businesses fill out forms. For questions, call Ray Little at 405-815-5227.     

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