Through the Oklahoma Department of Commerce (ODOC), Governor Kevin Stitt has designated up to $50 million dollars received by the State of Oklahoma from the Federal CARES act to provide economic support to some of the businesses adversely affected by COVID-19.
The Oklahoma Business Relief Program provides grants of up to $25,000 to qualifying businesses who have experienced a substantial revenue loss due to the impact of COVID-19.
We've summarized the key points of the relief program below. Click here to read the entire program and rules.
Eligible Businesses
Oklahoma businesses in good standing with the Oklahoma Secretary of State that have suffered an average monthly loss of 25% or more in revenue generated between March through May of 2020 substantially caused by the impact of COVID-19.
The revenue loss can be attributed to some or all of the following reasons:
- Oklahoma business locations were ordered closed for a period of time pursuant to executive order or an order of local government.
- Oklahoma business locations engaged in revenue generating business activities but with restrictions or on reduced hours due to an executive order, an order of local government, or in an effort to comply with social distancing recommendations.
- Oklahoma business otherwise suffered from reduced revenue due to decline in customers or clientele likely due to COVID-19 precautions being taken by potential customers or clients.
Grant Amount
- Grants may be awarded for two months of average total payroll, up to $25,000.
- Program funds may be used for business expenses incurred from March 1, 2020 through December 30, 2020 relating to Oklahoma business locations.
Program Timeline
- The application is available on the ODOC website.
- Businesses can begin submitting applications on June 29.
- Grants will be awarded on a first come, first served basis.
- Businesses should contact a participating financial institution to apply for the program.
- The application deadline is July 10th.
- Grant funding is expected to begin the week of July 17th.
Program rules, additional eligibility criteria, FAQ's, financial institution participation and more can be found on the ODOC Business Relief Program's page.
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HoganTaylor Can Help
If you have any questions about this content, or if you would like more information about the Oklahoma Business Relief Grants Program, please contact the author of this article, Tammy Williams, Advisory Consulting Executive, at twilliams@hogantaylor.com.
INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.
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