Second Round of Funding Added to the Business Relief Program
The Oklahoma Business Relief Program, the state’s version of a paycheck protection program, will be opening an additional $50 million up to businesses on July 14.
The first round of funds went quickly so the Department of Commerce is recommending those interested in applying for Phase 2 funding should contact a participating financial institution and complete the application process before July 14.
To qualify, a business must have at least a 25% revenue loss. Phase 2 has also set aside 20% of the funds for minority-owned businesses.
Phase 2 Funding: Financial Institutions may begin submitting their customer's applications starting at 8 AM on July 14.
Thanks to those who contributed to the overwhelming success of OBRP. Funding has been increased for the program and a second phase application period announced.
This success included signing up over 150 participating financial institutions and receiving applications from more than 2,400 Oklahoma businesses. Of those 2,400 Oklahoma businesses, 24% of them are minority owned.
- Phase 2 Update for Financial Institutions: The financial institution application period closed for Phase 1 after initial funding was exhausted. Registered financial institutions should continue to take business applications from customers and prepare to submit new and existing forms for Phase 2 funding starting at 8 AM on July 14, 2020.
- Phase 2 Update for Businesses: Businesses should continue to work with their financial institutions to apply for this program. Businesses that have already applied, but have not received an update on their application status should contact their financial institution. Applications that were submitted by financial institutions after Phase 1 funding was exhausted are valid for Phase 2 funding. Contact your bank or credit union for details about your existing application.