OKLAHOMA CITY (KFOR) – Oklahoma City business owners will soon be able to apply for COVID-19 disaster relief funds through the city’s Small Business Continuity Program.
The website is now live with information about qualifications and supporting documents.
Applications will be accepted from April 6 through April 17 with funds available beginning in early May.
“It’s important to us to launch the program very quickly, with a variety of resources, to help local small businesses retain employees,” said Cathy O’Connor, president and CEO of The Alliance for Economic Development of Oklahoma City. “We want to make sure small business owners citywide know about the program, particularly those in vulnerable census tracts.”
Only businesses located in Oklahoma City can apply.
Incentive Program
Cash incentives, on a reimbursement basis, up to $10,000 for retained employee payroll. Qualifying businesses must have fewer than 15 full-time equivalent employees.
Loan Program
- No-interest forgivable loans: 10-year, 0% interest loans up to $50,000. Qualifying businesses must have 50 or fewer full-time equivalent employees. Long-term employee retention and other requirements could lead to loan forgiveness over time.
- Low-interest loans: 10-year, 2% interest loans from $50,000 to $100,000. Qualifying businesses must have 50 or fewer full-time equivalent employees.
Technical Assistance Program
Pre-qualified local subject-matter experts will provide technical assistance in these areas and more:
- Applying, processing and compliance for federal Small Business Administration (SBA) loans and other federal, state and local assistance programs.
- Website, social media and other online marketing and sales development.
- Accounting and financial advice to identify priorities for payroll, debt and overhead.
- IT support for remote work, file storage and access.
- Human resources advice, tips for remote working and how to apply national legislation and benefits to keep employees on payroll despite reduced revenue.
- Legal best practices to adapt contracts and agreements to a new operating environment.
A committee will review and approve applications.
To apply, visit the city’s website.