Federal Loans Available To Small Businesses Negatively Affected By Coronavirus
Oklahoma small businesses negatively affected by the coronavirus may be eligible for a new federal loan.
According to a press release, the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19.
The press release said the funding would be available through the Coronavirus Preparedness and Response Supplemental Appropriations Act, a piece of legislation that was signed by President Trump.
In order to qualify, the state has to submit documents outlining business losses for a minimum of five businesses in each county.
A U.S. Small Business Administration Injury Disaster Loan assistance declaration "will make disaster loans of up to $2 million available to small businesses and private, nonprofit organizations to help alleviate economic injury caused by COVID-19" pending approval, the release said.
Starting Monday, the Oklahoma Department of Emergency Management will have a form for businesses submit on its website at www.ok.gov/OEM.