Businesses: Fill out the economic injury survey
As the coronavirus situation changes, the needs of the city’s businesses will evolve as well. But to help the state assess the situation, operators are encouraged to fill out the Oklahoma Small Business Disaster Economic Injury Assessment, which can be found at damage.ok.gov. Nonprofit organizations are eligible as well.
Filling out the survey is an important first step in helping Oklahoma City’s and the state’s economies recover. The assessment is not an application for a loan. Business owners are encouraged to fill out the survey even if they don’t expect to request a loan because it will help city and state leaders understand the virus’ economic impact.
The survey offers assistance on evaluating the virus’s impact on a business since it’s more difficult to assess that figure than property damage seen in a tornado.
Operations of all sizes can find out if they qualify as a “small business” by reviewing these guidelines from the SBA.
If loans are granted, the money is not unlocked until the U.S. Small Business Administration issues an Economic Injury Disaster Loan declaration. Oklahoma Gov. Kevin Stitt, through the Oklahoma Department of Emergency Management, submitted the first request for the declaration on March 17.
The declaration was requested for 24 counties in the state; but if approved, the loans would be available for all 77 counties.
Once the loans are issued, the money may be used to pay fixed debts, payrolls, accounts payable and other bills can couldn’t be paid because of the coronavirus’ effects. The interest rate is 3.75% for small businesses without credit available elsewhere. Businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
The SBA is willing to work with businesses so they payments are not overwhelming, allowing the life of the loan to be extended up to 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
For additional information about the survey and loan process, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
The Greater Oklahoma City Chamber has a list of resources available at okcchamber.com or by clicking here. For personal financial assistance, call Heartline/2-1-1, a 24/7 helpline that provides assistance for Oklahomans in need.