Chamber's latest Tele-Town Hall covers SBA options, OKC's new Small Biz Continuity Program
Following previous calls on the OKC public health situation, federal assistance and federal updates and legal & financial options, the Chamber continues its effort to keep members and OKC businesses informed about the resources available to them during this time. Friday's Tele-Town Hall covered some aspects of the SBA loan process as well as information on the new OKC Small Business Continuity Program. The call featured Alliance for Economic Development of OKC President and CEO Cathy O’Connor; Cameron Brewer, vice president at Bancfirst’s Commercial Capital Division and Kent Faison, president of the Commercial Capital Division at Bancfirst.
Some of the resources mentioned on the call:
SBA loan site: http://covid19relief.sba.gov
Payroll Protection Program (2.5 times avg. monthly payroll, can be used for wages, rent, utilities, mortgage payments, etc.): (use 4/20 version of application form) https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
PPP Fact Sheet via treasury.gov: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
OKC Small Business Continuity Program: http://www.okcsmallbizhelp.com
Chamber’s COVID-19 resource page: http://www.okcchamber.com/covid19
Brewer mentioned that local businesses should generally be looking to contact their usual local lender for help in getting applications processed, as most will be participating in the SBA programs.
O’Connor spoke on the new OKC Small Business Continuity Program. She noted the business must be located in OKC and has to have experienced a large drop in revenue since the disaster declaration, with an emphasis on revenue from retail sales. There are three main parts to the new program. The first is a cash incentive for very small businesses (15 full-time-equivalent employees or less) for the purpose of reimbursement of payroll expenses for retaining employees, up to $10k. The second is a loan program including a zero percent forgivable loan (50 or fewer full-time equivalent employees, 10-year loan up to $50k) and a low-interest loan of up to $100k (50 or fewer full-time equivalent employees, 10-year payment). The third part is business consultancy and technical assistance services as needed – SBA app help, help establishing an e-commerce site, teleworking help, etc.
Jeff Seymour, executive VP of economic development for the Chamber, noted the OKC Small Biz Continuity Program applications are planned to be available online early this week at the www.okcsmallbizhelp.com website mentioned above, as well as FAQs and other info. He also mentioned some of the other resources the Chamber has been working on including our page at www.okcchamber.com/covid19 and various pieces on www.velocityokc.com.