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As new resources are made available, we will be updating this list to ensure startups have the information they need, when they need it. Last updated April 8, 2020.
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COVID19 Resources for Scalable Startups
FROM THE SMALL BUSINESS ADMINISTRATION
On April 3, 2020, the SBA issued guidance on the affiliation rules applicable to the Payroll Protection Program (PPP). Also, on April 4, 2020 the SBA released a letter from its General Counsel’s Office addressing these affiliation rules and the exemptions from affiliation created under the CARES Act. Based upon these releases, the affiliation rules applicable to the PPP have been narrowed from the SBA’s previous affiliation regulations.
- The final form of the PPP loan application removes the requirement for certifications directly by 20%+ owners that had been included in an earlier version of the application.
- Applicants are still required to certify as to certain matters with respect to 20%+ owners
- Minority investors at any level of ownership may still be considered affiliated with the applicant if the hold control rights
PAYROLL PROTECTION PROGRAM
Payroll Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
- Small businesses can apply for the PPP at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury.
- Up to 100% of the loan may be forgiven if certain criteria is met
[/vc_column_text][vc_empty_space][rd_line type=”rd_line_bcolor” color=”#1e73be”][vc_single_image image=”31608″ img_size=”full” alignment=”center”][vc_empty_space][rd_line type=”rd_line_bcolor” color=”#1e73be”][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row][vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]FROM THE SBA’S ECONOMIC INJURY DISASTER LOAN PROGRAM
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.
- Advance of up to $10,000
- Working capital loans of up to $2 million
- Funds will be made available within three days of a successful application, and the loan advance will not have to be repaid.
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
- Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork while applying for an EIDL loan
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
The SBA Debt Relief Program will provide a reprieve to small businesses through 7(a) loans, the SBA’s primary lending program, as they overcome the challenges created by this health crisis.
- The SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
[/vc_column_text][rd_line type=”rd_line_bcolor” color=”#1e73be”][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row][vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]FROM THE OKLAHOMA CITY SMALL BUSINESS RELIEF FUNDS
The Oklahoma City Council on March 31, 2020, approved $5.5 million in assistance to help small businesses weather the coronavirus crisis. The city plans to take applications for assistance April 6 through midnight April 17. City officials hope to get the first payments out within seven to 10 days, which would be the last week of April.
- $1.5 million for cash incentives of up to $10,000 for retained payroll at businesses with fewer than 15 full-time equivalent employees.
- $3 million for 10-year, zero-interest loans up to $50,000, with long-term employee retention factoring into loan forgiveness considerations, and for 10-year, 2% interest loans, $50,000 to $100,000. Businesses must have fewer than 50 full-time equivalent employees to qualify.
- $500,000 for technical assistance, including help in seeking federal Small Business Administration (SBA) loans, building e-commerce business capabilities and navigating legal issues.
[/vc_column_text][rd_line type=”rd_line_bcolor” color=”#1e73be”][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row][vc_row][vc_column width=”1/6″][/vc_column][vc_column width=”2/3″][vc_column_text]FROM THE GREATER OKLAHOMA CITY CHAMBER
As our community responds to the spread of COVID-19, the Greater Oklahoma City Chamber wants businesses to be able to implement strategies to protect their workforce while ensuring continuity of operations.
While many organizations have pandemic procedures already in place, the resources below can help organizational leaders better understand the implications of COVID-19.
COVID-19 Resources for Businesses and Employees
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Tulsa Respond is helping Tulsa bounce back as fast and as strong as possible by guiding you through the various local, state, and federal assistance programs. Tulsa Responds Link
In partnership with Tulsa Economic Development Corporation (TEDC), the City of Tulsa is dedicating $1.1 million in funds for zero interest loans to provide financial assistance to small business owners and entrepreneurs affected by COVID-19.
TEDC will begin accepting loan applications from local businesses immediately..
To qualify as a small business, applicants must have fewer than 50 full-time equivalent (FTE) employees, have 2019 revenues that did not exceed $5,000,000 and have experienced a decrease in revenue of at least 25 percent between February and March 2020 due to COVID-19.
City of Tulsa and TEDC Creative Capital: Business Resiliency and Recovery loans
Additional Tulsa resources are available at Tulsa Regional Chamber Resource Link
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McKinsey has published the following article – COVID-19: Implications for business, which is a must read for any leaders, and especially of small business, during this difficult time.
McKinsey Implications for Business
[/vc_column_text][rd_line type=”rd_line_bcolor” color=”#1e73be”][vc_empty_space][vc_column_text]DISCLAIMER: The resources below are provided as information only and should not be construed as medical or legal advice. If you have been exposed to COVID-19 (Coronavirus), or are experiencing symptoms of the disease, call your doctor/medical professional. We suggest that you consult an attorney if you have legal questions related to COVID-19, as the links below should be treated as a resource only.[/vc_column_text][/vc_column][vc_column width=”1/6″][/vc_column][/vc_row]