Federal Disaster Loans available to small businesses impacted by COVID-19

FEDERAL DISASTER LOANS AVAILABLE TO SMALL BUSINESSES IMPACTED BY COVID-19

OKLAHOMA CITY (March 14, 2020) – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Oklahoma small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

This funding will be provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by President Trump.

To qualify for the program, the state must submit documentation of business losses for at least five businesses per county.

If approved, an SBA Economic 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.

According to the SBA, these loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the impact of COVID-19. The interest rate is 3.75% for small businesses without credit available elsewhere and 2.75% for nonprofits. Businesses with credit available elsewhere are not eligible for this program.

The Oklahoma Department of Emergency Management will have a form for businesses submit on its website (www.ok.gov/OEM) starting Monday.

Federal disaster assistance granted for 7 more Oklahoma counties

FEDERAL ASSISTANCE GRANTED FOR ADDITIONAL OKLAHOMA COUNTIES IMPACTED BY FLOODS, STORMS

OKLAHOMA CITY (June 11, 2019) - Governor Kevin Stitt announced today that the Federal Emergency Management Agency (FEMA) has approved the state's request for disaster assistance for seven more Oklahoma counties impacted by flooding, tornadoes, severe storms and straight-line winds.

The disaster assistance benefits individuals and business owners affected by severe storms that have occurred since May 7 in Delaware, Kay, Mayes, Okmulgee, Payne, Pottawatomie, and Sequoyah counties.

Canadian, Creek, Logan, Muskogee, Osage, Ottawa, Rogers, Tulsa, Wagoner, and Washington counties have already been approved for Individual Assistance.

The designation makes available federal assistance for housing repairs or temporary housing, U.S. Small Business Administration (SBA) low-interest loans for individuals and businesses to repair or replace damaged property, disaster unemployment assistance, and grants for serious needs and necessary disaster expenses not met by other programs.

Governor Stitt stressed that the state will continue to request additional counties be added to the Individual Assistance Major Disaster Declaration as damage assessments of impacted homes and businesses are completed.

To apply for disaster assistance individuals and business owners may call 1-800-621-FEMA (3362) or go online at www.disasterassistance.gov. FEMA will also have Disaster Survivor Assistance Teams on site in the declared counties listed above to help people register for FEMA aid.

Low-interest federal disaster loans available in Muskogee, Tulsa, Wagoner counties

SBA Stands Ready to Assist Oklahoma Businesses and Residents Affected by Severe Storms, Straight-line Winds, Tornadoes and Flooding

SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to Oklahoma businesses and residents as a result of President Trump’s major disaster declaration, U.S. Small Business Administration’s acting Administrator Christopher M. Pilkerton announced.

The declaration covers the Muskogee, Tulsa and Wagoner counties as a result of the severe storms, straight-line winds, tornadoes and flooding that began on May 7, 2019.

“SBA is strongly committed to providing Oklahoma with the most effective and customer-focused response possible and with access to federal disaster loans to help businesses and residents affected by this disaster,” said Pilkerton. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov. As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.