The Atoka City Industrial Development Authority (ACIDA), and the Oklahoma Department of Commerce (ODOComm) is working to help our industries and small businesses obtain the most current information regarding the economic impact of COVID19 and resources available. This information is continuously changing, and please verify all information with your local lender and the SBA. Follow the link below to the OK Dept of Commerce page devoted to the economic impact of COVID19. Currently, there are two programs.
The Payroll Protection Program (PPP) is a loan to cover six weeks of payroll that may be forgiven and replaced with a grant at the end of eight weeks with proof of expenditures if you keep employees hired. You will need to submit a request for forgiveness with proper documentation to replace the loan with a grant. Small businesses access the PPP program through your local bank. UPDATE: 4/16/2020, ALL FUNDS HAVE BEEN DISTRIBUTED TO BANKING INSTITUTIONS. CHECK WITH YOUR BANK TO SEE IF THEY HAVE FUNDS AVAILABLE.
Small businesses (less than 500 employees) access the SBA- EIDL through the Federal SBA program. The ODOComm page below contains links to that site. Do not include payroll in that loan application if you are also applying for the PPP grant. The ODOComm is recommending all eligible entities, 501c3 and for-profit small businesses apply for both the PPP program and the EIDL (SBA Disaster Assistance Loan). There may be origination fees on the PPP program. Currently, there are no fees associated with the EIDL program. UPDATE: 4/17/2020, SBA IS NO LONGER TAKING APPLICATIONS FOR THIS PROGRAM
This information is as of today 4/17/2020, and subject to change, check the OK Department of Commerce site daily.