COVID-19 Funding & Loan Information
Small Business Administration Loans:
Small businesses in all 77 Oklahoma counties are approved for low-interest disaster loans from the U.S. Small Business Administration! If your business has been affected by #COVID19, you can apply atSBA.gov/disaster. SBA Disaster Assistance One-Pager
**We have learned that a business can only apply for a SBA disaster loan OR the new COVID-19 Response Bill Paycheck Relief Program, not both. You can participate in both programs ONLY if you are approved for the SBA disaster loan by the end of March. It is best for you to speak with your local bank to explore which financial solution is best for your unique situation.**
Kiva is expanding eligibility, giving larger loans, and providing a grace period. Apply HERE
Facebook Small Business Grants:
Facebook announced that it’s creating a $100 million grant program for small businesses. Applications aren’t open yet, but the company says this will include both ad credits and cash grants that can be spent on operational costs like paying workers and paying rent. It will be available to up to 30,000 businesses in the 30-plus countries where Facebook operates. Read more here: Facebook Small Business Grant
Lobeck-Taylor Family Foundation Tulsa Restaurant Employee Relief Fund
Lobeck Taylor Family Foundation (LTFF) and Mother Road Market (MRM), in partnership with the Oklahoma Restaurant Association (ORA), have created the Tulsa Restaurant Employee Relief Fund.
LTFF contributed $100,000 to start this relief fund managed by the ORA’s Foundation to support Tulsa restaurant workers.
Funds will be dispersed as $1,000 grants directly to workers to spend on their immediate needs whether that is food, rent, gas, medical expenses, etc. In turn, we are asking you, our community, to donate (above) so that additional funds are raised to support this group of hard working people in our Tulsa community! More information and application can be found here.
Federal Income Tax Filing and Payment Deadline Extension
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Check with your state tax agency to find out if your business has more time to file or more time to pay state and local taxes this year as a result of the coronavirus. Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments.
Federal Relief Act
The US Senate approved the ‘Keeping American Workers Employed and Paid Act,’ which now goes to the House for approval. For the latest information we have on that Act click here and here. For an excellent FAQ on the Act, click here.