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Developed to help local businesses across the state overcome the economic challenges of COVID-19, the Oklahoma Business Relief Program (OBRP) offers vital funding for qualifying businesses that have suffered revenue loss due to the pandemic. 

 

Chris Batchelder, Senior Vice President Business Development and Community Relations at Arvest Bank reminded us Tuesday on COMMUNITY CONNECTION that Governor Kevin Stitt has designated $50 million in Federal CARES Act funds for the program.

 

Batchelder explains that Oklahoma businesses can now request to apply for OBRP through participating financial institutions. The financial institutions will evaluate applications based on the program rules and make a preliminary determination of business eligibility.

 

Applications and supporting documents will be submitted by the financial institution to the Oklahoma Department of Commerce for a final determination of eligibility. Applications will be accepted on a first-come, first-served basis, and funds will be provided to the business through the financial institution; however, at least twenty-percent of the program funds will be designated for minority owned businesses.

 

CHRIS BATCHELDER w/ARVEST BANK EXPLAINS THE OKLAHOMA BUSINESS RELIEF PROGRAM

 

 

Application Process

 

Businesses should contact a participating financial institution to apply for the program. See the list at the bottom of this page.

 

The financial institution will help the applicant collect the correct financial information, make a preliminary determination of eligibility, and complete the application, which will then be transmitted to the Oklahoma Department of Commerce along with supporting documents by the financial institution.

 

Commerce will make final determination of eligibility and transmit the funds to the financial institution.

 

The grant funds will be given to the business by the participating financial institution to be used for business-related expenses.

 

For more information, please review the program rules. If additional guidance is needed, email obrp@okcommerce.gov.

 

Business and Financial Documents

 

Prepare for an application through your financial institution by gathering these documents in advance.  

 

Oklahoma driver’s license, Oklahoma state identification card, or passport. 

 

Any relevant and accurate documents typically maintained in the ordinary course of business to show revenue received from business activities from January to May of 2020.

 

Any relevant and accurate document typically maintained in the ordinary course of business to show revenue received from business activities from January through May of 2019 if the business was operating prior to the year 2020.

 

Payroll documentation indicating the business’s average 2019 monthly payroll, if the business was operating in 2019.

 

Payroll documentation indicating the average of the business’s January and February 2020 monthly payroll

 

Documents proving current business ownership, formation prior to 1/1/2020 and continuous business activity from 1/1/2020 through the date of the grant application.

 

Proof of payment of the business’s most recent quarterly or yearly taxes with the Oklahoma Tax Commission, depending on what the business is required to file. 

 

Passport, Birth Certificate or Tribal Identification Card required if applying as a Minority Owned Business 

 

 

Pre-Application Documents

 

Your financial institution will ask you to fill out the following forms to apply for OBRP. You may download and pre-fill these documents prior to meeting with your financial institution. Your financial institution will complete the application process on your behalf.

 

NOTICE: Do not submit your business documents or pre-application form directly to Commerce. Applications and documents submitted directly by the business to ODOC will not be considered for participation in the program.

 

Oklahoma Business Relief Program Rules

 

OBRP Business Certification Letter

 

OBRP Pre-application Form

 

Grant Details

 

Funds:

Maximum of $25,000 per grant 

 

Grant amount equal to two months of average total payroll based on either: 

Average of 2019 total payroll; or, 

 

Average of January-February 2020 total payroll 

 

This is a grant program and not a business loan. 

 

Usage

 

In general, grant funds may be used for business expenses for which the business has not or will not receive reimbursement from another source such as other federal, state or city grants or insurance proceeds. 

 

Eligible Companies

 

Businesses must meet ALL of the following conditions:

 

Located in Oklahoma

 

All business types that are required to register with Secretary of State must be in good standing

 

Current on their most recent quarterly or yearly taxes with the Oklahoma Tax Commission, depending on when the business is required to file

 

Must have suffered a revenue loss of 25% or more from March through May 2020 that is substantially caused by the impact of COVID-19 compared to any one of the following time periods:

 

January 2019 through December of 2019

 

March 2019 through May of 2019

 

January 2020 through February of 2020

 

Operated continuously in Oklahoma from at least 1/1/2020 through the date of the receipt of application, and is a going concern for the future

 

Eligible business types include but are not limited to sole proprietorships, independent contractors, partnerships, corporations and nonprofit entities such as 501(C)(3) and 501(C)(6)

 

 

Ineligible Industries & Companies

 

Publicly traded companies

 

Government entities or agencies

 

Banks, credit unions, life insurance companies, finance companies, factoring companies, investment companies, mortgage companies, bail bond companies, & other businesses whose stock in trade is money and mortgage companies

 

Private clubs

 

Lobbying firms

 

Businesses that generate any part of its income from gambling activities, adult activities or activities performed in violation of state or federal law.

 

Businesses participating in or expecting to receive funds from the Oklahoma Manufacturing Reboot

Program or Oklahoma Bounce Back Program

 

Businesses that do not meet the definition of “eligible businesses”

 

Businesses that dedicate 50% or more of their time or resources to lobbying activities

 

Businesses that exist for the purpose of advancing partisan political activities