Oklahoma small business can now apply for low interest loans from the SBA if impacted by the coronavirus outbreak.
The Small Business Administration is offering low-interest relief loans statewide to small businesses impacted by the coronavirus outbreak in Oklahoma.
The loans were part of a program announced by President Donald J. Trump. But many small businesses were confused about how to apply for the coronavirus relief loans.
The SBA relaxed previous requirements, allowing governors to seek statewide eligibility for coronavirus loans. While certain counties had been previously eligible for loans because they bordered eligible states, the SBA provided statewide access with this declaration. The SBA has said that eligibility approval for states takes no more than 48 hours, and that a credit decision on individuals loans can take two to three weeks. Approved loans can be disbursed within five days.
The SBA loans can go up to $2 million with interest rates of 2.75% for nonprofits and 3.75% for small businesses. Repayment plans can be as long as 30 years.
Those three states joined a growing list of approved states and counties for coronavirus relief loans.
The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only.