Friends and neighbors – as the coronavirus, also known as COVID-19, continues to impact communities across the country, we need everyone to do their part to stop and slow the spread.
On Friday, March 20, the Small Business Administration approved Governor Stitt’s disaster declaration request for all 77 counties in Oklahoma. This will allow small businesses across the state to apply for low-interest loans.
Small businesses are especially impacted by the effects of coronavirus and need our support. In Oklahoma, we know how important our small businesses are. About 99% of our businesses in the state are classified as small businesses, and these local companies employ over half of Oklahoma’s workforce.
We continue to work on additional relief measures for small businesses, and many of them will be built off of the SBA’s small business programs. Pursuing these loans now may help you get relief more quickly once Congress completes its small business relief package in the coming days.
3-Step Loan Process
The following documents are required to process the application.
All forms can be found HERE on the SBA website.
- Business Loan Application (SBA Form 5) completed and signed by business applicant.
- IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management).
- Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available.
- Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member.
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used). ADDITIONAL INFORMATION THAT MAY BE NECESSARY TO PROCESS YOUR APPLICATION:
- Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
- If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year is acceptable.
- A current year-to-date profit and loss statement.
- Additional Filing Requirements (SBA Form 1368) providing monthly sales figures.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
To contact the SBA District Office in Oklahoma City, click here or call 405 609-8000. To contact the SBA Region 4 Office in Fort Worth, Texas, click here or call 817-684-5581.
For more information on the CDC’s Interim Guidance for Businesses and Employers, click here.
For the most updated Department of Labor resources, click here.
For the most updated Small Business Administration resources, click here.