SBA declaration for small businesses submitted and awaiting federal approval
OKLAHOMA CITY (March 19, 2020) – As part of President Trump’s declaration of a nationwide emergency, the State of Oklahoma, local, county and tribal governments are eligible to receive federal funding for emergency protective measures related COVID-19 response efforts, as well as direct federal assistance.
Governor Kevin Stitt filed paperwork with FEMA today to move forward with the process for all 77 Oklahoma counties approved for this assistance program.
This funding is made available through a federal Emergency Declaration, which authorizes limited parts of FEMA’s Public Assistance Program to supplement state, territorial, tribal, and local government efforts in providing emergency services, such as the protection of lives, property, public health, and safety, or to lessen or avert the threat of a catastrophe.
Reimbursable emergency protective measures may include the activation of Emergency Operations Centers, National Guard costs, law enforcement and other activities necessary to protect public health and safety. The assistance is provided at a 75 percent federal cost share.
Additionally, Governor Stitt on Tuesday requested an Economic Injury Disaster Loan declaration from the U.S. Small Business Administration (SBA) due to COVID-19. The state is in contact with SBA and awaiting approval of the request. Once approved, businesses will be able to apply for the low-interest disaster loans online at SBA.gov.
More than 2,600 Oklahoma business owners have reported their economic impact through the state’s damage assessment website, damage.ok.gov. Those business owners will be notified by the Oklahoma Department of Emergency Management as soon as approval is received.