CARES Act To Help Small Businesses In Oklahoma

The third phase of the economic rescue package, known as the CARES Act, is geared toward helping small businesses.

Approximately $350 billion in aid will be available to small businesses across the country.

"Trying to ensure that the businesses that are so critical to our economy are able to keep their doors open through this crisis," Tulsa Regional Chamber Senior Vice President of Government Affairs Elizabeth Osburn said.

The CARES Act addresses a few issues.

The act pauses the payment of payroll taxes so businesses have more cash on hand to keep employees on their payrolls.

It allows lending and grants for small businesses to survive the crisis.

The act also establishes a bridge loan facility that will enable businesses to continue to pay employees and operate on far less or no revenue.

"It's a $349 billion dollar program from the federal government,” Oklahoma Secretary of Commerce Sean Kouplen said. “The goal is to get as much money out as quickly as possible to our local businesses as we can.”

The U.S. Chamber of Commerce estimates $3.6 billion would go toward nearly 73,000 small businesses in Oklahoma.

Osburn said in the seven-county metro area of Tulsa, there will be more than 21,000 small businesses eligible for the loan program.

"The Tulsa Chamber is working so hard to reach out to every single business here in Tulsa," Osburn said.