Oklahoma Small Business Benefiting From PPP Loans

Tuesday, May 19th 2020, 10:09 pm
By: Erick Payne

TULSA, Okla. - The federal government sent $659 billion to America's small businesses through the Paycheck Protection Program.

Oklahoma business owners who've gotten these PPP loans, say they've made a big difference.

Business owners say they wouldn't be able to keep staff employed without this federal money.

Tallgrass Tailor on Peoria in Tulsa is one of thousands of small businesses in Oklahoma to receive a portion of the state’s five billion dollars in PPP loans.

Owner Shaelynn Haning says because of the loan, she's been able to keep her one full-time, and three-part time employees on payroll.

"The impact of the PPP has been absolutely incomparable," Haning said. "So, we've been back in the shop now here, limited hours, but I've had my employees back in the shop, and we're all very happy to be here."

Business.org shows Oklahoma is among the top ten states for funding, with more than 16 percent of the state’s small businesses getting money from the stimulus package.

75 percent of the loans, if used for payroll, don't have to be paid back.

Haning says her business is beginning to pick up as more clothing stores open around them. She says for her, the program has been a lifeline.

"Being able to look at my bank account and know that the money is there to make the payroll, is just an incredible feeling. I'm extremely grateful," Haning said.

The Tulsa Regional Chamber says more than 21,000 companies in the Tulsa were eligible to receive the PPP loans, but they don’t how many actually applied for and received the money.