Another $50 Million Up For Grabs In Phase 2 Of Oklahoma Business Relief Program

Tuesday, July 14th 2020, 8:21 am
By: Tess Maune

Oklahoma businesses can apply for a second round of help from the state beginning Tuesday.

The application process for Phase 2 of the Oklahoma Business Relief Program opens at 8:00 a.m., putting another $50 million on the table to help Oklahoma businesses.

Phase 1 launched on June 29 and the Oklahoma Department of Commerce said $50 million in grant money was spoken for in just 24 hours.

The agency predicts the funds will likely go even faster this time around because businesses, banks and credit unions have had more time to prepare.

"The financial institutions have really stepped up for their customers with this program," said Sean Kouplen, Oklahoma secretary of Commerce and Workforce Development. "We noticed there were several lenders that first day of Phase 1 that were submitting applications on behalf of their clients throughout the late evening hours and into early morning, trying to make sure as many of their customers as possible got a chance at some relief dollars. It's not surprising that they are doing what they can to get their clients ready for Phase 2 well in advance."

Oklahoma businesses must apply through their financial institution and could get up to $25,000 to help them overcome the economic challenges caused by COVID-19.          

The Oklahoma Department of Commerce will accept applications on a first come, first serve basis with at least 20-percent of the money designated for minority-owned businesses.              

The agency said 2,400 businesses applied during Phase 1 and 24-percent were minority owned.

Governor Kevin Stitt designated Federal CARES Act funds for Phase 1 and 2 of the program.

For more information and program rules, click here.