COVID-19 Relief Bill To Help Struggling Small Businesses

Monday, December 28th 2020, 5:54 pm

TULSA, Okla. -

Small businesses struggling because of the pandemic can expect more federal money soon.

Tulsa leaders said the government spending and COVID relief bill signed by President Trump last night will be a significant help.

Restaurant industry leaders said the $284 billion in Paycheck Protection Program loans will refresh the funding that businesses owners have needed for several months.

The Oklahoma Restaurant Association said the industry continues to be hit hard by the pandemic.

President Jim Hopper said he's hopeful the new $900 billion relief bill will funnel money to where it's needed most.

"With the spike in numbers and all the restrictions that are being put on our industry, it's just been very difficult to survive," Hopper said.

Hopper said they're optimistic about the short and long-term impacts of this relief package.

The Tulsa Regional Chamber said the bill expands on the Payback Protection Program put in place by the CARES Act earlier this year. It allows other types of companies to apply for a loan, and enhances the size of the loan in some cases.

Senior VP of Governmental Affairs Elizabeth Osburn said they know the restaurant, entertainment, retail and other industries have been crippled because of the pandemic.

"We remain very optimistic that this package and continued roll-out of the vaccine will help us to continue on an economic recovery," Osburn said.

Osburn and Hopper said they hope this relief is just a start to lawmakers trying to get the economy back on track.

"When Congress comes back into session, the new Congress comes back into session, the first part of January, that they will take another look and see if there are more things that can be done to help the economy and in particular the restaurant industry," Hopper said.

More support for small businesses:

Provide further Small Business Support

Extends the Paycheck Protection Program for first time borrowers

Creates an option for PPP second draw loans for businesses with severe revenue reductions

Provides clarifying language for PPP recipients—PPP-covered expenses are tax deductible

Expands PPP eligibility to more 501c organizations, including c6’s

$20 billion dedicated to businesses in low-income communities

$15 billion in dedicated support for live venues, independent movie theaters & museum