New Round Of Federal COVID-19 Relief Funds Coming To Oklahoma Businesses

Small businesses will soon be able to apply for another round of federal loans to help pay their employees.

$284 billion was added to the Paycheck Protection Program in the latest COVID-19 relief bill.

State leaders said they don't know when exactly applications for the PPP loans will open, but they do know the deadline will be the end of March.

State leaders held a conference call today for bankers and businesses interested in applying. The loans are available to businesses with fewer than 300 workers, who can show their revenue dropped at least 25% last year because of the pandemic.

Businesses can apply even if they already received a loan last year.

Oklahoma Secretary of Commerce and Workforce Development Sean Kouplen said this round should be smoother, because it's not the first time state leaders and banks have had to go through the process.

"When you factor in the fact that this is more needs based, you've got to be down 25% to apply, then hopefully that will make it less of an overwhelming rush that we had before," Kouplen said.