The CARES Act unleashed unprecedented eligibility criteria for small business loans and grants. With
these provisions, employers are able to keep employees them on the payroll and keep their lights on.
Many Oklahoma businesses have been forced to temporarily close their doors as our nation manages the response to COVID-19. Under the CARES Act, businesses are able to keep employees on the payroll, even if they shut down between February 15, 2020, and June 30, 2020.
In addition, this program is available to businesses who have not qualified for SBA loans in the past.
Any business with less than 500 employees is eligible. The standard SBA revenue-based standards do
My office will continue to work closely with the SBA to get these programs up to speed as soon as possible. While some questions still remain, we are engaged with getting you the answers you need as quickly as we can.
Paycheck Protection Program
The bill creates the Paycheck Protection Program (Triple P) under SBA’s existing 7(a) program. Triple P accomplishes several important goals for small businesses, nonprofits, and houses of worship, their employees, and our overall communities and economy.
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