OKLAHOMA CITY (KFOR) – Small businesses could be getting some much-needed relief from the effects of the COVID-19 pandemic.
The CARES Act, which was recently signed into law by President Donald Trump, includes about $350 billion in loans for small businesses.
The Paycheck Protection Program went live on Friday, but Adrian Beverage, chief of staff of the Oklahoma Bankers Association, says there could be some delays with getting funds out.
Small businesses that apply would have to show payroll documentation, and that’s what will be used to calculate how much the loan will be for each business.
“It’s not like your normal loan, there’s no personal guarantees, there’s no collateral,” Beverage said.
If the small business uses 100 percent of the loan on payroll, keeping workers on the books, rent, or utilities, then that loan will forgiven.
Beverage also says it’s possible more help could come if needed.
“We’ve been told, among other things from Washington, that the Treasury has been authorized to have additional funds put in this program should they go through the $350 billion real quick,” he said.