FREQUENTLY ASKED QUESTIONS

Find answers to commonly asked questions about each funding option.

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SBA Payroll Protection Program

What types of businesses and entities are eligible for a PPP loan?

  • Businesses and entities must have been in operation on February 15, 2020. 
  • A business, a 501(c)(19) veterans organization, or Tribal business with fewer than 500 employees, or fewer than 500 employees per physical location for those businesses with NAICS code starting with 72 (restaurant and accommodation).
  • Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals. 

What types of nonprofits are eligible?

All 501(c)(3) nonprofits with 500 employees or fewer, or more if SBA’s size standards for the non-profit allows. Please visit https://www.sba.gov/size-standards/ to find out your nonprofit’s SBA size standards by number of employees.

How is the loan size determined?

Depending on your business’s situation, the loan size will be calculated in different ways (see below). The maximum loan size is always $10 million.

  • If you were in business February 15, 2019 – June 30, 2019: Your max loan is equal to 2.5 times your average monthly payroll costs during that time period, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee.
  • If you were not in business between February 15, 2019 – June 30, 2019: Your max loan is equal to 2.5 times of your average monthly payroll costs between January 1, 2020 and February 29, 2020.
  • If you received an EIDL Loan prior to the loan availability date (April 3), you can refinance the EIDL loan into the PPP loan. You can still receive an EIDL Loan after PPP loans are made available, but you cannot use the EIDL loan for the same purposes – i.e., payroll, rent, utilities, mortgage interest.

How can I calculate my loan amount?

Download a loan calculator here.
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What are allowable uses of loan?

  • Payroll costs, excluding federal payroll taxes
  • Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
  • Employee salaries, commissions, or similar compensations
  • Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation)
  • Rent (including rent under a lease agreement)
  • Utilities
  • Interest on any other debt obligations that were incurred before the covered period

How do I get forgiveness on my PPP loan?

You must apply through your lender for forgiveness on your loan. You will need to show:

  • For loan forgiveness only 25% of the loan can be used for non-payroll expenses.
  • Documentation verifying the number of employees on payroll and pay rates, including IRS payroll tax filings and State income, payroll and unemployment insurance filings
  • Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities.
  • Certification from a representative of your business or organization that is authorized to certify that the documentation provided is true and that the amount that is being forgiven was used in accordance with the program’s guidelines for use.

How does the PPP loan work with SBA’s existing loans?

Borrowers may apply for PPP loans and other SBA financial assistance, including Economic Injury Disaster Loans (EIDLs), 7(a) loans, 504 loans, and microloans, and also receive investment capital from Small Business Investment Corporations (SBICs).

Can I apply online directly for a PPP loan?

Yes, apply online for a PPP loan by clicking here.

SBA Economic Injury Disaster Loan (EIDL)

Who is eligible for an EIDL?

Those eligible are the following with 500 or fewer employees and in operation since January 31, 2020

  • Small business concerns (including sole proprietorships, with or without employees)
  • Independent contractors
  • Cooperatives and employee owned businesses

How long are Emergency Economic Injury Grants available?

January 31, 2020 – December 31, 2020. The grants are backdated to January 31, 2020 to allow those who have already applied for EIDLs to be eligible to also receive a grant.

If I get an EIDL, can I get a PPP loan?

Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID- 19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP.

Where can I apply for an EIDL?

View the SBA EIDL application here.

Tulsa Business Resilience and Recovery Program

Who is eligible for the Tulsa Business Resilience and Recovery Program?

Small businesses located in City of Tulsa with:

  • Fewer than 50 full-time equivalent (FTE) employees
  • 2019 revenues that did not exceed $5,000,000
  • A decrease in revenue of at least 25 percent between February and March 2020 due to COVID-19

How much funding can I receive and what can TEDC funding be used for?

The Resilience and Recovery Fund will lend up to $50,000 to qualifying businesses and entrepreneurs. Loans can be used for a wide variety of things, including but not limited to; payroll, insurance premiums, bridge loans, etc.

If I get Tulsa Business Resilience and Recovery Program assistance, can I get a PPP loan or EIDL?

Yes, the Tulsa Business Resilience and Recovery Program is intended to be a stop-gap for local businesses who might also be applying for state or federal funding.

Where can I apply for an Tulsa Business Resilience and Recovery Program loan?

View the TEDC application here.

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