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SBA Payroll Protection ProgramSBA Economic Injury Disaster Loan (EIDL) Tulsa Business Resilience and Recovery ProgramKiva Tulsa

SBA Payroll Protection Program

Overview

The federal funding establishes a $350 billion loan guarantee program for small businesses, which is an expansion of the SBA section 7(A) loans. The loans are intended to cover payroll expenses including: salary, wage, commission; payment for vacation, parental, family, medical, or sick leave; severance; health care benefits including premiums; retirement benefits; state and local payroll tax. 

If 75% of the loan is used for payroll costs, excluding costs over $100,000 on an annualized basis for each employee, in the 8 weeks following the date that the loan was given, the loan will be forgiven.

Applying for one of these loans does not preclude an application for the Economic Injury Disaster Loan through the SBA, which provides small businesses with working capital loans of up to $2 million.

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Availability Period:

February 15 – June 30, 2020

Who Qualifies:

  • Small Businesses: less than 500 employees. “Employees” includes full time and part time employees, but does not include independent contractors.
  • 500 employee limit does not apply to businesses in the restaurant and accommodations industry (NAICS code 72)

Loan Amount:

  • 2.5 times the average monthly payments for payroll costs, excluding employee compensation in excess of $100,000 annually, incurred during the 1 year period prior to the date of the loan, up to $10 million
  • Payroll costs: Include: salary, wage, commission; payment for vacation, parental, family, medical, or sick leave; severance; health care benefits including premiums; retirement benefits; state and local payroll tax. Do NOT include: compensation of an employee > $100,000; federal payroll tax; independent contractors; compensation of employees with a primary residence outside the US; qualified sick leave or family leave wages for which a credit is allowed under the Families First Act.
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Fees and Conditions:

  • 2 year loan term
  • No payments within first 6 months
  • 1% interest rate on any amount not forgiven
  • No loan fees
  • No personal guarantee required
  • No collateral required
  • No prepayment penalty

Loan Forgiveness:

  • Loan forgiveness is available for an amount equal to payroll costs, mortgage interest payments, rent, and utility payments incurred during the 8-week period beginning on the date of loan origination, so long as only 25% of the loan is used for non-payroll purposes (interest payments, rent, and utilities)
  • Forgiveness excludes employee payroll in excess of $100,000 annually
  • Loan Forgiveness is excluded from taxable income
  • Loan Forgiveness Reduction: The total amount of loan forgiveness is reduced if the recipient reduces the number of employees or cuts wages by more than 25% during the covered period. If an employer maintains 100% of employees through the covered period, they will achieve 100% forgiveness of the loan. The Bill provides a grace period for rehiring employees. As long as employees who were previously terminated are rehired by June 30, 2020, the employer is still able to achieve 100% loan forgiveness.

Loan Application:

  • Applicants will work with local SBA approved banks and lending institutions to apply for the loan.
  • Applications will likely include payroll information, tax filings, and a loan application
  • Applications for small businesses and nonprofits organizations available starting April 3, 2020
  • Applications for sole proprietors and independent contractors available starting April 10, 2020
  • Apply online directly to the Payroll Protection Program here

SBA Economic Injury Disaster Loan (EIDL)

Overview

This federal funding program, directly distributed by the SBA, allocates $50 billion dollars for small businesses and nonprofits that have suffered losses due to COVID-19. 

Through this program, a single entity can receive up to $2 million to cover operating expenses over the next 6 months. These loans must be repaid. 

Entities that apply for an EIDL are still eligible for a PPP loan as well.

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Who Qualifies:

Eligible entities are small businesses with fewer than 500 employees and nonprofit organizations that were either:

  • Directly affected by the disaster
  • Offering services directly related to businesses directly affected by the disaster
  • Indirectly related to the industry harmed by losses in their community

Ineligible entities are:

  • Agricultural enterprises
  • Religious organizations
  • Charitable organizations
  • Gambling organizations
  • Casinos & racetracks
  • Marijuana related businesses

Loan Amount:

  • Up to $2 million to be used for working capital: Working capital includes paying fixed debts, payroll (owner’s salary included), accounts payable, and other bills that could have been paid had the disaster not occurred.
  • Not intended to replace sales/profits or for expansion

Fees and Conditions:

  • 3.75% interest rate for small businesses
  • 2.75% interest rate for nonprofits 
  • 30 year term, with full P&I deferral in year 1
  • Loans over $25,000 require collateral
  • Personal guarantees required of 20% or more owners

Loan Application:

  • Applications made directly with the SBA
  • No cost to apply and no obligation to take loan if offered
  • View the SBA application here.

Tulsa Business Resilience and Recovery Program

Overview

The Tulsa Economic Development Corporation (TEDC), with the City of Tulsa, has launched the Tulsa Business Resilience and Recovery Program with $1.1 million in funds available as zero interest loans to provide funding to local small business owners and entrepreneurs affected by COVID-19.

Applying for and receiving this loan does not exclude a business from applying for a PPP loan or EIDL.

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Who Qualifies:

Eligible entities are existing small businesses in Tulsa with

  • Fewer than 50 full time equivalent employees, and at least 1 employee (owners and contract workers do not count toward your FTE total)
  • 2019 revenues that did not exceed $5 million
  • At least a 25% decrease of revenue between February-March 2020 due to COVID-19
  • More than one year operating as a business
  • Nonprofit organizations are not eligible for this loan

Loan Amount:

Up to $50,000 to be used for expenses such as payroll, insurance premiums, bridge loans, etc.

Fees and Conditions:

  • 0% interest
  • No application fee
  • No payments for first 3 months, pending available funding 
  • Principal paid over 3 to 5 years

Loan Application:

  • Loan applications made directly to TEDC
  • Access the application form here.

Kiva Tulsa

Overview

In August of 2017, Kiva began empowering entrepreneurs in Tulsa and the state of Oklahoma. The peer-to-peer lending model allows small business owners to raise up to $15,000 at 0% interest, all crowdfunded by Kiva's global community of over a million lenders. The Lobeck Taylor Family Foundation has partnered with Kiva to provide a dollar for dollar loan match for borrowers in the Tulsa, OK MSA.

Together, and especially now, we are striving to ensure that all small business owners have the financial access and community support that they deserve and need to thrive.

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Who Qualifies:

Eligible entities are pre-existing & existing small businesses in the Tulsa MSA

  • Not currently in bankruptcy or foreclosure
  • No Multi-Level-Marketing businesses
  • Federally legal businesses including sole proprietors and 501(c)3

Loan Amount:

  • Up to $15,000 to be used for expenses such as payroll, operational costs, marketing, etc.

Fees and Conditions:

  • 0% interest
  • No application fees
  • No collateral
  • No payments for first 6 months
  • Principal paid over 1 to 3 years

Loan Application:

  • Loan applications made directly to Kiva or contact Capital Access Manager, Jeff Burdge, tulsa@local.kiva.org
  • Access the application form here.

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If you are unsure which options might be right for your business or nonprofit, submit a form and our task force will reach out with advice and next steps.

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