COVID-19
CHAMBER UPDATE
State Department of Health offers COVID-19 Employers Guidance to Business Owners
ATTENTION!!
SMALL BUSINESSES AND
NON-PROFITS
The Small Business Administration (SBA) will soon offer emergency disaster loans for Oklahoma businesses in response to the COVID-19 pandemic.
Next week, the SBA Oklahoma District Office will be offering a webinar on the Economic Injury Disaster Loans. The webinar should take about 45 minutes. The SBA will discuss resources available to assist with the applications. They stress that it is very important for the applications to be completed correctly when they are submitted or processing and disbursement will be slow. They will discuss eligibility, use of proceeds, documentation needed, process, etc.
ECONOMIC INJURY DISASTER LOAN ELIGIBILITY
Who is eligible :
·        A small business concern
·        Most private non-profits of any size
·        A small business engaged in aquaculture
·        Small agricultural cooperative

Eligibility criteria :
·        Located (physical presence) within the declared disaster area
·        Have suffered, or are likely to suffer, substantial economic injury as a result of disaster
·        Do not have credit available elsewhere
·        The size of the applicant alone (without affiliates) must not exceed the size standard for
the industry in which the applicant is primarily engaged and
·        The size of the applicant combined with its affiliates must not exceed the size standard
designated for either the primary industry of the applicant alone or the primary industry
of the applicant and its affiliates, whichever is higher.
·        Must be an independently-owned and operated business
  
Ineligible EIDL Applicants :
·        Lending and investment concerns (except for real estate investments held for rental)
·        Multi-level sales distribution (Pyramid) concerns
·        Speculative activities
·        Non-profit organizations that are not considered a private non-profit
·        Consumer and marketing cooperatives (other cooperatives and small agricultural
cooperatives are eligible)
·        Not a small business concern (except for PNP of any size)
·        Gambling concerns (concerns that derive more than one-third of their annual gross
revenue for legal gambling activities)
·        Casinos, racetracks, etc.( businesses whose purpose for being is gambling
·        Loan packagers who derive more than one-third of their annual volume from the
preparation of applications seeking financial assistance from SBA)
·        Religious organizations
·        Political or lobbying concerns
·        Pawn shops (when 50% or more of previous year’s income was derived from interest)
·        Real estate developers
·        Life insurance companies
·        Concerns engaged in illegal activities (as defined by federal guidelines)
·        Government-owned concerns (except for businesses owned or controlled by a Native
American tribe)
·        Concerns with principals incarcerated, on parole or probation
·        Concerns engaged in live performances of, or the sale of products, services, of a prurient
sexual nature
·        Businesses considered as hobbies
·        Concerns not located in the declared disaster area
·        Concerns determined to have credit available elsewhere
·        Concerns involved in change in ownership situations.
·        Concerns established post-disaster
·        PNPs engaged in aquaculture
·        Feedlot operators
·        Agricultural enterprises
·        Members of Congress
Families First Coronavirus Response Act
Yesterday afternoon, the Senate passed H.R. 6201 , the Families First Coronavirus Response Act. This bill provides, among other things, provisions to address Paid Sick Leave, Paid Family and Medical Leave, and Unemployment Insurance for workers displaced by the ongoing outbreak. Furthermore, it includes provisions to provide diagnostic testing for coronavirus, and bolsters Medicaid and nutrition programs for at risk populations. 

Congress’s focus will now turn to the Phase Three stimulus package.  Click here to see the U.S. Chamber’s letter to Congress and the President with the business community’s recommendations. 

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