While rules could still be refined, initial guidance has come out for the Paycheck Project Program. This program is designed to allow businesses to continue paying employees at Pre-COVID levels for a period of 8 weeks. If funds are used as prescribed for employee salaries, the money will be forgiven.
These applications will be accepted through local banks, so please talk to your banker first. Starting April 3, small businesses and sole proprietorship's can apply, and beginning April 10 independent contractors and self-employed individuals can apply. The goal is to keep our employees connected with their jobs so that business can resume as quickly as possible once the economy rebounds.
You have likely heard that there are expanded unemployment benefits available for those employees who are not rehired during this time, Unfortunately it will be a couple of weeks before Oklahoma will receive the Federal Funding that to provide benefits for our self-employed and contract employees. Once that funding has been received, our self-employed and contract employees can claim unemployment for the disruption in their business as a result of the pandemic. To file unemployment go online to www.ok.gov/oesc.
Share information with anyone you know who owns a business or works for a business - everyone needs help right now.