Thursday, May 23, 2024

Second phase of OBRP slated to start this month

The Oklahoma Department of Commerce announced a second phase of the Oklahoma Business Relief Program, which will begin later this month.

Phase II of the OBRP is scheduled to begin at 8 a.m. on Tuesday, July 14.

Another $50 million has been designated for use in the Program. Additionally, when sending in OBRP applications, the Department of Commerce mentioned frequent errors in the documentation slowing the process:

Signatures are not present on all documents. Sometimes from business and sometimes from PFI.

Missing documents or wrong documents. For example, some PFI may have submitted duplicate rules and forgotten to attach the pre-application.

Initials from company missing on each of the Rules pages.

Missing payroll or revenue information from pre-application.

Developed to help local businesses across the state overcome the economic challenges of COVID-19, the Oklahoma Business Relief Program offered vital funding for businesses that have suffered revenue loss due to the pandemic. The Program began on June 29 and lasted until the initial $50 million was depleted a few days later. More than 150 financial institutions received applications from more than 2,400 Oklahoma businesses during the first phase – 24% of which were minority owned.

Oklahoma businesses can request to apply for OBRP through participating financial institutions. The financial institutions will evaluate applications based on the program rules and determine if the business is eligible. Approved applications will be submitted by the financial institution to the Oklahoma Department of Commerce. Applications will be accepted on a first-come, first-served basis, and funds will be provided to the business through the financial institution.

For more information on the OBRP, visit the dedicated web page on the Oklahoma Department of Commerce’s website.