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Oklahoma Business Relief Program: Receive Up to $25,000 in Grant Funds

By Vast Bank on 06.26.2020

Are you a business based in Oklahoma? There is a new state grant that you can take advantage of to help your business recover from the economic crisis.

The Oklahoma Business Relief Program (OBRP) offers vital funding for qualifying businesses that have experienced revenue loss due to the pandemic. Governor Kevin Stitt has designated $50 million in Federal CARES Act funds for the program. The great thing about this program is that it is a grant, not a loan, so you won't need to pay any of it back. The program offers a maximum of $25,000 per grant.

Starting June 29, Oklahoma businesses can request to apply for OBRP through participating financial institutions. Vast Bank is an approved financial institution for this program and will evaluate applications based on the program rules and make a preliminary determination of business eligibility.

If you are applying through Vast Bank, applications and supporting documents will be submitted on your behalf to the Oklahoma Department of Commerce for a final determination of eligibility. Applications will be accepted on a first-come, first-served basis, and funds will be provided to the business through Vast Bank.

Please see Program Rules for full details.

When can I apply?

You can apply for the OBRP program starting June 29th. The application deadline is July 10, 2020 and funds will be distributed by July 17, 2020.

How much can a business receive and what can it be used for?

The program offers a maximum of $25,000 per grant. The grant amount equal to two months of average total payroll based on either: average of 2019 total payroll; or, average of January-February 2020 total payroll. This is a grant program and not a business loan.

In general, grant funds may be used for business expenses for which the business has not or will not receive reimbursement from another source such as other federal, state or city grants or insurance proceeds. Please see program rules for details as to eligible and ineligible expenses.

Which types of businesses are eligible?

There are eligibility requirements in order to apply for this program. Businesses must meet ALL of the following conditions:

Eligible Businesses

  • Located in Oklahoma
  • All business types that are required to register with Secretary of State must be in good standing.
  • Current on their most recent quarterly or yearly taxes with the Oklahoma Tax Commission, depending on when the business is required to file.
  • Must have suffered a revenue loss of 25% or more from March through May 2020 that is substantially caused by the impact of COVID-19 compared to any one of the following time periods: January 2019 through December of 2019; March 2019 through May of 2019; or January 2020 through February of 2020
  • Operated continuously in Oklahoma from at least 1/1/2020 through the date of the receipt of application, and is a going concern for the future.
  • Eligible business types include but are not limited to sole proprietorships, independent contractors, partnerships, corporations and nonprofit entities such as 501(C)(3) and 501(C)(6).
  • Business is not an ineligible business

Ineligible Industries & Companies

  • Publicly traded companies
  • Government entities or agencies
  • Banks, credit unions, life insurance companies, finance companies, factoring companies, investment companies, mortgage companies, bail bond companies, & other businesses whose stock in trade is money and mortgage companies
  • Private clubs
  • Lobbying firms
  • Businesses that generate any part of its income from gambling activities, adult activities or activities performed in violation of state or federal law.
  • Businesses participating in or expecting to receive funds from the Oklahoma Manufacturing Reboot Program or Oklahoma Bounce Back Program
  • Businesses that do not meet the definition of “eligible businesses”
  • Businesses that dedicate 50% or more of their time or resources to lobbying activities
  • Businesses that exist for the purpose of advancing partisan political activities

How to Apply to the Oklahoma Business Relief Program

Vast Bank offering this program to current Vast Bank customers only. There is a 3% fee with a cap of $500 to apply to this program. The fee may not be paid from relief funds. Please complete pre-application documents before contacting Vast Bank.

Pre-Application Documents

If you're applying with Vast Bank, we as ask that you to fill out the following forms to apply for OBRP. You may download and pre-fill these documents prior to emailing us at OKrelief@vast.bank. We'll complete the application process on your behalf.

Application Process

  1. Complete your pre-application documents and email us at OKrelief@vast.bank.
  2. Vast Bank will help you collect the correct financial information, make a preliminary determination of eligibility, and complete the application, which will then be transmitted to the Oklahoma Department of Commerce along with supporting documents by Vast Bank.
  3. The Oklahoma Department of Commerce will make final determination of eligibility and transmit the funds to Vast Bank.
  4. The grant funds will be given to your business by Vast Bank to be used for business-related expenses.

For more information, please review the program rules.

Business and Financial Documents

Prepare for an application through Vast Bank by gathering these documents in advance.

  • Oklahoma driver’s license, Oklahoma state identification card, or passport.
  • Any relevant and accurate documents typically maintained in the ordinary course of business to show revenue received from business activities from January to May of 2020.
  • Any relevant and accurate document typically maintained in the ordinary course of business to show revenue received from business activities from January through May of 2019 if the business was operating prior to the year 2020.
  • Payroll documentation indicating the business’s average 2019 monthly payroll, if the business was operating in 2019.
  • Payroll documentation indicating the average of the business’s January and February 2020 monthly payroll
  • Documents proving current business ownership, formation prior to 1/1/2020 and continuous business activity from 1/1/2020 through the date of the grant application.
  • Proof of payment of the business’s most recent quarterly or yearly taxes with the Oklahoma Tax Commission, depending on what the business is required to file.
  • Passport, Birth Certificate or Tribal Identification Card required if applying as a Minority Owned Business

Ready to apply? Fill out your pre-application form and email us at OKrelief@vast.bank.

 

 

 

 

 

 

 

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