The audio from Oklahoma Farm Bureau’s conference call covering the ins and outs the Small Business Administration’s Paycheck Protection Program is now available below.
The April 3 call, featuring SBA District Director Dottie Overal and BancFirst’s Kent Faison, covered the new PPP along with the existing Economic Injury Loan program. President Rodd Moesel hosted the call, and OKFB members’ questions regarding the PPP program were answered by Overal and Faison.
Highlights of the PPP program include (per the SBA, emphasis added):
- This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
- The program provides a maximum loan equal to 2.5x your average monthly payroll from 2019 (please see the full rule for stipulations).
- The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
- This loan has a maturity of 2 years and an interest rate of 1%.
Listen to the full conference call audio from April 3
Total Length: 1hr, 0min, 36 sec