Audio from Oklahoma Farm Bureau’s April 28 conference call discussing new details regarding the Small Business Administration’s Paycheck Protection Program is now available.
Led by OKFB President Rodd Moesel, members were able to submit questions and receive clarity from Dottie Overal, District Director of the U.S. Small Business Administration’s district office in Oklahoma City and Kent Faison, President of Commercial Capital at BancFirst.
Highlights from the update include:
- The program provides a maximum loan equal to 2.5 times your average monthly payroll for 2019 (please see the list of rules 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 been used for payroll).
- To participate in the SBA’s PPP or EIDL programs, you must be able to show a profit on your 2019 tax returns.
- Agricultural businesses can apply for loans ranging anywhere from $2,500 to $10 million.
- It is unclear how long the money will last in the second round so it is recommended to apply as soon as possible.
Listen to the full conference call audio from April 28
Total length: 58 min, 42 sec