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Red Crown Assisting Smaller Businesses
Red Crown surely could assist businesses that are local COVID-19 with the Oklahoma Relief Fund and also the Paycheck Protection Program (PPP). These programs supplied support that is financial companies that had been impacted by COVID-19.
The Oklahoma Relief Fund ended up being founded utilizing the CARES Act. It can help companies by providing them money in the type of a grant, which need not be reimbursed. To qualify your company, you need to be based in Oklahoma and stay impacted by COVID-19. Red Crown was the only credit union in eastern Oklahoma to aid organizations with this specific grant. We had been in a position to facilitate payout totaling $803,838 to 63 companies. The firms ranged from separate contractors to a not-for-profit youth theater system.
The Paycheck Protection Program (PPP) ended up being initially passed away beneath the CARES Act. It authorizes the Small Business Administration (SBA) to make sure low-interest loans to qualified businesses that are small. To be eligible for this loan, you’ll want to meet up with the SBA concept of a business and be affected by COVID-19. In 2020, Red Crown managed to assist 91 brand new and members that are existing PPP loans. The businesses we helped had been nail salons, nail techs, independent contractors, vehicle motorists, and bigger companies with significantly less than 100 workers.
The PPP loan remains available. You can easily use until March 31, 2021. If funds are exhausted prior to March 31, 2021, the applying process will stop. The certification terms are exactly the same as above.
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