Economic and COVID-19 Related Resource List

March 23, 2020 by kylernixon

The past several weeks have brought an unprecedented challenge to Oklahoma’s economy and local communities. We at the Ada Jobs Foundation recognize that many of Ada’s businesses are working hard to adapt to quickly developing news and information related to COVID-19. We plan to bring you information about resources, opportunities to connect locally, and new programs to target changing business needs. If you have a specific business need or idea, please do not hesitate to contact us.

Small Business Administration Low Interest Loans

The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. The loan is designed to help normal business obligations, such as payroll and any other expenses that would have been incurred had the disaster not occurred. The loan rate is 3.75 percent for private businesses and 2.75 percent for non-profits; the loans can be extended out for 30 years and have an automatic one-year deferment. Businesses can find the form and eligibility information at https://disasterloan.sba.gov/ela/

In addition to the disaster loan, SBA is still offering its Standard 7(a) loans, which are not disaster-related. To apply, small businesses just need to visit their bank, and then SBA will be asked to guarantee. More information on the resources available from SBA is available here.

Join Us! Virtual Coffee Hour with Ada Small Businesses & Entrepreneurs

Wednesday, March 25 at 9am

Ada Area Small business owners and entrepreneurs: Please join us for a virtual coffee hour to support entrepreneurship, discuss challenges and share resources with the Ada startup community.

More Information

Facebook Announces $100M Grant Program for Small Business

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. Applications are not open yet, but more information is available HERE.

Additional resources from Facebook for businesses experiencing unexpected challenges are available HERE.

Remote Work Technology

The Ada Jobs Foundation has resources available to help you with setting up remote work groups and meetings. We can provide technical assistance, basic training, and connect you with many other resources to best utilize technology to keep working. You can email us directly at info@growada.com if you are interested in this service.

In addition, these other resources are available to help you work remotely, host meetings, and collaborate:

People

Kiva Expands Loan Eligibility,Giving Larger Loans, and Providing Grace Period

Kiva lenders have shown their commitment to providing financial assistance to all by making 0% interest loans to entrepreneurs in the U.S. on Kiva.org for the last 10 years.

Effective immediately, U.S. applicants for a Kiva loan will have access to the following:

Expanded eligibility: More businesses in the US will be eligible for a Kiva loan.
Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000.
Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.

More information available HERE.

Reduced Hours and Layoffs

COVID-19 is having a unique impact on certain elements of Oklahoma’s Workforce System. This page will serve as an update on unemployment insurance, American Job Centers, companies hiring, resources, and other workforce needs.

Additional Resources: