Applications Now Accepted for SBA’s Paycheck Protection Program
Norman, OK – Congressman Tom Cole (OK-04) issued the following statement after the Small Business Administration (SBA) began accepting small business applications for the Paycheck Protection Program. Established by the CARES Act, this program allows small businesses to receive forgivable SBA loans to support pay for and prevent layoffs of their employees during the COVID-19 pandemic.
“Small businesses are some of the hardest hit by the COVID-19 pandemic. And in order to follow the guidance issued by state and local health authorities, many of our beloved businesses on Main Street have been forced to rethink their daily operations or close their doors completely. This is a devastating blow not only for small business owners but their hardworking, loyal staff,” said Cole.
“To help small businesses keep their workforce paid throughout this crisis, I am encouraged that the United States Treasury and Small Business Administration are moving forward with implementation of the Paycheck Protection Program by now accepting applications. However, since this program was rapidly rolled out just a week after it was established by the CARES Act, keep in mind that the process is not fully streamlined. I have already heard concerns about the application system, and I will continue to monitor the situation as glitches are resolved. For the most up-to-date information, small businesses should remain in touch with their financial institutions with the understanding that their SBA-backed lenders are doing their best to understand the brand-new guidance issued by the Treasury and facilitate timely completion of applications.”
For more information about the Paycheck Protection Program from the United States Treasury, click here. For information related to other resources available to small businesses from the Small Business Administration, click here.