Red Crown was able to help local businesses during COVID-19 with the Oklahoma Relief Fund and the Paycheck Protection Program (PPP). These programs provided financial support for businesses that were affected by COVID-19.
The Oklahoma Relief Fund was established with the CARES Act. It helps businesses by giving them cash in the form of a grant, which does not have to be paid back. To qualify your business, you must be located in Oklahoma and be affected by COVID-19. Red Crown was the only credit union in eastern Oklahoma to assist businesses with this grant. We were able to facilitate payout totaling $803,838 to 63 businesses. The businesses ranged from independent contractors to a not-for-profit youth theatre program.
The Paycheck Protection Program (PPP) was originally passed under the CARES Act. It authorizes the Small Business Administration (SBA) to guarantee low-interest loans to eligible small businesses. To qualify for this loan, you need to meet the SBA definition of a small business and be affected by COVID-19. In 2020, Red Crown was able to help 91 new and existing members with PPP loans. The businesses we helped were nail salons, nail techs, independent contractors, truck drivers, and larger employers with less than 100 employees.
The PPP loan is still currently available. You can apply until March 31, 2021. If funds are exhausted sooner than March 31, 2021, the application process will stop. The qualification terms are the same as above.
Below are some commonly asked questions regarding the PPP loan.
Do I need to be an existing member of Red Crown?
No, you do not. If you don’t have an account with us, you will be required to open an account. You can become a member if you live, work, worship, volunteer, or attend school in the Tulsa, Creek, Mayes, Okmulgee, Osage, Pawnee, Rogers, and Wagoner counties of Oklahoma.
How do I apply for a PPP loan?
- Call us at 918.477.3200 and ask for Misty Wooldridge or Aaron Bertoson. They will provide the application.
- When you first apply for PPP loans we will need your 2019 1040 Schedule C for self-employed individuals or payroll reports for W2 employees.
How can the money be used?
A PPP loan can be used for payroll expenses, utility expenses, rent or mortgage expenses, and certain COVID-19 related expenses. A business or individual must use at least 60% of the loan amount for payroll expenses and the remainder can be used for other qualified expenses.
Can a business apply for PPP more than once?
Yes, as long as they meet the initial criteria and experienced a 25% gross revenue reduction between 2019 and 2020.
Red Crown is here to help you throughout this process. If you have any questions about the PPP loan, contact us at 918.477.3200 and ask for Misty Wooldridge and Aaron Bertoson.