Hi everyone, and welcome back to Around Edmond. Again, what a week. I watched closely as the SBA administered the Paycheck Protection Plan, and what a wild scene that was. Jill Castilla and Josh Pape led the team at Citizen’s Bank of Edmond, who were securing funds for customers, trying to maneuver the ever changing SBA guidelines, and ready to help any and all other financial institutions navigate this program. The funding is helping law firms/attorney’s, salons, contractors, restaurants, gyms and more to pay their leases/mortgages, pay employees and keep the lights on. As well, there is the question of only just a few Economic Injury Disaster Loan’s being funded, with no one I could find having ever received any 7A loan advance that was to come within 3 days.
For those not involved with or in the small business community, this set of loan programs was necessary with the instantaneous closures of businesses that occurred.
I am simply stunned and have had my faith in humanity restored watching Jill and Josh motivate their team to help as many small businesses as humanly possible until today when the funds in the Federal Program ran out.
Congresswoman Kendra Horn called on both parties this morning to leave politics out of the next phase and get to work to continue to help our nation but our community’s small businesses immediately.
Rep. Horn Urges Both Parties to Fix and Fund Small Business Relief Program
Coronavirus small business relief program runs out of cash
OKLAHOMA CITY, OK – On Thursday, Congresswoman Kendra Horn (OK-5) called on congressional leadership to pass additional funding for the Paycheck Protection Program (PPP). In the CARES Act, Congress provided $349 billion for PPP, a program which provides forgivable loans intended to pay business’s payroll costs and overhead expenses so the company can retain workers or hire back those it has already laid off. The new PPP program ran out of funding on Thursday due to high demand from small businesses in need.
“We should never treat relief for small businesses like a political football,” said Congresswoman Horn. “Small businesses are at the heart of our economy. The PPP program has already provided critical funding to keep businesses afloat and workers employed during this crisis. There are some problems with PPP that we need to address. We must make adjustments to strengthen access for our smallest and most vulnerable businesses, but that should not stop us from taking action. We cannot allow all-or-nothing politics to derail this important program. PPP is not a silver bullet that will fix this crisis, but we cannot allow a gap in funding to occur. I urge congressional leadership from both parties to stop the partisan games and to work together to fund PPP and the programs Americans need to make ends meet.”
Small businesses in Oklahoma have taken out over 26,000 PPP loans totaling over $4 billion to meet payroll costs and stay afloat. But problems with the PPP and EIDL programs have limited access to needed relief for sole proprietors and other small businesses. Nationally, the $349 billion PPP program ran out of funding on Thursday. According to the Small Business Association (SBA), SBA is also unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program based on available appropriations funding.
I am in production of the next issue of Edmondactive Magazine, and am inviting any one who is graduating to email your graduation photo and a caption, no matter whether you live in Edmond or not, include the graduate’s name and school, a note or caption and I am happy to include them! My email is Sherrih@edmondactive.com and you have until the first week of May to submit your graduate!
Tonight Citizen’s Edmond is offering a Virtual Cashmob of Othello’s in Downtown Edmond! All you have to do is order, mention the code “CITIZENS” and receive $5 off of your order!
Stop by tomorrow to see what’s happening Around Edmond!