State begins awarding business relief funds

State officials awarded $14 million in Oklahoma Business Relief Program awards for the grant program designed to help small businesses during the coronavirus pandemic.

The Oklahoma Department of Commerce released the first payments to authorized financial institutions on Thursday. The payments represent 667 businesses and is approximately 27% of the payments that will be released in the grant's first round of funding.

According to the Commerce Department, nearly a quarter of the businesses are designated as minority-owned. Specific details about which businesses received f unding were not immediately available.

The second wave of payments to 795 businesses will be released soon, and will total another $16.71 million in relief funds.

“I applaud the efforts of the Commerce team as they process applications quickly and distribute funds to help our Oklahoma businesses t hat are working to move forward from this crisis,” said Gov. Kevin Stitt. “This program is a great example of how our state strives to foster and support a business-friendly environment, and I'm excited that more Oklahoma companies will have the opportunity to apply for funds when Phase 2 begins.”

Developed to help local businesses across the state overcome the economic challenges of COVID-19, the relief program offers vital funding for businesses that have suffered revenue loss due to the pandemic. Approximately 2,500 Oklahoma businesses applied for Phase 1 through their bank.

Applications for Phase 2 of grants will be accepted at 8 a.m. Tuesday. State officials encourage businesses to contact a participating financial institution before Tuesday to begin the process.