OKLAHOMA CITY – Oklahoma banks have funded several billion dollars’ worth of loans to small businesses through the federal Paycheck Protection Program, and bankers across the nation – including Oklahoma – urge Congress to provide a second round.
Oklahoma banks funded 35,557 PPP loans worth $4.61 billion in just under two weeks: between the opening of the program on April 3 and April 16, when the program funds were exhausted, according to the U.S. Department of the Treasury.
Oklahoma banks don’t want the aid to the state’s businesses to end there, however.
“There is currently a bill being discussed in Congress that would add additional funds to the program,” Oklahoma Bankers Association Executive Vice President/ Government Relations Adrian Beverage said recently.
“With the initial amount appropriated now being gone, there will be tremendous pressure on Congress to get the additional funding approved. There are still millions of small businesses, independent contractors and sole proprietors needing help, and Oklahoma banks want to be there to help them.”
The PPP, which is part of the $2 trillion economic stimulus package passed by the federal government late last month, allocated up to $350 billion in forgivable loans to help small businesses maintain payrolls during the COVID-19 pandemic. The program went live on April 3 for businesses and on April 10 for independent contractors and self-employed individuals.