Newkirk Business Information (docx)Download
City of Newkirk Emergency Measures Phase 2 (docx)Download
Letter to Citizens from the City of Newkirk (docx)Download
Paycheck Protection Program FAQ 5/19/2020 (pdf)Download
Paycheck Protection Program Borrower Application (pdf)Download
Paycheck Protection Program Interim Final Rule (pdf)Download
Paycheck Protection Program Forgiveness Application (pdf)Download
Oklahoma's Open Up & Recover Safely Plan (pdf)Download
Restaurant Reopening Guidelines from the National Restaurant Association (pdf)Download
Place of Worship Pledge (docx)Download
Restaurant Pledge (pdf)Download
The above Paycheck Protection Program Application may not be accepted by your financial institution. This document has been provided by the US Treasury as a sample to prepare businesses for the information that will be needed to complete applications starting April 3rd, 2020.
The following information is not to be considered financial advice. It is intended to help educate local business owners to the available options through the Small Business Administration, United States Department of Agriculture, and local lenders. Please consult with your financial advisor to determine the appropriate course of action for your business. More information can be found at https://www.sba.gov/ & https://www.farmers.gov/coronavirus
Businesses of all sizes may apply for a Physical Disaster Loan and small businesses, small agricultural cooperatives and private non-profit organizations may be eligible for economic injury. It is being recommended that all businesses apply once they determine that they meet size eligibility requirements.
Agricultural businesses are now eligible to apply.
Businesses with multiple LLCs or locations should file applications per tax returns; If you have multiple locations and file a single tax return, file a single application. If you have multiple locations and file multiple tax returns, file an application for each location/tax return.
Loans will not exceed $2 million to repair economic injury. Loan amounts will be determined by the SBA. They are seeking to provide business with 6-12 months of working capital.
-up to 30 years terms
-3.75% interest rate for businesses, 2.75% interest rate for non-profits
-First payment waived for 12 months
-works as Line of Credit: you do not have to take any/all of the funds you are approved for
-No points, no closing costs, no fees, no prepayment penalties
-20% or more ownership must personally guarantee
The application can be completed online at https://covid19relief.sba.gov/#/
From February 15th, 2020 through June 30th, 2020 the SBA may provide 100% federally backed loans to help businesses pay operation costs.
Businesses, non-profit organizations, veteran's organizations or tribal concerns that:
The program provides for possible debt forgiveness of eligible expenses of small businesses. The below information is a summary of the debt forgiveness process, but is not a comprehensive list of all requirements or details of the process. Further information regarding the debt forgiveness process will be coming soon.
This program provides the opportunity for indebtedness to be forgiven, and not taxed in an amount not to exceed the principal amount of the loan, equal to the costs incurred and payments made during the covered period on:
Forgiveness amounts will be reduced for any employee cuts or reductions in wages. To substantiate their fixed expenses, borrowers will have to provide source documentation for payroll expenses, rent and mortgage payments, and utility expenses as well as proof of payment for those expenses to the lender that is servicing the loan. If the expenses are approved, the SBA will purchase that portion of the debt from the bank and reduce the borrower's loan principal. Forgiveness may not be provided for expenses that do not qualify under one of the above listed expense categories.
Eligible producers (person or legal entity) of specified agricultural commodities outlined above who have suffered a five percent-or-greater price decline as a result of the COVID-19 pandemic, and who face substantial marketing costs for inventories, are eligible for CFAP payments.
To be eligible for payments, a person or legal entity must have an average adjusted gross income of less than $900,000 for tax years 2016, 2017, and 2018. However, if 75 percent of their adjusted gross income comes from farming, ranching, or forestry, the AGI limit of $900,000 does not apply.
Persons and legal entities also must:
CFAP will provide vital financial assistance to producers of agricultural commodities who have suffered a five-percent-or-greater price decline or who had losses due to market supply chain disruptions due to COVID-19 and face additional significant market costs. Eligible commodities include:
USDA will consider additional crops to be eligible for CFAP by collecting information on potentially eligible crops.
CFAP payments are subject to a per person and legal entity payment limitation of $250,000. This limitation applies to the total amount of CFAP payments made with respect to all eligible commodities.
Unlike other FSA programs, special payment limitation rules will be applied to participants that are corporations, limited liability companies, and limited partnerships (corporate entities). These corporate entities may receive up to $750,000 based upon the number of shareholders (not to exceed three shareholders) who contribute at least 400 hours of active person management or personal active labor.
For a corporate entity:
To ensure the availability of funding throughout the application period, producers will receive 80 percent of their maximum total payment upon approval of the application. The remaining portion of the payment, not to exceed the payment limit, will be paid at a later date as funds remain available.
USDA will begin taking applications for CFAP on May 26. While the application process has not started, you can start gathering and understanding your farm’s recent sales and inventory.
Your local FSA staff will work with you to apply for the program, and through forms that will ask for the following information:
USDA Service Centers are open for business by phone appointment only. Once the application period opens, please call your FSA county office to schedule an appointment.
FSA staff at local USDA Service Centers will work with producers to file applications. Applications will be submitted electronically either by scanning, emailing, or faxing. Please call your office prior to sending applications electronically.
In addition to the application form, our staff will work with you to complete portions of the CCC-902 – Farm Operating Plan – if necessary. Additionally, the following forms will be needed for CFAP; if you are an existing customer, this information is likely on file at your local Service Center.
FSA has streamlined the signup process to not require an acreage report at the time of application and a USDA farm number may not be immediately needed.