An area businessman and his two partners learned late last week they have been approved for the Paycheck Protection Program that officially opened two weeks ago.
Brett Ellard, one of three partners who own and operate Christian Counseling and Care, said he learned of the program from a client just two days before the program was to open.
“Our business applied for one through Arvest Bank,” Ellard said. “They have a department in Oklahoma City that is handling those,” he added.
He noted that various certified lenders are authorized to provide the application.
The morning after his client had informed him about the program, Ellard contacted the bank and the office manager of their business, Cheryl Meshew, obtained the application form.
He credits her with doing all the work in pulling together all the needed information and filling the form out so it could be submitted the following day, April 3.
Ellard further explained that with the first application that was filled out, it required the signatures of all three partners. “But overnight that changed,” he stated.“Because partners of some other busi nesses throughout the state and the nation were either sick, out of state or out of the country, the application form was changed to where it required the signature of only partner. So I signed our new application the morning of April 3 and it was submitted that day,” he said.
Processing of the application forms began on April 3. “Cheryl was instrumental in obtaining and completing the necessary paperwork for the Small Business Administration Loan,” Ellard emphasized.
“We learned just this morning, (Good Friday, April 10) we were approved,” an elated Ellard said.
He also said that Natalie Freeman, Arvest representative who played a key role in “working us through the process, contacted us during the middle of the week and told us we would learn by Friday that we would know if we were approved.”
Ellard said the amount of the loan is based on eight weeks of employee salaries and three months of utility costs and rent or mortgage payments. Salaries of the partners is not included in that amount, he stressed.
“Nor does it include the salaries of the three contractors we have,” he stated.
He pointed out, “We anticipate our funds will be made available this week (Week of April 13).”
“If 100 percent of the funds we receive are used for their intended purpose, the loan will be forgiven. If for any reason there are proceeds from the loan that are not utilized for the salaries and other costs that are allowed, those funds will be paid back as a loan with an interest rate of 1.5 percent
“We anticipate using all of our funds,” he said assuredly.
Area bankers reportedly have been swamped with small businesses applying for the program.
Ryan Alexander, President of BancFirst Prague, Meeker and Stroud, said, “The SBA’s Paycheck Protection Program is generating the highest concentration of lending activity in the history of banking. BancFirst has been processing these loans on a 24/7 basis since last April 3.
“Since that date,” Alexander continued, “we have approved over one half billion dollars in loan applications. We have yet to fully accommodate our customer base, who is our first priority. Non-customers will be afforded application access, but we are obligated to first address the needs of our small business customers. While today was the SBA’s date to accept PPP applications for selfemployed and contractors,