Tulsa County RESET Program

Tulsa County Business RESET Program

(Resources to Empower Small Enterprises for Tomorrow)

Our cities, towns, and communities are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of the United States Government, Tulsa County Commissioners have voted to fund the Tulsa County Business RESET (Resources to Empower Small Enterprises for Tomorrow) Program providing economic support to small businesses and non-profit organizations in the form of forgivable loans and grants, respectively. Eligible businesses are those suffering from or adjusting to interruptions caused by government-mandated closures due to the pandemic. Eligible non-profits are those addressing the needs of individuals and families experiencing COVID-19-related hardships. Non-profits that do not provide direct services but have also experienced economic injury, are also eligible.

 

Tulsa Economic Development Corporation (TEDC Creative Capital), in partnership with the Tulsa County Board of Commissioners, is pleased to launch and lead the Tulsa County Business RESET Program (hereafter referred to as TC Business RESET). Small companies and non-profits continue to manage an unbearable burden as we prepare for a slow economic recovery, adjust to a new norm, and reestablish operations all while continuing to serve customers and meet the growing needs of the community. Despite the U.S. Small Business Administration’s Payroll Protection Program (PPP), the Economic Injury Disaster Loan (EIDL), and other special programs, many sole proprietors and small enterprises have been left behind. TC Business RESET has been created to help you survive the pandemic, ease the financial burden caused by the crisis, recover from underlying negative impacts and return to a position of success.

 

Provided at no cost to the borrower or grant recipient, TC Business RESET requires no processing fees, no closing costs, no interest, and no payments unless the applicant’s loan is not forgiven. Loans will be forgiven only if adequate documentation is provided to TEDC including invoices paid for COVID-19-related expenses and proof of payment. Non-profit grant recipients must provide similar evidence or grant repayment will be required. Unforgiven loans must be repaid at 3.75% over 5 years with the first payment due January 1, 2021.

 

Businesses with multiple locations within Tulsa County may apply separately for each location. Every effort will be made to distribute RESET funds equitably throughout all County cities and towns. $25 million is currently available for forgivable loans to businesses ranging from $5,000 to $125,000. $5 million will be available to non-profits for grants of up to $250,000.

APPLICATION INFORMATION

SMALL BUSINESSES: Tulsa County small businesses may access the application portal at www.TEDCnet.com on June 29, 2020, starting at 12:00 p.m. Please read the information provided below to start gathering requirements for upload. If you have questions about the RESET application, please read our FAQ linked at the bottom of this page. If you have additional questions, please chat with one of our navigators on the TEDC website between 8 a.m. and 8 p.m. Monday - Friday and 10 a.m. to 5 p.m. on Saturday. After hours, please email support@tedc.zendesk.com.

NON-PROFIT ORGANIZATIONS: A unique application portal has been established for Tulsa County tax-exempt, non-profit organizations. Check www.TEDCnet.com for access to this special portal on or after July 1, 2020, at 12:00 p.m. You may find the Non-Profit requirements here: Non-Profit FAQ. If you have additional questions, please chat with one of our navigators on the TEDC website between 8 a.m. and 8 p.m. Monday - Friday and 10 a.m. to 5 p.m. on Saturday. After hours, please email support@tedc.zendesk.com.

Funding Amounts

For businesses that are for-profit, the maximum amount is based on the number of W-2 wage-earning individuals employed by the applicant company; however, sole proprietors are eligible for up to $5,000. All requests are subject to eligibility requirements provided in this document.

Six funds have been established.

Sole Proprietors 1 to 4 employees 5 to 9 employees 10 to 49 employees 50 to 99 employees N/A
Up to $5,000 Up to $15,000 Up to $35,000 Up to $75,000 Up to $125,000 Up to $250,000

Solopreneur Fund
Sole Proprietors
Up to $5,000

 

Micro Fund
1 to 4 employees
Up to $15,000

 

Stability Fund
5 to 9 employees
Up to $35,000

 

Power Fund
10 to 49 employees
Up to $75,000

 

Vitality Fund
50 to 99 employees
Up to $125,000

ELIGIBLE BUSINESSES

  • Sole proprietorships
  • Partnerships
  • C-Corps
  • S-Corps
  • LLCs
  • 501(c)(3) Organizations
  • 501(c)(6) organizations
  • 501(c)(19) veteran organizations
  • Tribal businesses

EXAMPLE OF ELIGIBLE EXPENSES

  • Operating expenses (example: lease/rent payments, business mortgage payments, interest expense, utilities, payroll-related) incurred March-May 2020, not paid with regular operating income of the business or not paid by other COVID-19 grant funds
  • Estimated operating expenses to be incurred June-October 2020, not expected to be covered because of insufficient operating income generated by the business due to COVID-19
  • Expenses incurred to comply with workspace modification needs and requirements
  • Expenses incurred to help employees work from home
  • Repayment of debt incurred to offset expenses related to COVID-19 closures
  • Expenses incurred to purchase personal protective equipment (beyond items distributed at no cost by Tulsa County)
  • Additional needs/services related to COVID-19

EXAMPLE OF INELIGIBLE EXPENDITURES

  • Revenue replacement
  • Expenses paid through other COVID-19 grant, forgivable loan funding or business interruption insurance
  • Prepaid expenses
  • Distributions to owners
  • Non-COVID-19-impacted expenses
  • Non-COVID-19-related expansion costs
  • Non-COVID-19-related construction costs
  • Non-COVID-19-related equipment purchase
  • Business acquisition
  • Real estate acquisition
  • Current or past due taxes
  • Payables due before March 1, 2020
  • Bank overdraft charges incurred before March 1, 2020
  • Office supplies or snacks

ELIGIBILITY REQUIREMENTS

  • (Non-Profits, See Non-Profit FAQ)
  • Applicant must have been in business on March 17, 2020
  • Applicant must be located in Tulsa County
  • Applicant must provide evidence of COVID-19-induced economic injury measured by a 25% reduction in average monthly operating activity anytime during the months of March, April or May 2020, compared to the same period in 2019 or compared to January or February 2020
  • Applicant must certify that current economic uncertainty makes the RESET Forgivable Loan or grant necessary to help support ongoing operations
  • Applicant must have had less than 100 employees on March 1, 2020 (per location)
  • Applicant with revenues of less than $15 million in 2019
  • Applicant must provide all applicable documentation requested by TEDC

INELIGIBLE BUSINESSES

  • Applicant that opened after March 17, 2020
  • Applicant not located in Tulsa County
  • Applicant that does not demonstrate a COVID-19 economic injury
  • Applicant that has received COVID-19 assistance from any other source(s) above the need identified in the RESET application
  • Applicant that has 100 or more employees (per location)
  • Applicant owned 35% or more by equity investor(s)
  • Applicant that is a subsidiary of an entity with 100 or more employees
  • Applicant with revenues of $15 million or more in 2019 (Non-profits are exempt)
  • Businesses that exist solely to advance partisan political activities or lobby elected officials
  • Businesses owned by individuals who work 30-40 hours/week in another job
  • Organizations that discriminate based on race, culture, gender, sexual orientation, age or religion
  • Government entities, agencies, authorities, commissions
  • Public or private schools
  • Private clubs
  • Marijuana dispensaries and grow farms/facilities
  • Businesses of a prurient nature
  • Speculative investors
  • Gambling enterprises
  • Religious organizations
  • Lenders
  • Insurance companies

REQUIRED DOCUMENTS

  • (Non-Profits, See Non-Profit FAQ)
  • OK Secretary of State Filing Number (Sole Proprietors excluded): https://www.sos.ok.gov/corp/corpInquiryFind.aspx
  • Detailed Payroll Report on W-2 wage employees as of March 1, 2020 (required)
  • 2018 or 2019 Personal Federal Tax Return for each 20% owner (required)
  • 2018 Business Tax Return (required)
  • 2019 Business Tax Return (required, if filed)
  • 12/31/2019 Business Balance Sheet (required, if available)
  • 12/31/2019 Year-End Profit & Loss Statement (required)
  • 2020 Year to Date Profit & Loss Statement
  • MONTHLY Profit & Loss Statement for FEBRUARY 2020, MARCH 2020, APRIL 2020, MAY 2020 (A Year-to-Date Profit & Loss by Month is acceptable; required for companies with 5+ employees;) OR official sales tax report submitted Monthly to Oklahoma Sales Tax Commission
  • Business Checking Account Statement for January, February, March, April and May 2020 (required for companies with <5 employees)
  • VOIDED CHECK on bank account receiving loan funds

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