Business

Nation offers second opportunity to apply for small business assistance

If you are an Osage small business owner the Nation is offering a second opportunity to apply for COVID relief.

In April, the Nation received more than $44.8 million in Coronavirus Aid, Relief and Economic Security Act funds and a COVID Task Force was formed to implement the money. Funding in the amount of $2.5 million was earmarked by the Task Force to help Osage small business owners impacted by the COVID-19 pandemic who own 51% or more of a business.

The Nation requested business owners to submit applications for grants of up to $10,000 in COVID relief. The seven-member review committee received 164 applications and they are still in the process of reviewing applications, said Susan Bayro, Self Governance and Strategic Planning analyst.

A request for the names of the individuals on the review committee and who selected the committee members was denied. However, Bayro added that “[the committee was] selected based on experience and education. Some members on the committee had 30+ years of banking experience, some had Accounting degrees, some were business owners, some had experience in evaluating documentation for start-up businesses, etc.”

Bayro said the award amount determined per application was based on the amount of loss the applicant’s business suffered during the COVID-19 pandemic period.

According to the small business grant’s FAQs page on the Nation’s website, the initial application period was July 13-Aug. 12. If individuals owned multiple businesses, they could apply for a grant per business. Business owners had to provide their articles of incorporation, partnership agreement or LLC agreement, and the last two full years and year-to-date financial information. They also had to provide income statements, bank statements, tax returns and proof of payment of the business’s more recent quarterly or yearly taxes with the applicant’s State Tax Commission.

A request for the names of the small businesses awarded and the amounts awarded to them was declined.

The deadline to apply for the second round of assistance is Nov. 15 by 11:59 p.m. CST. For more information about the program and to apply, visit https://www.osagenation-nsn.gov/member-services/cares-assistance-for-small-business