Paycheck Protection Program helping hundreds of Texoma small businesses
Before the CARES Act was put into effect, A&J Transportation, an Ada company that ships frac sand all over the country, talked about laying off some of their employees due to the coronavirus.
"We already cut salaries down. The owners and managers took 30-40% cuts, including myself," said Dana Sanford, the office manager at A&J.
However the company applied for what's known as the Paycheck Protection Program, and were able to keep all 130 employees.
"We're able to maintain all of our drivers, and give them their wages. Keep the drivers working, keep people from having to go on unemployment, keep people from finding another job," said Sanford.
First United Bank granted A&J's request for the program, and since Thursday, First United Bank CEO Greg Massey said 663 small businesses around Texoma have applied for the program, which allows local banks to receive and process disaster loans on behalf of the Small Business Administration.
"That's broken down to about $100 million in Grayson County, about $50 million in Bryan County, and also around East Central Oklahoma, Ada, another $50 million," said Massey.
Small businesses with five hundred employees or less who use this loan can also catch another break.
"As long as you keep these folks employed over this next period of time, that loan is forgivable, paid for by the Small Business Administration," said Massey.
Sanford called the loan a "God send".
"I know they worked well beyond the banking hours to get this taken care of, not just for us, but for other clients out there," said Sanford.