TULSA, OK – According to Small Business Administration data released today, Oklahoma ranks 18th in the nation for total approved Paycheck Protection Program loan applications, despite ranking 28^th in population. In addition, a study referenced by NASDAQ and other outlets indicates that Oklahoma is one of the top states in the country by rate of successful applications. Representative Kevin Hern (OK-01) released the following statement in support of the Program and the Oklahoma business owners working to keep their employees paid.

“The Paycheck Protection funds are being put to good work,” said Rep. Hern. “Oklahoma businesses are having a higher success rate with these loan applications than most other states in the country. Our local lenders are working hard to make sure that our businesses are getting the funds they need. The large majority of approved loans are coming through regional and local banks instead of giant, national banks. A recent study shows that the median size of businesses receiving these loans is 12 employees – that means our smallest and most vulnerable businesses are getting the aid we promised them. These successful cases are further proof that Congress must pass additional funds for the Program. My colleagues and I are continuing to push for legislation that replenishes PPP funds, but nothing will happen in the House until Speaker Pelosi decides to help.”

Background Information:

The data on the Paycheck Protection Program can be found here and here.  The SBA report can be found here.