On Tuesday, July 14, 2020, the $50,000,000 in allocated funding for the OBRP Phase II applications were depleted within an hour of opening. RCB Bank made our best efforts to submit as many OBRP applications as possible before the Oklahoma Department of Commerce’s submission cutoff time. The ODOC is actively underwriting all the OBRP applications that were submitted during the Phase II application period. An RCB representative will contact those OBRP applicants who’s applications have been submitted, once we have received the ODOC’s award confirmation. We want to reiterate, that the OBRP applications that were not able to be submitted before funding was exhausted, were deemed ineligible by the ODOC or the applicant withdrew their applications will be refunded the $500 fee.
The Oklahoma Department of Commerce has reopened its submission portal from July 23 through July 27 for us to submit all remaining applications in our pipeline that were not able to be submitted during OBRP Application Phases I and II. The ODOC issued the following statement, “while we cannot guarantee these businesses will receive additional funding, our hope is to work with the Governor’s team to assist these qualifying businesses. In the event additional funds are allocated, we would likely spread these funds evenly among the remaining applicants.”
Click here for the OBRP website.