Coronavirus in Oklahoma: Oklahoma City gets CARES Act funds to cover costs
Oklahoma City has received $114.3 million under the federal CARES Act for reimbursement of COVID-19-related expenses.
Funds cannot be used to offset revenue shortfalls, so the money provides no direct relief for the anticipated strain on the 2020-21 budget.
City Manager Craig Freeman has ordered a hiring freeze and most city departments have been directed to plan for 11.25% reductions in their adjusted base budgets. Police and fire reductions are 3.3%.
The budget takes effect July 1 and, by law, it must be balanced.
The Airport Trust has received $21.8 million in stimulus funds for Will Rogers World Airport. About $14 million will go to investors who bought airport bonds.
About 600 applications were received by the April 17 deadline for cash payments or loans from the $5.5 million Small Business Continuity Fund established by the Oklahoma City Council.
Applicants that maintain payroll through the COVID-19 crisis could be eligible for cash, or zero- or low-interest forgivable loans.
A disbursement committee will make award decisions.
The eight-member committee has representatives from the city's Finance Department, the Greater Oklahoma City Chamber and black and Hispanic chambers of commerce, BancFirst, The Alliance for the Economic Development of Oklahoma City, and Progress OKC.
Intentions were for awards to begin this week. The city council was scheduled to get an update Tuesday.