Governor Stitt announces deferred income tax payments to July 15 and SBA Loan Declaration

Today Governor Kevin Stitt made two important announcements.

First, all individual and other non-corporate tax filers may defer up to $1 million of state income tax (including self-employment tax) payments due on April 15 until July 15 without penalties or interest. This matches the federal guidance issued by the IRS as a result of President Trump’s emergency declaration pursuant to the Stafford Act, and also allows corporate taxpayers a similar deferment of up to $10 million of state income tax payments without penalties or interest.

“This guidance is a proactive step to reduce the financial stress many hardworking Oklahomans and businesses are feeling during this time.” Governor Kevin Stitt

IMPORTANT: The filing deadline remains April 15.

Second, Governor Stitt has requested an Economic Injury Disaster Loan declaration from the U.S. Small Business Administration (SBA) due to COVID-19. Once approved, businesses will be able to apply for the low-interest disaster loans online at SBA.gov.

More than 2,600 Oklahoma business owners have reported their economic impact through the state’s damage assessment website,damage.ok.gov. Those business owners will be notified by the Oklahoma Department of Emergency Management as soon as approval is received.

For accurate information and updates as this evolves, please visit the Oklahoma State Department of Health website at coronavirus.health.ok.gov. For questions, please call the OSDH Coronavirus Call Center at 1-877-215-8336.