Small Business Information
SUPPORT FOR SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS
The Ohio Development Services Agency is working this week to qualify Ohio for the U.S. Small Business Administration's (SBA) Economic Injury Disaster Loan Program. This program provides low-interest loans up to $2 million in order to help businesses overcome the temporary loss of revenue during the state of emergency.
Non-profit organizations in Ohio will also be eligible for low-interest loans through the SBA's Economic Injury Disaster Loan program.
Businesses impacted by the current public health crisis can contact BusinessHelp@Development.Ohio.gov for more information. Additional details about the SBA Economic Injury Disaster Loan Program is available at SBA.gov/Disaster.
SBA AND TREASURY RELEASE PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS APPLICATION
The form and instructions inform borrowers how to apply for PPP loan forgiveness, consistent with the CARES Act. SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Click here to read more.
PREPARE YOUR SMALL BUSINESS AND EMPLOYEES FOR THE EFFECTS OF COVID-19
During an infectious disease outbreak, such as the current outbreak of COVID-19, small business owners must prepare for disruption in their business as well as prepare to protect their employees’ health and safety in the workplace. For more information, click here.
NEW INFORMATION ON PAYCHECK PROTECTION PROGRAM (MAY 15, 2020)
The U.S. Department of the Treasury and U.S. Small Business Administration released new information regarding the Paycheck Protection Program:
Assistance for Small Businesses
The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.
Assistance for American Workers and Families
THE SMALL BUSINESS OWNER'S GUIDE TO CARES ACT
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. Click here to see more details. Act now to file for SBA disaster relief grants and loans as there are limited funds, and a limited number of applications will be accepted by SBA.
SMALL BUSINESS LOANS ("PAYCHECK PROTECTION LOANS") THROUGH CARES ACT
Application Businesses: businesses with fewer than 500 employees — including sole proprietors and nonprofits.
Access: $350 billion in loans under Section 7 of the Small Business Act during the “covered period,” which runs from February 15, 2020 through June 30, 2020.
Guarantee: fully guaranteed by the federal government through December 31, 2020 (returning to an 85% guarantee for loans greater than $150,000 after that date),
Loan Amount Eligible:
LESSERof the following:
“Payroll Costs”equal the sum of the following:
“Payroll Costs”are NOT the following:
Allowable Uses of Loan: proceeds may be used to cover payroll, mortgage payments, rent, utilities, and any other debt service requirements.
Loan Forgiveness of Paycheck Protection Loans
· mortgage interest,
· certain utility payments.
How to Get Forgiveness:
Reducing Forgiveness Amount: However, the amount that may be forgiven if the employer either:
Provided, however, this reduction can be avoided, however, if the employer rehires or increases the employee’s pay within an allotted time period.
WHERE CAN I FIND INFORMATION ON GETTING A SMALL BUSINESS LOAN?
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury from COVID-19. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that a business cannot pay due to COVID-19. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. Apply for an EIDL at www.sba.gov/disaster. Due to website traffic, please exercise patience. For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com