As the coronavirus pandemic leaves small businesses across the state closed indefinitely or operating under limited capacities, resources continue to emerge to help organizations navigate this unprecedented time.
Office of Small Business Relief
A new state office is organizing resources for small business owners. The Ohio Development Services Agency Office of Small Business Relief’s website has details on economic support resources, loan information, layoff alternatives, banking updates and more.
A Question and Answers section also curates information on what businesses are deemed essential, where to find more information about the CARES Act, and other details.
More information is available at businesshelp.ohio.gov.
The Finance Fund has announced a new loan program to support organizations impacted by the coronavirus pandemic. Small businesses and nonprofits, including Community Development Corporations and Community Action Agencies, are eligible for COVID-19 Response Loans which provide unrestricted funding at zero percent interest.
Applications are now open and loans are available for up to three months of expenses. Additional information and a loan application are available here.
On Friday, March 27, President Donald Trump signed into law the CARES Act, which includes $376 billion in relief small businesses. In addition to traditional SBA loan programs, the CARES Act established new, temporary loan options to support small businesses through the outbreak.
The new programs as outlined by the SBA include:
Paycheck Protection Program (PPP)
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
PPP loans are administered at the local level by a national network of banks and credit unions, meaning a business owner should go directly to their bank to apply for a PPP loan (instead of the SBA).
Economic Injury Disaster Loan Emergency Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
For additional details on each program, including who can apply, eligibility, lender forms and more, visit sba.gov/funding-programs/loans/coronavirus-relief-options.