Paycheck Protection Program
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
The "At Your Side" Small Business Grant Program
Main Street America and Brother International are working together to support small businesses and amplify the importance these enterprises play in communities across the country. The collaboration will shine a light on inspiring entrepreneurs and provide critical resources and marketing support to small businesses in need. As part of this initiative, we’ve teamed up to launch the “At Your Side” Small Business Grant Program to provide a total of $75,000 to Main Street small businesses in need.
Economic Injury Disaster Loan
The deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021. Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.
Small Business Relief Grant
The Small Business Relief Grant is designed to provide relief to Ohio businesses that have been negatively affected by COVID-19. Governor Mike DeWine has designated up to $125 million of funding received by the State of Ohio from the federal CARES Act to provide $10,000 grants to small businesses to help them through the current crisis. The program, which will begin accepting applications on November 2, 2020, will be administered by the Ohio Development Services Agency.
The Bar and Restaurant Assistance Fund
It is designed to assist Ohio’s on-premise liquor permit holders. This $38.7 million fund will help more than 15,400 licensees significantly impacted by COVID-19 and limited in the full use of their liquor permit. Funding for the program is from the CARES Act. The program is administered by the Ohio Development Services Agency. The application deadline is extended.
Paycheck Protection Program (PPP)
The program is closed on August 8. As such, SBA is no longer accepting PPP applications from participating lenders.
Updated PPP Loan Forgiveness Forms
If you’ve already received a Paycheck Protection Program loan to help your small business with paying your employees during COVID-19, or you just want to know more about how these loans will be processed for forgiveness on the back end, the SBA and Treasury have released new revised, more borrower-friendly PPP forms including:
In addition to revising the full forgiveness application, SBA also published a new EZ version that applies to some borrowers.
For more information on these forms, you can read the full news release.
Ohio PPE Retooling and Reshoring Grant Program Guidelines
The Ohio Development Services Agency (“Development”) will accept applications for the purpose of providing grants to manufacturers and other entities to assist in retooling existing facilities through purchasing the necessary equipment to manufacture critically needed Personal Protection Equipment (PPE) for use in Ohio or reshoring PPE production to Ohio. These grants will allow small manufacturers and other entities an opportunity to create new business while contributing to the fight against COVID-19.
Application and Reimbursement Process
- Businesses apply for funding via an online portal.
- Development receives applications and shares with program partners for review.
- The applicant receives the notification of award and enters into a grant agreement with Development.
- The applicant receives initial grant funding for eligible costs incurred and may subsequently seek reimbursement of remaining grant funding after providing evidence of eligible costs incurred.
Visit HERE for more information.
Appalachian Growth Capital Loan Program
Many small businesses in Ohio’s Appalachian region have been hit hard by the COVID-10 pandemic. The Ohio Development Services Agency and the Governor’s Office of Appalachia will provide $10 million in funding to help these businesses through the crisis.
This new loan program provides funding to the Appalachian Growth Capital LLC, which is a U.S. Treasury-Certified Community Development Financial Institution that provides small business financing in the 32-county Appalachian region of eastern and southern Ohio.
- Businesses located in the 32-county region with less than $40 million of revenue in the most recently completed tax year are eligible.
- Appalachian Growth Capital will offer loans to small businesses at 2 percent interest.
- The maximum loan amount is $500,000, and businesses will have the ability to defer payment for up to six months.
TechCred - January 2021
The application period begins January 1 and runs through January 31. Both employers and prospective employees can apply. The program aims to expand training for people who are underskilled and to help businesses improve the technology skills of their workforce. The state will reimburse up to $2,000 for a technology-focused credential. To be eligible, credentials must take less than a year to acquire and be industry-recognized. Visit TechCred.Ohio.Gov for more information and to apply.
Responsible RestartOhio is about protecting the health of employees, customers, and their families; supporting community efforts to control the spread of the virus; and, leading in responsibly getting Ohio back to work. Please check out the links below for more information:
- Sector Specific Operating Requirements
- COVID-19 Responsible Protocols for Getting Ohio Back to Work
- Continued Business Closures
Office of Small Business Relief
A new office has been developed within the Ohio Development Services Agency to better coordinate Ohio’s efforts to identify and provide support for Ohio’s nearly 950,000 small businesses.
The Office of Small Business Relief (OSBR):
- Serves as the state’s designated agency for administrating federal recovery funds awarded to Ohio for small business support and recovery;
- Works with federal, state, and local partners to evaluate and determine possible regulatory reforms that encourage employment and job creation; and
- Coordinates efforts of Ohio’s Small Business Development Centers and Minority Business Assistance Centers.
Visit HERE for more information.
Small Business Debt Relief Program
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Visit HERE for more information.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be long term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Visit HERE for more information.
COVID-19 Job Search
If you are hiring, post your jobs HERE for free. This site is designed to help companies connect with workers available.
- Facebook Business Resources
- Facebook Small Business Grants
- Health Insurance Coverage Flexibility
- Help for Entrepreneurs
- IRS Coronavirus Relief
- JobsOhio Resources for Ohio Businesses
- Manufacturing and Best Practices for COVID-19
- OhioMeansJobs Medina County
- PPE Resources
- U.S. Chamber of Commerce @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>