Below is the information presented in a webinar by the U.S. Chamber of Commerce on The Paycheck Protection Program and Other CARES Act Assistance for Businesses.
#WeAreAllinThisTogether
Thank you to all our local businesses for completing our Business Impact Survey. This information (Business Impact Survey Results) will be used to begin gathering the various resources that you will need to reopen and recover. We certainly appreciate all of our businesses and what you bring to our community. We will do whatever we can to assist you now and into the future. It is recommended you contact your local banks/financial institutions first for potential loan assistance. (Click here for a complete list of area SBA lenders.) They have been able to approve some applications and have others that are pending approval. There are a variety of programs that you may qualify for to get you back to recovery. (These are also listed on this COVID-19 Relief PowerPoint presentation.) And explained further on this Dayton Development Coalition SBA webinar link: https://dialpad.com/shared/call/WfzXD4cBYdVcrHDjNCqP92qw47MfUNMPpzO6v7r4w2Mf
Remember, another local source of information and assistance in completing these applications is the Springfield SBA which serves Champaign County: www.springfieldsbdc.com On April 7th, Governor DeWine announced the creation of the Office of Small Business Relief to identify ways to provide support to Ohio's small businesses. This office will be housed within the Ohio Development Services Agency. The Office of Small Business Relief (OSBR) is focused on identifying and providing direct support to the state's nearly 950,000 small businesses to help during the current public health crisis and to position them for a span rebound. https://businesshelp.ohio.gov Additional tips for businesses from our local lending institutions:
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
U.S. Treasury Department
Office of Public Affairs Press Release: March 31, 2020 Contact: Treasury Public Affairs, (202) 622-2960 With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. “This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.” “This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.” The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
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Hello Everyone - In case you did not see via social media, this SBA webinar has been rescheduled for April 7th, from 10:30-11:30am due to changes to SBA programs as a result of the stimulus bill. The link and call-in number will not change. If you have any questions, feel free to reach out to me directly at my email: mshimp@daytonregion.com. Thank you. ALSO...There was some question about needing Champaign County declared an emergency in regard to the SBA disaster loan. If you are completing the application, please list Economic Injury as the reason for the loan if associated with the virus. The entire State of Ohio (and every state in the U.S.) has been declared a disaster. I have heard that if you selected something other than Economic Injury, then it looks at physical disasters (i.e. floods, tornadoes, etc.) that have been declared. If you go to this site - https://covid19relief.sba.gov/#/ - then it will take you to the application portal. I hope this helps. Thanks, Marcia If your business may qualify for the Small Business Association’s Economic Injury Disaster Loan Program, we encourage you to join a webinar with Alex Kohls of the SBA’s Columbus District Office on Tuesday, March 31 from 10:30 to 11:30 a.m. The purpose of this webinar is to walk through the Economic Injury Disaster Loan Program, review the application process, and answer any questions. Here is the link to join the meeting and post questions: https://www.uberconference.com/mshimp. The dial-in conference number is (937) 314-3034. No PIN needed. AND if you are a Champaign County business owner and you haven't filled out the CEP's Business Impact Survey yet, please do so by April 1st at 5pm. Thank you!
Join The Montrose Group for a webinar on Mar 27, 2020 at 10:00 AM EDT.
Companies and nonprofits impacted by COVID 19 cannot survive or thrive without adequate capital. To position these companies and nonprofits for success, the Montrose Group is hosting a webinar on Friday, March 27, 2020 at 10am Eastern time to review with national experts COVID 19 Small Business Finance Options. Topics to be discussed include the Small Business Administration $50B Economic Injury Disaster Loan Program, other SBA programs and COVID 19 state loan programs from over a dozen states. Michael Kinninger, Executive Director of the Ohio Statewide Development Corporation, and the Montrose Group team will outline not just what small business financing programs are available but how companies can access this funding from federal and state government sources. After registering, you will receive a confirmation email containing information about joining the webinar. Register Now QUICK NOTE: Small businesses should complete the application below based on the virus and the economic injury that exists for your company. Some tips they said were to save your application number. It will populate as you are completing the application. Write it down and save in your files for future reference. You will receive an email once the application is submitted and it will have your information as well. The loan is for “economic injury” that is being felt by the COVID-19 crisis. On the application you will see a drop down box asking why you are applying for the loan, this needs to be listed as “disaster declaration”. And here are some helpful contacts at our District Office should you need them: SBA Columbus District Office: Dave Townsend - (614) 427-0467; david.townsend@sba.gov Jerome Jones - (614) 427-0476; jerome.jones@sba.gov Shannon Feucht - (614) 626-7041; shannon.feucht@sba.gov Thalia Amador Lastra - (614) 427-0407; thalia.amadorlastra@sba.gov Coronavirus (COVID-19) Assistance
If you are inquiring about Coronavirus (COVID-19) assistance, the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in designated areas suffering substantial economic injury as a result of the Coronavirus (COVID-19). As of March 21, 2020, small businesses located in all 50 states, the District of Columbia, and the U.S. territories of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands are now eligible to apply for SBA Disaster Assistance. If your business was economically impacted by Coronavirus (COVID-19) you may apply online at https://disasterloan.sba.gov/ela. If you are unable to apply online, you may download an application at https://disasterloan.sba.gov/ela, under the Loan Information tab. Completed applications should be mailed to: U.S. Small Business Administration Processing and Disbursement Center 14925 Kingsport Road Fort Worth, TX 76155 To find the latest information related to the Coronavirus please continue to check our website at sba.gov/disaster. Additional information about our Economic Injury Disaster Loans: • SBA’s Economic Injury Disaster Loans offer up to $2 million for working capital to help support small businesses overcome the temporary loss of revenue they are experiencing. • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for non-profits. • SBA offers long-term loans up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible. If you have any additional questions, please feel free to reach back out to us via email, or call our Customer Service Center at (800) 659-2955. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Thank you in advance for your patience, SBA’s Disaster Assistance Customer Service Center State of Ohio Resources Bureau of Workers’ Compensation
Federal Resources Small Business Administration (SBA)
We know our small businesses are in crisis. The federal government has declared a national emergency related to the coronavirus pandemic.
Please join Joshua Stutzman from the US Small Business Administration as he explains who is eligible and what steps you need to take to apply for a SBA Economic Injury Disaster Loan.
(The webinar was live on March 24th at 2pm, but a recording has been made available below.)
Small Business Administration Offering Low-Interest Federal Disaster Loans to Ohio Small Businesses3/23/2020
Please download and see the below press releases (English and Spanish versions) issued to the media this afternoon. The Small Business Administration is offering low-interest federal disaster loans for working capital to Ohio small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
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