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.
Additional tips for businesses from our local lending institutions:
The U.S. Treasury Paycheck Protection Program (PPP) Loans FAQs were released last evening, 4-6-2020. These answer quite a few of the questions that many of us have had in regard to the PPP loans and expands on some of the FAQs relating to businesses with more than 500 employees.
Please note that this applies to non-profits as well, but only those registered as 501(c)3.
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.
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: firstname.lastname@example.org. 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,
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.
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; email@example.com
Jerome Jones - (614) 427-0476; firstname.lastname@example.org
Shannon Feucht - (614) 626-7041; email@example.com
Thalia Amador Lastra - (614) 427-0407; firstname.lastname@example.org
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
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.)
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).
Small businesses in Ohio affected by COVID-19 can now apply for up to $2 million to assist with cash flow. Loan terms are available up to 30 years and loans will come with an interest rate of 3.75% for small businesses without credit available elsewhere.
How to apply for assistance
Simply click here to fill out and submit the online application on SBA’s website.
** Please note, businesses need to check “economic injury” so that the form works. Then it should work even with a city listed.
More about SBA Disaster Recovery Loans
SBA provides low-interest disaster loans to small businesses, agricultural cooperatives, aquaculture enterprises and nonprofits affected by disaster to help meet working capital needs or normal business operating expenses through the recovery period. Businesses are eligible for these loans regardless of whether or not they have suffered property damage. The maximum loan for any combination of property damage and/or economic injury is $2 million.
Below are links to a variety of additional disaster assistance information provided by SBA:
We’re here to help.
If you have questions or need assistance, pleased do not hestitate to contact us.
Executive Director, OSDC
Governor Mike DeWine has taken quick and decisive action in order to slow the spread of the coronavirus, which causes COVID-19. Each of these actions is to ensure that Ohio’s healthcare system is able to remain strong and available to anyone who needs it.
We are aware that the disruption caused by the coronavirus pandemic is and will continue to modify regular life for all Ohioans; however, our state is home to world-renowned healthcare institutions and together we’ve taken the steps needed to keep Ohioans safe. Once the initial threat of this virus has passed, Ohioans will return to work and school, our stadiums and arenas will open their doors to spectators again, and our restaurants will fill with patrons.
We recognize that this is a difficult time. Therefore, we’d like to share information about a number of aggressive steps the administration is already taking to offer assistance to Ohio businesses and individuals impacted.
Support for Small Businesses & 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.
Enhanced Unemployment Aid for Ohioans:
The Governor has issued an executive order, which will grant the Ohio Department of Job and Family Services (ODJFS) with the authority to accept and grant requests for unemployment compensation suspending the normal 1-week waiting period.
This order will also give relief to applicants who are not offered paid leave through their job, as well as those who have been quarantined by a medical professional, their employer, or whose employers must temporarily close. Those who apply for unemployment under these circumstances will be exempt from the requirement that they be actively seeking work.
For more information, please go to Unemployment.Ohio.gov or JFS.Ohio.gov/Coronavirus.
SharedWork Ohio is an alternative to layoffs for employers. It allows workers to remain employed and employers to retain their staff during times of reduced business activity. Under a SharedWork Ohio plan, employers reduce hours to avert a layoff. The participating employee works the reduced hours, and the Ohio Department of Job and Family Services provides an unemployment insurance benefit proportionate to their reduced hours.
Interested employers should provide the Ohio Department of Job and Family Services with a list of participating employees and specify their normal weekly hours of work, not to exceed 40 hours and not including overtime. Part-time employees may be eligible, but all employees in an affected unit must have their hours reduced by the same reduction percentage. For more information, please visit JFS.Ohio.gov/SharedWorkOhio.
We encourage Ohio employers to take advantage of the State of Ohio’s TechCred program and upskill their employees while they may be unable to perform their typical day-to-day duties. Many of these trainings can be completed online.
TechCred offers employers up to $2,000 in reimbursement for every technology-focused credential earned by an employee, up to $30,000 per employer per round. These technology-focused credentials take a year or less to complete and prepare current and future employees for the technology jobs Ohio employers need.
The current application period is open through March 31st on TechCred.Ohio.Gov. If a business has questions about the program they should email Workforce@OWT.Ohio.gov.
One-time Liquor Buyback:
The Ohio Department of Commerce will immediately begin offering a one-time liquor buyback option to support bars and restaurants. This will especially aid those establishments that have stocked up on high-proof liquor ahead of the St. Patrick's Day holiday for which they now have no use, due to their closure to in-house patrons.
Bars and restaurants wishing to take advantage of this opportunity should return their unopened, high-proof liquor products (obtained within the past 30 days) to the agency where they purchased the product. This opportunity is also extended to those with temporary (F2) permits for events scheduled between March 12 and April 6, 2020. If a business has questions about this program, they should reach out directly to the Liquor Enterprise Service Center (LESC) at 1(877)812-0013 or by emailing OhioLiquorInfo@Com.Ohio.gov.
FOR MORE INFORMATION:
Please visit www.Coronavirus.Ohio.gov for the most up-to-date information from the Ohio Department of Health.
For any questions you have about COVID-19, please call
1 (833) 4-ASK-ODH from 9:00 a.m. – 8:00 p.m (7 days/week).
Governor DeWine is holding daily press briefings at 2:00 p.m. to deliver the most recent updates as well as give updated guidance for the state’s response. These press events are carried live at www.OhioChannel.org