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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The OMA’s mission is to protect and grow Ohio manufacturing. The OMA created this page to share content that is relevant to challenges related to the coronavirus (COVID-19) pandemic. The OMA is in regular contact with state officials, as well as our counterparts at the National Association of Manufacturers, regarding the response to COVID-19.
The OMA will keep OMA members updated regularly through electronic communications from OMA President Eric Burkland, as well as via our normal communication tools, such as the OMA’s weekly Leadership Briefing (subscribe here if you are not already receiving). If you have health-related questions about COVID-19, contact the Ohio Department of Health’s call center at 1-833-4ASKODH (1-833-427-5634).
Download and Read the Full Order PDF Here
FAQ's Here The PDF includes:
The Ohio Bureau of Workers' Compensation will defer business premiums for the months of March, April and May – leaving $200 million to circulate in the state economy, Lt. Gov. Jon Husted said Saturday.
The payments are deferred to June 1, but the state could reassess before then as the coronavirus pandemic unfolds, he said. State officials understand the ripple effects on the economy and health when businesses are ordered to close to slow spread of the disease, said Dr. Amy Acton, director of the Ohio Department of Health. “There is a cascading effect in the economy,” Husted said. “Businesses are going to suffer, and as a result so are their employees. We’re very mindful of that and always trying to seek a balance.” The bureau has a resource page for injured workers during the pandemic here. Read the rest of the article on the Columbus Business First website.
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. Sincerely, Michael Kinninger 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 [email protected] 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: 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. TechCred: 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 [email protected]. 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 [email protected]. FOR MORE INFORMATION: ONLINE: Please visit www.Coronavirus.Ohio.gov for the most up-to-date information from the Ohio Department of Health. PHONE: 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). SOCIAL MEDIA: @GovMikeDeWine @LtGovHusted @OHDeptofHealth DAILY UPDATES: 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
All federal agencies are working together to protect public health, including the U.S. Small Business Administration. The SBA's top priority is to ensure Ohio small businesses – which total nearly 950,000 – can continue their contributions to the state’s economy, and our nation.
Small Business Administration (SBA) is working directly with Governor DeWine’s office to facilitate a disaster declaration from the SBA for businesses to be eligible for Economic Injury Disaster loans. To expedite this process, we need your help in disseminating the Disaster Loan Declaration Form for businesses to fill out. Once you have done so, please email the completed forms to [email protected]. Once that declaration is made and the SBA has confirmed it, the agency will be able to provide Economic Injury Disaster Loans of up to $2 million per small business to assist with economic recovery. SBA Disaster Assistance Response to the Coronavirus HERE, Spanish version HERE Please feel free to send out the attached handouts as well as the below links to disaster assistance:
The SBA will continue to support small businesses through this difficult time, and we urge them to visit www.sba.gov/coronavirus and follow @SBA_Columbus on Twitter or sign up for our newsletter for more updates. We sincerely appreciate your help in this effort. For detailed information on SBA programs for the coronavirus, visit www.sba.gov/coronavirus and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).
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