COVID-19

The SBA Economic Disaster Loan program and new programs created by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) recently passed by Congress and signed by the President has brought $2.2 trillion to the economy to support citizens and small businesses impacted by the COVID-19 pandemic. We at the Ohio Small Business Development Center are here to assist you, the small business owners, to take advantage of the programs best suited to make a positive impact on your businesses.

We will be posting updates on these loan programs and relevant Covid-19 related resources on this page as they become available to us. We hope you find this information helpful.

NOTE: The Covid-19 pandemic has created an unprecedented capital need for businesses and individuals across the country. As financial institutions and agencies work to meet this demand processes and program details are subject to change. Check program details on associated websites regularly for updates.

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

Release Date: Friday, May 15, 2020
Release Number: 20-41
Washington—The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released May 15, 2020 will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
Click here  to view the application and instructions.

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Updated: Cares Act SBA Loan Programs, Alternate Lending Options and Business Resources

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SBA ECONOMIC INJURY DISASTER LOAN APPLICATION PAGE-BY-PAGE WALK THROUGH & PAYCHECK PROTECTION PROGRAM REVIEW

COVD-19 SBA Economic Injury Disaster Loan Application
https://covid19relief.sba.gov/#/

Economic Injury Disaster Loan Emergency Advance
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

Paycheck Protection Program
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Protection Program Loan Forgiveness Application
https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf

SBA Express Bridge Loans
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans

SBA Debt Relief
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

COVID-19 Coronavirus Relief Options
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Find SBA-Approved Lenders
https://www.sba.gov/paycheckprotection/find

Coronavirus and Unemployment Insurance Benefits – FAQs
http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm

Unemployment Insurance Benefits Application
https://unemployment.cmt.ohio.gov/cmtview/

Families First Coronavirus Response Act: Employer Paid Leave Requirements
https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave

Families First Coronavirus Response Act: Questions and Answers
https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

The Small Business Owner’s Guide to the CARES Act
https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act

Office of Small Business Relief (OSBR)
https://businesshelp.ohio.gov/