COVID-19 Recovery

The Covid-19 pandemic has created an unprecedented capital need for businesses and individuals across the country. We are here to assist you to take advantage of the programs available that are best suited to make a positive impact for you and your business.

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

NOTE: 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.


Covid-19 Funding Opportunities for Ohio Businesses

Appalachian Growth Capital Loan Program

  • Businesses must be located in 32-county region
  • Have less than $40 million in revenue
  • 2% interest rate with ability to defer payment up to 6 months
  • Maximum loan amount $500K
  • For information and to apply visit: appcap.org.

Ohio small businesses can learn more about these and other resources available through the Ohio Development Services Agency, Office of Small Business Relief and Development at businesshelp.ohio.gov.


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

The following grant and loan programs have been made available by the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020 and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. 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.

COVD-19 SBA Economic Injury Disaster Loan (EIDL)

Targeted EIDL Advance


Paycheck Protection Program

The Small Business Paycheck Protection Program provides small businesses with resources needed to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead expenses.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

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

First Draw PPP Loans

  • Payroll costs, including benefits, mortgage interest, rent, utilities, worker Covid-19 protection costs, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
  • PPP loans have an interest rate of 1%.
  • No collateral or personal guarantees are required.
  • Payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • Loans issued prior to June 5, 2020 have a maturity of two years. Loans issued after June 5, 2020 have a maturity of five years.
  • Eligibility includes businesses with 500 or fewer employees
  • Non-profits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors may apply
  • Deadline to apply March 31, 2021
  • https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans

Second Draw PPP Loans

  • Payroll costs, including benefits, mortgage interest, rent, utilities, worker Covid-19 protection costs, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Have no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • Deadline to apply March 31, 2021
  • https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans

Paycheck Protection Program Loan Forgiveness


Additional Resources

The Ohio Development Services Agency Office of Small Business Relief (OSBR)
https://businesshelp.ohio.gov/

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

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

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

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

SBDC Webinar: Reopening Your Business & Keeping it Open 6.4.20