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.
Updated: Cares Act SBA Loan Programs, Alternate Lending Options and Business Resources
SBA ECONOMIC INJURY DISASTER LOAN APPLICATION PAGE-BY-PAGE WALK THROUGH & PAYCHECK PROTECTION PROGRAM REVIEW
COVD-19 SBA Economic Injury Disaster Loan Application
Economic Injury Disaster Loan Emergency Advance
Paycheck Protection Program
Protection Program Loan Forgiveness Application
SBA Express Bridge Loans
COVID-19 Coronavirus Relief Options
Find SBA-Approved Lenders
Coronavirus and Unemployment Insurance Benefits – FAQs
Unemployment Insurance Benefits Application
Families First Coronavirus Response Act: Employer Paid Leave Requirements
Families First Coronavirus Response Act: Questions and Answers
The Small Business Owner’s Guide to the CARES Act
Office of Small Business Relief (OSBR)