COVID-19 Recovery | Small Business Development Center

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 hope you find this information helpful.

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.

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, these programs have brought $2.2 trillion to the economy to support citizens and small businesses impacted by the COVID-19 pandemic.

COVID-19 SBA Economic Injury Disaster Loan (EIDL)

For working capital and normal operating expenses
Collateral required for loans over $25,000
3.75% fixed interest for-profit businesses
30 year term
No prepayment penalty or fees
Not forgivable
Deferred payments for 1 year; interest still accrues
Website: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans#section-header-0

Targeted EIDL Advance

Targeted EIDL Advance funds up to $10,000
Only applicants who applied for EIDL assistance PRIOR to Dec. 27, 2020 located in low-income communities who previously received an advance for less than $10,000 or those who applied but received no funds due to lack of available program funding.
Website: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans#section-header-6

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
Website: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans

Paycheck Protection Program Loan Forgiveness

Loans qualify for full loan forgiveness IF during 8-24 week covered period following loan disbursement:
Employee and compensation levels are maintained
Loan proceeds are spend on payroll costs and other eligible expenses
At least 60 percent of the proceeds are spend of payroll cost
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/ppp-loan-forgiveness

Paycheck Protection Program Loans Document Checklist Download