WEBINAR: March 26
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Join Raymond Graves, Lead Lender Relations Specialist of the U.S. Small Business Administration’s Cleveland District Office as he offers guidance to small businesses and shares loan resources they can use in this uncertain time.
Update: SBA Disaster Assistance in response to the Coronavirus – The Ohio Declaration is now approved
SBA Disaster Assistance in Response to the Coronavirus – The Ohio Declaration is Now Approved
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
- For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
Use these links for more info and to apply for these funds:
Availability of Economic Injury Loans from SBA for Small Businesses and Nonprofit Organizations
The state of Ohio has applied to the Small Business Administration for support for Economic Injury Loans that will be either no interest or reduced interest loans for both businesses and nonprofits. They expect to get the approval quickly. These loans will be up to $2M and paid back over an extended period of time. You, as a nonprofit organization, can begin to prepare a case to demonstrate hardship. This can include cancelled events, impact on your revenue stream and other evidence of difficulty.
- Call 216-522-4180 to be placed on list to receive more information as soon as it is available.
- E-mail questions to email@example.com
- Visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19
We will continue to update you as this resource becomes available.