Below - follow-up resources from Brad Bapst (SBDC) You can also open WORD document by clicking SBA Loan Grant info
First, please REGISTER for access to technical assistance with the SBDC.
There are 2 separate programs available through the Federal Government to assist businesses during this troubling time. The EIDL (Economic Injury Disaster Loan) and the upcoming PPP (Paycheck Protection Loan Program).
The Video below is a great comparison of the 2 programs and some of the highlights of each. It addresses which program (or both) a business should apply for considering their current situation.
Comparison - EIDL vs. PPP: https://www.facebook.com/watch/?v=924643487994342
Program 1. - EIDL (Economic Injury Disaster Loan)
Application and Informational Videos
On March 27, 2020, President Trump signed into law the CARES Act, which provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
Please see below two videos done by our colleagues with the SBDC on the EIDL (Economic Injury Disaster Loan) advance/grant program (you must fill out this application https://covid19relief.sba.gov/#/ to receive the $10,000). The first video (#1) explains the viability of the program and discusses the wording of the bill itself, allowing you to decide for yourself if it “truly is what they say it is”. The second video (#2), walks you through the application process.
Program 2. - PPP (Paycheck Protection Loan Program)
The Paycheck Protection Program provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be partially forgivable (as elaborated below), to encourage businesses to retain employees through the COVID-19 crisis by assisting in the payment of certain operational costs.
Where can I apply for the Paycheck Protection Program?
You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank. There are thousands of banks that already participate in the SBA’s lending programs, including numerous community banks. You do not have to visit any government institution to apply for the program. You can call your bank or find SBA-approved lenders in your area (see list below) or through SBA’s online Lender Match tool. You can call your local Small Business Development Center or Women’s Business Center and they will provide free assistance and guide you to lenders.
See the below video (#3) as well as it goes over this program in detail, however, nothing has been officially rolled out yet. This program is a modification of the current SBA 7(a) loan program.
Call your local lender to see if they are an approved SBA lender.
- As a resource to our members the Ohio Chamber of Commerce has launched COVID-19 Business Resources webpage for us to share. The new webpage is designed to be a central hub for Ohio business owners to view current temporary restrictions, available resources to help curb the COVID-19 impact on your business, and pending legislation addressing COVID-19 and aiming to provide additional relief to businesses. This website will be updated with new information as developments occur. Click here for the Ohio Chamber of Commerce business resources.