It is too late to apply under the CARES Act Paycheck Protection Program, but another chance to borrow has been rolled out under new legislation.
Learn More About PPP Second DrawOhio Governor DeWine’s office is working to expedite a disaster declaration from the Small Business Administration (SBA) for businesses to be eligible for Economic Injury Disaster Loans.
Once the SBA has confirmed the state’s disaster declaration, the Economic Injury Disaster Loan program will be available to assist small businesses that have been severely impacted by the Coronavirus (COVID-19). Ohio Small Businesses can apply for these low-interest loans for up to $2 million to help overcome the temporary loss of revenue.
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%.
To help get you started, the State of Ohio has prepared a preliminary Disaster Loan Declaration Form. Once it is completed, you can e-mail the form to BusinessHelp@Development.Ohio.Gov. For additional information and to stay up-to-date on the latest developments, visit www.sba.gov/coronavirus. For more on the SBA’s Economic Injury Disaster Loan program, go to SBA.gov/Disaster.
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