Financial help available for small businesses in Ohio
The U.S. Small Business Administration is making low-interest federal disaster loans up to $2 million available for small businesses in Ohio that are impacted as a result of the COVID-19 Coronavirus pandemic. The loans may be used to pay debts, payroll, accounts payable, and other bills because of the virus' impact is meant to provide economic assistance to help overcome the temporary loss of revenue.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19), with an interest rate of 3.75 percent for small businesses and 2.75 percent for private non-profit organizations. The loans will offer long-term repayments to keep payments affordable, up to a maximum of the repayment period of 30 years and available to small businesses, private non-profit organizations, small agricultural cooperatives, and aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus.
According to SBA Administrator Jovita Carranza, the administration acted under its authority, as provided by a recent presidential act, to authorize a disaster following a request from Ohio Gov. Mike DeWine on March 17.
In a released statement, Carranza state that the "SBA is strongly committed to providing the most effective and customer-focused response possible to assist Ohio small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19)."
SBA is available to all 88 counties in the state, and SBA Customer Service Representatives will be available to answer questions about SBA's Economic Injury Disaster Loan program and explain the application process.
For additional information, visit www.sba.gov.