The Government Affairs Department of the Cincinnati Regional Chamber has distributed the following information late last night for nonprofits and businesses in response to the current COVID-19 situation. This is an evolving story. Please sign-up for Chamber updates here.
SBA Economic Injury Disaster Loans (EIDL)
- These are low-interest, 30-year loans of up to $2M to assist businesses who are experiencing economic hardships due to COVID-19.
- The governors of Ohio and Kentucky have submitted the required application to allow small businesses to apply for EIDL funds. It is expected that the SBA will approve state applications by Friday. When the application is approved, individual businesses will need to apply directly to the SBA for funds. It is estimated that businesses will start to see funds in-hand 14-21 days after their application is received. The SBA is working to expedite this timeline. Applications can be accessed here.
- To assist in this process, the Ohio Development Services Agency (DSA) is asking all affected businesses to complete this form and return it to email@example.com.
- DSA is also asking businesses to complete this survey to economic damage throughout the state.
- Please note, the form and the survey do not take the place of the SBA application. That is a separate application that will come once Ohio’s application is approved.
- For additional information, please contact BusinessHelp@Development.Ohio.Gov in Ohio or firstname.lastname@example.org in Kentucky or visit https://www.iedc.in.gov/ in Indiana.
- Governor DeWine signed an order this week to expand unemployment compensation availability in light of this crisis.
- The order allows those who have been forced to quarantine, those who have been laid off due to COVID-19 effects, and those who work in businesses that were forced to close to qualify for unemployment compensation.
- The state will waive both the one-week waiting period for benefits and the requirement that individuals seek additional employment while receiving benefits.
- Additional information can be found at http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm.
- In Kentucky, Governor Beshear also waived the waiting period and job search requirements for those facing unemployment due to COVID-19. More information can be found here.
- REDI Cincinnati has compiled a list of economic resources from a number of regional sources here.