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Coronavirus Disaster Relief Funds for Businesses
Cuyahoga County Small Business Stabilization Fund -
Small Business Stabilization Grant
Fill out the simple application to be considered. One eligibility requirement is the business must have less than 25 employees.
This second round is being funded with $1.5M in County funds and $500K from the Cleveland Foundation. Cleveland Neighborhood Progress will administer this round of $2M, making grants of $2,500-$5,000 available to an estimated 600 businesses with 25 employees or less. The online application is open through May 15 at 5 PM.
For more information and to apply click HERE
Small Business Stabilization Loan
For more information and to apply click HERE
Cuyahoga County Small Business Resource Call Center - 216.452.9741
View the Small Business Guidance Loan Resource HERE
Learn more about the Small Business Resource Center HERE
In response to the Coronavirus pandemic, small business owners are eligible to apply for an Economic Relief Disaster Loan advance up to $10,000. Apply for the loan HERE. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of successful application, and this loan advance will not have to be repaid.
The Office of Small Business Relief (OSBR)
Ohio Governor Mike DeWine and Lt. Governor Jon Husted announced the creation of the Office of Small Business Relief within the Ohio Development Services Agency. The Office will coordinate state efforts to identify and provide direct support for Ohio’s nearly 950,000 small businesses. View the website here.
Two videos were created on 4/6/2020 about the Paycheck Protection Program and Economic Injury Disaster Loan.
Paycheck Protection Program Overview
Watch the video HERE
Comparison Between Paycheck Protection Program Loans and Economic Injury Disaster Loans
Watch the video HERE
What can you do now?
If you are in need of funding asap, apply for the EIDL Advance(limited to $10,000)* with its 3 day funding. It is not forgivable but can be converted later to a PPL. As of this morning banks are still working out loan application logistics. Many will have online applications soon. If you want to prepare now, have ready:
- Your most recent IRS Form 941 – Quarterly Federal Income Tax Return
- Breakdown of your January 2019 – February 2020 payroll expenses (if you employ 1099 contractors, please include them in this report, but as a separate line item – we are still waiting on clarification as to whether we get to count this expense)
- Year End Financial Statements (2019) – Income Statement and Balance Sheet
Best practice is to segregate your COVID-19 expenses (including payroll, ER health insurance payments, ER retirement plan contributions, rent, interest and utilities starting February 15, 2020 until June 30, 2020) using classes, if possible.
There are two loans available right now that we can help you navigate. Below outlines each loan, the Paycheck Protect Program and Economic Injury Disaster Loan, and how they differ.
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It is important to note that you cannot have both loans at the same time. If you receive an EIDL loan you can still apply for a PPP loan. Once you receive the Payment Protection Program loan you can refinance your EIDL loan into it.
Economic Injury Disaster Loan (EIDL) - Applying for a Small Business Loan – Initially borrowers were directed to apply for loans via the SBA website. As of March 31, 2020, the website only has an application for the $10,000 advance – maybe. We have applied but are not 100% sure we will be funded because the application process did not include any normal loan information.
*If you wish to apply for the Advance on your EIDL, please visit SBA site as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
Source: www.budgetease.biz