Contact Us graphic

  • Toolbar

    Font Size A A A
    Thomas Bill Search
    Search by Keyword
    Search by Bill #

Business Resources

Small Businesses

The CARES Act includes critical funding to help small businesses in Northeast Ohio pay their workers, cover expenses, and reopen once stay at home orders are lifted.   Specifically, the bill includes a $377 billion infusion of fast relief for small businesses and made rent, mortgage, and utility costs eligible for SBA loan forgiveness.  This bill creates several new programs designed to get assistance to small businesses and non-profits during this crisis.  These include the Paycheck Protection Program to help cover the cost of retaining employees, Emergency Economic Injury Grants to get smaller amounts of capital quickly, and the Small Business Debt Relief Program to help with payments on current or potential SBA loans.
  • The program will provide 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven for amounts expended for payroll over certain periods and certain other business expenses.
  • Small businesses and non-profits will be able to apply if they were in business as of February 15, 2020 and the program will remain open for applications until June 30, 2020. 
  • Loans under the Paycheck Protection Program may be made up to $10,000,000 amortized over 10 years depending on a particular business’s circumstances.
  • These loans can be taken out from all current SBA 7(a) lenders.  Most local banks are currently SBA 7(a) lenders and many of the ones that are not are quickly joining the program.  Contact your banker to inquire into their process.   
  • EIDLs are lower interest loans of up to $2 million, with principal and interest deferment available for up to 4 years, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. 
  • Emergency Economic Injury Grants provide an emergency advance of up to $10,000 within three days of applying for an EIDL to small businesses and private non-profits harmed by COVID-19.
  • Small business concerns, sole proprietorships, independent contractors, cooperatives and employee owned businesses, and private non-profits are eligible for EIDL.
  • To apply for an EIDL online, please visit Your SBA District Office is an important resource when applying for SBA assistance.
  • Taking an EIDL will not prevent you from participating in the 7(A) program. Once approved for the 7(A) program your EIDL will be rolled into the 7(A) program.
  • This program will provide immediate relief to small businesses with some SBA loans, in particular 7(a), 504, and microloans. Disaster loans are NOT eligible.

Additional Resources

Emergency Paid Leave

The Families First Coronavirus Response Act included emergency paid leave provisions to protect families’ financial security and prevent the spread of the coronavirus.
Additional Resources