New Grant Programs Approved to Help Small Businesses
Governor Mike DeWine this week signed two bills from the Ohio General Assembly that include four new grant programs to help small businesses affected by the COVID-19 pandemic.
The programs are:
- Food and Beverage Establishment Grant: This program will provide grants of $10,000, $20,000, or $30,000 to restaurants, bars, coffee shops, and other food and drinking businesses. The amount of individual grants to eligible businesses will be determined by the business’ loss of revenue in 2020.
- Entertainment Venues Grant: This program will provide grants of $10,000, $20,000, or $30,000 to theaters, music venues, spectator sports venues, museums, and other entertainment venues. The amount of individual grants to eligible businesses will be determined by the business’ loss of revenue in 2020.
- Lodging Grant: This program will provide grants of $10,000, $20,000, or $30,000 to hotels, motels, and bed and breakfast operations. The amount of individual grants to eligible businesses will be determined by the business’ decline in occupancy rate in 2020.
- New Small Business Grant: This program will provide grants of $10,000 to small businesses that were established after Jan. 1, 2020, through Dec. 31, 2020.
Details about the programs, including when applications will open, will be announced soon. Before the Development Services Agency launches the programs, more details will be posted under Investing in Ohio’s Future at BusinessHelp.Ohio.Gov.
Each program will require applicants to have an OH|ID, and businesses that plan to apply can get an OH|ID now, if they don’t already have one. Register in OH|ID (ohid.ohio.gov) by creating an account with a username/password. Click on Create OH|ID Account to set up an account in OH|ID. For help with the process, click here.
Successful applicants also must register in the Ohio Supplier Portal in order to receive funds. That process can be completed after applicants are informed that their application has been preliminarily approved.
Small Businesses Can Get Federal Assistance
The U.S. Small Business Administration’s (SBA) current relief efforts can be found at sba.gov/coronavirusrelief. Here are two key programs:
- Restaurant Revitalization Fund: Restaurants have until 8 p.m. Monday, May 24, to submit applications for this $28.6 billion program. Details on application requirements, eligibility and a program guide are available in English at sba.gov/restaurants or in Spanish at sba.gov/restaurantes. The application portal also can be accessed at those pages.
- Shuttered Venue Operators Grant: The SBA is accepting applications for this $16 billion program. To apply and for more information, click here.
- Paycheck Protection Program: The SBA announced earlier this month that nearly all funds for the Paycheck Protection Program (PPP) have been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will be accepted only through community financial institutions, which are lenders that serve underserved communities. For more information, including details on PPP loan forgiveness, click here.
- COVID-19 disaster loans: The SBA is increasing the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. The SBA has raised the loan limit for the COVID-19 EIDL program from six months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000. Also, the SBA extended deferment periods for all disaster loans, including the EIDL program, until 2022.
Small Businesses Can Apply for Goldman Sachs Program
The Goldman Sachs 10,000 Small Businesses program at Columbus State Community College is now recruiting small businesses throughout Ohio to participate in an upcoming cohort.
Goldman Sachs 10,000 Small Businesses is an investment program to help entrepreneurs create jobs and economic opportunity by providing them with greater access to education, financial capital, and business support services. The program provides small business owners with a practical, interactive business education, as well as a one-on-one connection with a business advisor. Small business owners in the program develop a personalized growth plan to help them increase revenues and hire new employees.
Columbus State is currently recruiting business owners based on these criteria:
- Be the owner or co-owner of the business.
- Have a business in operation for at least two years.
- Have business revenues of more than $75,000 in the most recent fiscal year.
- Have a business with a minimum of two employees, including the owner.
The deadline to apply is May 26. The upcoming cohort will begin the week of Sept. 13, and the program will use a virtual format. For more information and to apply, click here.
Restaurant Revitalization Fund to Open Monday
Restaurants and other eating and drinking establishments will be able to register for federal help beginning Friday and submit applications beginning Monday.
The U.S. Small Business Administration (SBA) announced that registration for the Restaurant Revitalization Fund application portal will begin at 9 a.m. Friday, April 30. Applications can be accessed beginning at noon Monday, May 3.
The SBA also will host a webinar about the fund at 2:30 p.m. today. Another was held Tuesday, April 27. Both are being recorded and will be posted on the SBA’s YouTube channel.
Details on application requirements, eligibility, and a program guide are now available in English at sba.gov/restaurants or in Spanish at sba.gov/restaurantes. The web pages also include a sample application form. Applicants also can register for today’s webinar on those web pages. To sign up for emails with updates on the fund, click here.
The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan established the $28.6 billion Restaurant Revitalization Fund. The SBA will administer the funds to the hardest-hit small restaurants.
City of Upper Sandusky Offers Local Economic Development Incentives
The City’s Community Development Block Grant (CDBG) Revolving Loan Fund (RLF) Program is available to provide businesses within the City limits with low-interest loan funds for fixed-asset purchases. Job creation and/or retention is required. The 50/50 matching loan amount is dependent on the number of jobs created and/or retained, as well as the RLF balance at the time of application. Certain rules and regulations related to CDBG funds must be followed. No portion of the project can begin until the application is approved and funds are released.
Community Reinvestment Area (CRA) Program
The City’s Community Reinvestment Area (CRA) Program is available to provide real property tax abatement for commercial and industrial businesses making real property investments (new construction and/or building addition/renovation) and creating and/or retaining jobs within the City limits. The abatement rate and term is dependent on the project, but the City can offer up to 100% real property abatement for up to 12-15 years. No portion of the project can begin until City Council approves the application.
The Small Business Administration (SBA) is offering low interest operation loans
The Small Business Administration (SBA) is offering low interest operation loans to businesses effected by the recent Corona Virus outbreak. A declaration has been issued stating that Wyandot County is considered a disaster area which potentially qualifies Wyandot County business for low the interest financing. Below are links to the SBA Disaster Loan Assistance page as well as information to assist in applying.