COVID-19 Pandemic Assistance
SBA announced on March 31, 2020, the Paycheck Protection Program for small businesses to help with meeting payroll. For information on the program, click on the links below.
PPP — Overview – From US Treasury Dept
PPP Borrower Information Fact Sheet From US Treasury Dept
Borrower Paycheck Protection Program Application (v1) From US Treasury Dept
PPP Lender Information Fact Sheet From US Treasury Dept
Provides loans for land and building acquisition, expansion or renovation, and equipment purchase.
Rates / Terms:
Approximately 40% of total project cost or a maximum of $500,000, whichever is less, may be eligible;
Fixed rate at or below current market rates;
Equity minimum 10%;
In distressed areas of the state, preferential rates and terms are available;
State Development Director may authorize a higher loan amount or modified rate and terms that address a unique and demonstrated economic development need.
Commercial, manufacturing, industrial, or distribution entities; refinancing and retail projects are not eligible. Must show repayment and management capabilities; Must create or retain one job for every $50,000 of 166 Loan Program financing; Ohio prevailing wage rate applies to all construction and construction-related activies.
Provides loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses.
Rate / Terms:
Long-term, fixed rate for up to 20 years;
Interest rate based on Standard & Poor’s AA-minus rating, for up to 90% of total project amount.
Must show repayment and management capabilities. Must be able to document job creation or retention Ohio prevailing wage rate applies.