In addition to the strain on our healthcare system, the COVID-19 pandemic has significantly impacted many small businesses. These programs listed and links provided will connect you with local, state and federal resources for relief.
Coronavirus Aid, Relief and Economic Security (CARES) Act
On March 27, 2020, the president signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The $2 trillion aid package will provide financial aid to families and businesses impacted by the COVID-19 coronavirus pandemic. The Small Business Administration (SBA) and the Department of Treasury have begun releasing the information that will guide the programs created through the CARES Act. To stay up to date on the implementation of these programs, please visit the following websites:
SBA – Find information on all COVID-19 related programs that SBA is providing, including the Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief.
Department of Treasury – Find information on the Paycheck Protection Program, as well as other tax provisions meant to help employers, including non-profits.
Download the Small Business Owner’s Guide to the CARES Act.
Economic Injury Disaster Loan Program
In response to the Coronavirus (COVID-19) pandemic, small businesses are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Click here to begin the application process.
Paycheck Protection Program
The Paycheck Protection Program is a SBA loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. The Paycheck Protection Program will be available through June 30, 2020.
Click here to learn more.
Other News and Resources
Ohioans can apply for unemployment benefits online 24 hours a day, seven days a week, at unemployment.ohio.gov. It is also possible to file by phone at 877-644-6562 or TTY at 888- 642-8203, Monday through Friday 7AM to 7PM, Saturday 9AM to 5PM, and Sunday 9AM to 1PM. Employers with questions should email UCTech@jfs.ohio.gov.
The State recently announced the creation of the Office of Small Business Relief to better coordinate efforts to identify and provide support for Ohio’s small businesses. Visit the Office of Small Business Relief website to learn more.
In response to COVID-19, Cuyahoga County, in partnership with the Economic & Community Development Institute (ECDI) and other partners, has launched a Small Business Resource Center. The Small Business Resource Center and Call Center provide technical assistance and information about financial resources to assist small businesses in our community navigate during these economic times. This assistance includes relief opportunities through the Small Business Stabilization Fund. The Small Business Stabilization Fund brings together partners from across Cuyahoga County to support small businesses during the crisis. The program offers two types of financial assistance for small businesses: Stabilization Grants and Stabilization Loans.
The Regional Income Tax Authority (RITA) recently announced that municipal income tax returns and payments for tax year 2019 with a due date of April 15, 2020 have been extended to July 15, 2020. Estimated payments for the first and second quarters of tax year 2020 have also been extended to July 15, 2020. The extended filing and payment dates apply to individual taxpayer filings and payments as well as business net profit filings and payments, but do not apply to employer withholding. No request for extension or other filing is required to receive these extensions.