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Ohio Minority Supplier Diversity Council

U.S. Small Business Administration Disaster Loan Webinars

As part of HPP Capital Services, the HPP Business Recovery Program is here to assist in your the Disaster Business Loan Application.

About this Event

Up to $2 million in funds may be available for your business to provide the safety net needed to continue in business after the coronavirus has subsided through an SBA Disaster Business Loan. While potentially life changing, the application process can be daunting, stressful, and overwhelming.

As part of HPP Capital Services, the HPP Business Recovery Program is here to assist you to collect all required documentation, organize needed financials and tax documents, and assist in the Disaster Business Loan Application.

Please join us on one of our FREE Webinars that are always LIVE with our experts.

  • Working capital may be available for your business, learn if you may qualify
  • Understand the application process and how the SBA determines eligibility

https://www.eventbrite.com/e/sba-disaster-loan-webinars-tickets-100525051134

Ohio Small Business Development Center Gives SBA Economic Disaster Loan Update; Assists Business Owners At No Cost During COVID-19 Pandemic

Michael Bowers, Director of the Ohio Small Business Development Center at Columbus State Community College, shared the following update with Ohio business owners recently regarding the SBA Economic Disaster Loan program and the CARES Act passed days ago by the U.S. Congress

I wanted to update you on some of the changes to the SBA Economic Disaster Loan program and new programs created by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) recently passed by Congress and signed by the President. This legislation has brought $2.2 trillion to the economy to support individuals and small businesses impacted by the COVID-19 pandemic. We at the Ohio Small Business Development Center are here to assist small business owners to take advantage of the programs best suited to make a positive impact on their businesses.

Here are three major loan/grant programs created in the legislation designed for small businesses :

Economic Injury Disaster Loans: The Economic Injury Disaster Loan is a low-interest, fixed-rate loan, with extended terms,  purposed to offset a lack of working capital for small businesses. This would be used to pay for operational costs such as rent, utilities, and payroll based on lost revenue directly related to the COVID-19 outbreak. Unsecured loans are available up to $25,000. Loans over that amount will require collateral with real estate preferred. The loans feature a reduced interest rate of 3.75% on loans to for-profit businesses and 2.75% to private, non-profit businesses. Payments are deferred for 11 months which means there are no payments due for a year.  More information and the application portal is at https://covid19relief.sba.gov/#/.

Emergency Economic Injury Grants: These grants provide an emergency advance of up to $10,000 to small businesses applying for the Economic Injury Disaster Loans. Business owners can access these grants by applying for the Economic Injury Disaster Loan and request the advance on the application. $10,000 will be made available to you within three (3) days of your completed application. This advance is a grant and does not need to be repaid, however it will be deducted from the approved loan amount. These funds can be used to keep employees on payroll, pay for sick leave, pay business obligations or other impacted operational issues created by the COVID-19 outbreak.

Paycheck Protection Program (PPP) Loans: This program provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain heir payroll during this emergency. If employers maintain their payroll a portion of the loan will be forgiven, which would help workers remain employed. Loan amounts will be determined by SBA guidelines for the loan and will be based on calculations using qualifying expenses for the period from February 15, 2020 – June 30, 2020. Note, entrepreneurs will go to your bank to apply for these loans rather than applying directly to the SBA.

Specific features of these loans include:

  • Forgiveness of a portion of the loan equal to 8 weeks of payroll
  • Interest rate on the portion of the loan not forgiven is .5% with a maximum term of 2 years
  • No SBA fees, zero prepayment fees
  • At least six months of payment deferral
  • Loans can be used for payroll and payroll related costs; continuation of health care benefits; payments of interest on mortgages; rent; Utilities; and interest on debt obligations incurred prior to the period

There are a lot of moving parts relating to support available for small businesses and in some cases misinformation. We at the SBDC are specifically trained in these products and are fully staffed and ready to assist business owners, at “no cost” during these challenging times. Please feel free to reach out to me at Ohio SBDC at Columbus State for any support by calling 614-287-5509 or email mbowers3@cscc.edu.

Thank you for all you do to support small business ownership. We can all come through this stronger and wiser by working together and supporting each other.

Stay safe!

Michael Bowers ǀ Director
Ohio Small Business Development Center

COLUMBUS STATE COMMUNITY COLLEGE

550 East Spring Street, Columbus, OH 43215

(614) 287-5509 | mbowers3@cscc.edu

Coronavirus Aid, Relief, and Economic Security (CARES) Act Small Business Administration Guide

To help small business owners and entrepreneurs better understand the new programs that will soon be available to them, the U.S. SBA has created a comprehensive guide to many of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress. These programs and initiatives are intended to assist business owners with whatever needs they have right now. 

When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. 

To keep up to date on when these programs become available, please stay in contact with your local SBA District Office, which you can locate here.

Download the guide here.

How My Company Survived 2 Recessions & 2 Government Shutdowns: You Can Too – A Webinar on Wednesday, April 8 by the Florida State Minority Supplier Development Council

Seize opportunities now! Hear from an industry expert on how she grew her company during an economic downturn, and how you can too. Learn how to get ahead of procurement opportunities and prepare your business for winning contracts during COVID-19. Expand the way you are marketing your firm and capture on new federal requirements for small businesses. New emergency contracting rules have been implemented. Look past the chaos and leverage your resources for success.

Follow the link to register today: https://attendee.gotowebinar.com/register/3885144533601092363
Free to 7(j) eligible small businesses.

Location: Online Webinar
Date: Wednesday, April 8, 2020
Time: 10:30 – 12:00pm

Thriving, Not Just Surviving During a Challenging Economy: A Webinar on Friday, April 3 by the Florida State Minority Supplier Development Council

It cannot be overstated how unprecedented these times are for business owners, workers, consumers, large companies, and the public sector. The Coronavirus pandemic, COVID-19, has led to an economic situation that has no historical comparison. However, there remains some strategic decisions that business owners have to consider to help them survive the current crisis. Put your business in the best position to thrive once we get through this health and economic pandemic. This webinar will review some of those strategic decisions and offer business owners innovative ways on how to manage the new normal.

Free to 7(j) eligible small businesses.

Location: Online Webinar
Date: Friday, April 3, 2020
Time: 10:30 – 12:00pm

Follow the link to register today: https://attendee.gotowebinar.com/register/2516342716973383179