Ohio Minority Supplier Diversity Council

The Paycheck Protection Program is available through U.S. Bank, a Preferred SBA Lender

The SBA Paycheck Protection Program (PPP) is a federal loan program that provides assistance to small- and medium-sized businesses impacted by the COVID-19 pandemic. The funds can be used for costs related to payroll and certain other expenses. On December 27, the President signed new relief package legislation that provided additional funding for PPP loans. U.S. Bank is offering First and Second Draw PPP loans to new and existing customers.

First Draw PPP loan
Businesses who did not previously receive a PPP loan will be eligible to apply for a First Draw loan of up to $10 million, using similar criteria from the initial round:

  • Businesses and entities in operation on February 15, 2020 (and not permanently closed).
  • Small businesses, 501(c)(3) nonprofits, 501(c)(19) veterans’ organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard.
  • Businesses in the accommodation and food service sector that employ 500 or fewer employees per physical location.
  • Entities such as housing cooperatives, tax-exempt “business league” organizations under Internal Revenue Code section 501(c)(6), news organizations, and destination marketing organizations are now eligible, subject to additional requirements

Second Draw PPP loan
Eligible businesses, similar to those open to First Draw loans, will be able to apply for a Second Draw PPP loan of up to $2 million, provided they:

  • Have used or will have used the full amount of their first PPP loan (including any increase, if applicable) prior to disbursement of the second PPP loan.
  • Were in operation on February 15, 2020 (and have not permanently closed).
  • Employ 300 or fewer employees.
  • Can demonstrate at least a 25% reduction in gross receipts in any quarter in 2020 when compared against certain past quarterly results.

Apply online today at usbank.com/ppp.

Ohio Kentucky Regional Council of Governments Accepting Sealed Bids for Network Storage Array & Network Switches

The Ohio Kentucky Regional Council of Governments, 720 East Pete Rose Way, Suite 420, Cincinnati OH 45202 will accept “Sealed Bids” for the purchase of a Network Storage Array & Network Switches.  Specifications can be obtained by contacting David Shuey at dshuey@oki.org or the OKI website at www.oki.org.  Interested parties should send their sealed bids marked “OKI IT Network Equipment” to the above address by 4:00 p.m. on Thursday March 4, 2021.  OKI is exempt from sales tax in the State of Ohio.  The bids will be publicly opened at 10:00 a.m. on Friday March 5, 2021 via Zoom.  OKI reserves the right to accept/reject any or all of the bids.

Paycheck Protection Plan Loan Solutions

Congress and the President have re-authorized the Paycheck Protection Program.  This bill allows eligible businesses to receive a second PPP loan, or their first if one wasn’t taken earlier.  SBA has until January 6th to finalize requirements therefore lenders cannot issue new loans until the rules are set.  You can, however, pre-apply. 

If you intend to seek a new loan, we recommend you apply with First Bank of the Lake, who serviced over $500MM worth of loans in round and whom we have a trusted partnership with. Follow instructions received from them, or click here https: //applyforppp.com/bcf.   Any questions may addressed to PPPSupport@firstbanklake.com.

There’s a lot in the bill, but here are highlights:

Second Draw Highlights:
-Businesses with fewer than 300 employees and a 25% drop in sales in a quarter in 2020 compared to the same quarter in 2019 are eligible for a new PPP loan.
-Second draw loans are capped at $2M.  Like the first draw, loans are 2.5x monthly payroll; 3.5x for restaurants (NAICS 72).
-Draws under $150k should expect an expedited process relying on certifications rather than supporting documents.  

Forgiveness Highlights: 
-Forgiveness expenses now include supplier costs (e.g.: accountants and technology).
-Full tax deductibility of business expenses paid for with PPP funds.
-Covered period for the first draw is extended to March 31, 2021.  Borrowers may choose the end of their forgiveness covered period between 8 and 24 weeks after origination.

Florida State MSDC and U.S. Small Business Administration Offer SBA 7j Management and Technical Assistance Program Webinars

Doing Business with: U.S. Department of the Treasury
Vendor Outreach Session
February 2, 2021
Government Contracting: The Information You Want But Have Been Afraid to Ask
February 17, 2021
Finding the Right Teaming Partner: Where to Look and What to Look For
February 19, 2021

Certified MBE Moody Nolan, nation’s largest Black-owned architecture firm, receives AIA’s 2021 Firm of the Year award

Certified MBE Moody Nolan, the largest Black-owned architecture firm in the country, was recently named “2021 Firm of the Year” by the American Institute of Architects (AIA). The national award is offered to just one firm each year and is the most prestigious honor extended to firms by the AIA.

The Columbus-based Moody Nolan is the 58th recipient of the award, and the first to be based in Ohio.

To be eligible for the award, firms must have produced top-notch architecture for at least a decade. However, Moody Nolan’s portfolio has stretched far and wide for much longer, with notable projects like the Schottenstein Center and Columbus Metropolitan Library’s Martin Luther King Branch.

Click Here To Read The Full Story at Columbus CEO Magazine Online