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Coronavirus

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.

Fifth Third Bank Announces Additional Hardship Relief Immediately Available for Customers Affected by the Coronavirus

CINCINNATI – Fifth Third Bank, National Association, today provided additional detail on immediate steps it is taking to help customers impacted by the coronavirus, augmenting its prior announcement last week to include new customer-centric provisions.

“Fifth Third’s focus on helping customers improve their lives and building stronger communities is more relevant than ever during these times of uncertainty,” said Greg D. Carmichael, Fifth Third chairman, president and CEO. “We take our role and responsibility seriously to understand and put our customers’ needs first. We are continually evaluating our programs to assist our customers. Last week, we announced several proactive measures that we are taking across our business and consumer products to help lessen the financial strain on our customers, and we are providing additional details on these programs today. Our goal is to stand with our customers to help them and our communities get back on their feet. We are here to help our customers when they need us most.”

Fifth Third is offering the following programs for our consumer and business customers facing financial hardship related to COVID-19. To participate in the programs, customers will need to contact Fifth Third.

  • Vehicle Payment Deferral Program: We are offering a payment deferral for up to 90 days and no late fees during the deferral period.
  • Credit Card Deferral Program: We are offering a payment deferral for up to three payments and no late fees during the deferral period.
  • Mortgage and Home Equity Program: We are offering 90-day payment forbearance with no late fees.
  • Small Business Payment Deferral Program: We are offering a payment deferral program for up to 90 days, no late fees and a range of loan modification options. We are waiving all fees on our Fifth Third Fast Capital loans for 6 months.
  • Fee Waiver Program: We are offering to waive fees for up to 90 days for a range of consumer and small business deposit products and services.
  • We are suspending initiating any new repossession actions on vehicles for the next 60 days.
  • We are suspending all foreclosure activity on homes for the next 60 days.

Fifth Third recommends that customers continue to leverage all of the digital banking tools and resources for self-service banking and account access through mobile, online and voice banking services, as well as the Bank’s network of approximately 53,000 fee-free ATMs across the United States.

Fifth Third is prepared to assist customers with their questions or concerns and has a dedicated support page available at 53.com as the first point of contact for all customers. Representatives are available at 800-972-3030 from Monday through Saturday. For Business Banking service, please call 877-534-2264 or email bbgsupport@53.com. Due to high demand, call wait times may be longer than normal and Fifth Third thanks customers for their patience as we navigate this situation together.

OMSDC Meeting And Travel Advisory Related To Coronavirus (COVID-19)

Maintaining the safety of our OMSDC network is our utmost priority. Currently, OMSDC is closely monitoring the Coronavirus Disease (COVID-19) and its progression. In the spirit of safety, OMSDC will take extra precautions to reduce exposure of our employees and members to COVID-19 by utilizing virtual technology for meetings and working remotely as needed.

On Thursday, March 12th, Governor DeWine banned events of more than 100 attendees. In addition, many of our valued partners already have travel bans or travel restrictions in effect for employee safety. As a result, several meetings and conferences have been postponed.

It is in this spirit that we have decided to postpone the Annual Meeting, originally scheduled for March 25th at Central State University. We are confirming with the venue and our speakers for a new date in early August, so please watch out for emails and check our website.

Note that these OMSDC Conferences and events are still on schedule:

  • Business Opportunity Expo (BOE), June 2nd – 3rd
  • Supplier Diversity Exchange, September 17th ·      
  • Annual Awards Gala, November 20th

Please use reliable information and your best judgment for all interactions. For your convenience, the OMSDC team is available to serve our corporate members and MBEs. Thank you for your patience and consideration as we evaluate our next steps.

With appreciation for each of you and well wishes for continued health and safety,

JacquelineNeal

Jacqueline D. NealPresident & CEO Ohio Minority Supplier Development Council

SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). 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. 

  • Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.