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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.

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
10:30am-12:00pm
Register
Government Contracting: The Information You Want But Have Been Afraid to Ask
February 17, 2021
10:30am-12:00pm
Register
Finding the Right Teaming Partner: Where to Look and What to Look For
February 19, 2021
10:30am-12:00pm
Register

Women-Owned Small Business Federal Contracting Program Webinar January 12, 2021 from 10-11:30 a.m.

Description: The federal government’s goal is to award at least five percent of all federal contracting dollars to women-owned small businesses each year, but before firms can compete for Women-Owned Small Business (WOSB) Federal Contracting Program set-aside contracts, they must apply for certification. We can help you determine whether the WOSB certification is right for your business!

During the webinar, you will learn about:

  • Program benefits
  • Eligibility requirements
  • Submitting your application
  • Legislative changes that may impact your business

Date: Tuesday, Jan. 12, 2021
Time: 10 to 11:30 a.m.
Format: Webinar

Click Here to Register

Webinar access instructions will be sent 24 hours before the event.

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

The PPP is a federal loan program that provides assistance to small and medium-sized businesses impacted by the coronavirus (COVID-19). The funds can be used for costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt.

Visit usbank.com/ppp to learn more.

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