Important COVID-19 UPDATE for Monday 3/30/20

Monday 3/30/2020 Updates on COVID-19

The Small Business Owner's Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress 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 nonprofits 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.

Coronavirus Aid, Relief and Economic Security (CARES) Act ("Phase 3")

(Updated 3.27.20)

Full bill provision breakdown and summary can be found here .

Small Business "Paycheck Protection Program"
Additional Small Business Provisions
Changes to SBA's Economic Injury Disaster Loans (EIDLs)
Loan Programs and Credit Facilities
Business Tax Provisions
Pension and Employee Benefit Requirements
Banking Relief, Mortgage Forbearance and Credit Reporting
Payments and Relief for Individuals
Unemployment Programs
Work Sharing Programs
Paid Leave Changes
Health Care Provisions
Student Loans
Airline Industry Support
State and Local Aid
Appropriations

A detailed frequently asked questions page from the Ohio Bankers' League about the Small Business Paycheck Protection Program can be found here .

Paycheck Protection Program - 7a SBA program in recently approved CARES stimulus bill

We are being told it may be about two weeks for the SBA 7A "Paycheck Protection" loan from the CARES stimulus bill to be available for application. KJ&K out of Cleveland put together a great article: CORONAVIRUS STIMULUS BILL SBA LOAN PROGRAM: WHAT BUSINESSES NEET TO KNOW. It covers who qualifies, what loan terms are offered, how can borrowers apply, etc..

You can obtain these forgivable loans through existing lenders for the Small Business Administration’s 7(a) program.

The loans are 100% guaranteed by the government through Dec 31st, 2020; no personal guarantee or collateral is required for the loan. We would advise consulting your own preferred lender (see contacts below) now to confirm that they originate 7(a) loans and to let the lender know you plan to apply for one under the Paycheck Protection Program. Note that the Secretary is given authority to authorize additional lenders to participate.

Jackie Reed

Jeff Huber

Derek Newell

Steve Frankfather

Stacey Wolcott

Lee Vivod

2 DAYS LEFT TO APPLY! REMINDER: Most #TechCred credentials can be completed online! Tomorrow is the last day to apply for the current application period. You can be reimbursed up to $2,000 per credential. If you have an employee on unemployement, they can still qualify as long as the employee is back to work when you file for reimbursement. Here is a list of credentials that can be completed 100% virtually.

Learn more about the virtual credentials at TechCred.Ohio.gov .

The Small Business Development Center at LCCC can help you manage your cash flow, understand human resource issues, navigate the lending process, build a marketing and strategic plan that can bring you through this time of crisis. Our services are no or minimal cost.

Please email us at lorainsbdc@lorainccc.edu .

In Best Health,

Heather M. Horowitz

Norwalk Economic Development Corporation

http://www.norwalknedc.com/employer-resources-covid-19/

419-706-8585

Norwalk Economic Development Corporation | Website