Federal Disaster Relief Loans Now Available to Ohio’s Small Businesses and Non-Profits Affected by COVID-19

Low-interest, long term loans are now available to Ohio’s small businesses and private non-profits through the U.S. Small Business Administration’s Economic Injury Disaster Loan Program. The recovery loans are designed to provide working capital to cover fixed costs such as rent, payroll, and accounts payable during a temporary revenue loss attributable to COVID-19. The program offers loans up to $2 million, with repayment terms up to 30 years. The interest rate is 3.75% for small business without credit available elsewhere; businesses with credit available elsewhere are not eligible.  The interest rate for non-profits is 2.75%.  Eligibility and terms are determined on a case-by-case basis.
For more information or to apply, visit https://disasterloan.sba.gov/ela, call 1-800-659-2955 or email disastercustomerservice@sba.gov.  Applicants can also email the State of Ohio for assistance at BusinessHelp@Development.Ohio.Gov.
For further assistance or if you require more information please contact Frantz Ward Partners Brian Kelly or Christopher Koehler and they will engage the appropriate members of the Coronavirus Response Team.

Related professionals

Related practices