Colerain Chamber Update: March 25, 2020
Members, 

The following update provides good news for the business community, Colerain Township and our country. As you may have seen this morning, a compromise agreement has been reached at the federal level, and if passed through both houses of Congress, and then signed by the President, it will be the largest stimulus package in U.S. history. More information will follow in the news, but the following links provide a good overview.  

Senate, White House Reach Deal

IMPORTANT - Chamber & Community Update, Virtual Meeting - This Friday March 27 at 11:00 a.m.  This will be our first web/conference call giving members an opportunity to share ideas and hear from community leaders about challenges during this Stay at Home order. A member of Colerain Township's Public Safety leadership will be available to share information and answer questions about the township emergency preparedness and Community Action Plan.   Please be sure to register for the event and find details here.

SBA Loan Update
I am having daily conversations with leaders and watching for resources for our chamber members. On Monday, I participated in a conference call regarding the SBA loans available, and I wanted to share that information with each of you.

The Ohio Chamber of Commerce has provided  business owners with necessary information about what is going on at the state and federal levels in regards to legislation with this link . Small business loans are available to most, if not all, affected business through a loan application process. For more information about  applying for SBA's Economic Injury Disaster Loans, organizations should go here  and refer to the documents at the links below:

 
My take-away's from the conference call that I attended were:
  •  Small Business for the purpose of these loans are defined as those with less than $5,000,000 in sales or less than 500 employees.
  • Businesses must directly be affected by the disaster; however most businesses are in an affected and declared disaster areas.
  • Available loans available up to $2,000,000.
  • SBA still decides how much you're eligible for.
  • Interest rates are 3.75% for small business, 2.75% for non-profit - up to 30 year term fixed; this would allow small burden during recovery.
  • There is no cost to apply for the loan, and no obligation to accept the loan.
  • Loans under $25,000 are unsecured, those over $25,000 collateral is expected but not required.
  • Missing information will delay the process and the application
  • Timeline is 2-3 week turn around on the application once it has been received and complete.
  • First repayment would not be until 12 months (deferred) after acceptance.
As always, please email and let me know how the Chamber can assist your business during this challenging time. If you have a company update that you'd like to include in our next communication, please send them to me at president@colerainchamber.org or reach out to my cell phone anytime, 309-838-1947. Be well and stay safe.
 
Dave Moravec
President & CEO
Chamber Member Updates

Insurance Update - Cincinnati Benefit Solutions  is closely monitoring all new developments issued by our government and health authorities and will provide updates as they become available.  If you have any questions, please contact  Scott Marston with Cincinnati Benefit Solutions at 513-661-1114 or  smarston@inscbs.com There are two very important group insurance updates in light of  Governor Mike Dewine's state of emergency declaration in Ohio
  • Insurance Companies are relaxing the actively at work requirement in the policy.  This will allow employees who are laid off to remain on the group plan and continue their coverage.  The employer will be billed for their premium.
  • On Friday, Lt. Governor Jon Husted announced that premiums for this coverage could be deferred for up to 60 days.  This does not mean that premiums will be waived.  You will still need to pay these premiums.
Minuteman Press Colerain - Due to the Stay At Home Order given by Ohio, Minuteman is no longer accepting walk-in traffic effective immediately until April 6. The printer will finalize current in-house orders and will be available to process orders via phone, e-mail or through its website:  www.mmpcolerain.com.

Congratulations Doris! Doris Gibbons (American Family Insurance) recently received the  American Star Excellence in Customer Experience Certification Program. This service distinction is quite an honor. To read more about the award, go here.

ID Shield - Identity Protection:  As a chamber member, you have access to this invaluable service and others. We will be providing additional information in the next few weeks, but reach out to Nick  Goodwin with any questions about ID Shield and Legal Shield - DataGuard Partners, LLC  Nickg@DataGuardPartners.com, 513-646-4458. You can see all of the ancillary benefits of chamber membership here.  
 
Chamber of Commerce Golf League:  Hopefully by the time the league starts on May 6, restrictions on travel will be lifted. In the meantime, we've all be encouraged to get out and exercise in our local parks in a safe way (social distancing). If you are interested in learning more about the upcoming league, check out this link and signup for one of the few remaining spots. 
 
Subscribe to the Colerain Chamber of Commerce Newsletter