June 22, 2020
Volume 6
Back to Business - ONE STEP AT A TIME
Information. Resources. Support.

Visit our reStart page and Quick Start guides!
Check back often ~ resources and opportunities added daily
Federal Aid Updates
Federal Government Reopens Access
to COVID-19 Business Loans
The U.S. Small Business Administration (SBA) has reopened the  Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal  to all eligible applicants experiencing economic impacts because of COVID-19.

SBA’s EIDL program offers long-term, low-interest assistance for a small business or nonprofit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt, or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
  • EIDL loans may be used to pay debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75 percent for small businesses. The interest rate for nonprofits is 2.75 percent.
  • To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
  • In addition, small businesses and nonprofits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.

For additional information, visit the SBA disaster assistance website at  SBA.gov/Disaster .
Paycheck Protection Program (PPP) Issues
Easier Loan Forgiveness Application
The U.S. Small Business Administration (SBA) has issued a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020.

Meanwhile, the deadline for applying for the Paycheck Protection Program is the end of the month. Small businesses must apply with a lender to be eligible for funding by June 30. SBA has about $100 billion available for relief.

In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that meet at least one of these conditions:
  • Are self-employed and have no employees.
  • Did not reduce the salaries or wages of their employees by more than 25 percent and did not reduce the number or hours of their employees.
  • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25 percent.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original eight-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 

SBA Rolls Out Dedicated Tool for Small Businesses
to Connect with CDFIs, Small Asset Lenders
Participating in PPP
The U.S. Small Business Administration Administrator Jovita Carranza announced the launch of a dedicated online tool for small businesses and non-profits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP). 

SBA’s  Lender Match  is an additional resource for pandemic-affected small businesses who have not applied for or received an approved  PPP loan  to connect with lenders. The forgivable PPP loan is emergency relief assistance aimed at sustaining businesses and keeping employees on payroll. Lender Match does not accept Economic Injury Disaster Loan applications.
Free Webinars
More free webinars listed on the reSTART SALEM resource page
The Ohio Development Services Agency has many resources to help business owners make it through the current crisis and prepare for a strong future .

Here are some of the resources, and most of them are offered at no cost to businesses.
More Businesses and Vendors Open
Under Responsible Restart Ohio
Need Help?
If you're a business owner struggling to move forward, the Small Business Development Center (SBDC) can connect you with business developers and subject matter experts. SCORE can match you with a business mentor to walk you through questions or next steps. Both are free services.
  • SBDC at Kent State University at Tuscarawas (covers the Salem area regularly through partnership with the SOD Center)
  • Contact: Steve Schillig, Director | sschil10@kent.edu | 330-308-7479

More Resources available on the SOD reSTART SALEM webpage
The SOD Center, Inc. can connect you to resources and professionals that can help you develop a plan to adapt and move forward. Contact Julie Needs at 330-337-7669 or execdir@sodcenter.com.