| Eastern Maumee Bay Chamber of Commerce |
This page will be continuously updated as we receive additional information. Updated 7/8/2020
- PPP Loan Application Extension – Last week, legislation was passed and signed into law extending the deadline to apply for Paycheck Protection Program loans to August 8, 2020. Unfortunately, this change only extended the deadline to apply for a loan, and it did not include an expansion of the program to include all 501(c) non-profits. That change will likely have to be made in the more expansive Phase Four legislation we expect by the end of the month. Nevertheless, roughly $125 billion in funding remains in the PPP. Therefore, please encourage any of you members who need assistance and have not yet obtained a loan to speak with a bank ASAP.
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U.S. Department of Treasury Releases Information: Paycheck Protection Program and EDIL Updated 4/1/2020, 4/2/2020 The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.
Additional Guides: (4/2/2020) Payment Protection Program FAQ Final Please refer to the column on the right for tools to help guide you though application process. | Financial Resource Guides from the U.S. Chamber
Coronavirus Loan Guide to Help Small Businesses U.S. Chamber has created a guide to help small businesses, independent contractors, gig economy workers and other qualifying individuals prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Our hope is that this guide will prove to be a valuable resource for you and your members as you begin to take the necessary steps towards accessing the fund to keep workers on the payroll during this disruptive period. NEW: The U.S. Chamber's Coronavirus Emergency Loans Small Business Guide and Checklist is also now available for download in Spanish by visiting here. In addition to the guide, we've compiled an interactive map to show the aid available on a state-by-state basis. To view the interactive map, please click here. CO—has created a Coronavirus Small Business Guide to help you navigate the pandemic with new stories daily—including a detailed breakdown of federal stimulus aid programs, information about managing financial difficulties, keeping your team engaged, supporting and retaining your customers, and more. |
Summary of Bipartisan Agreement on “CARES” Act, Released by the US Chamber, Released W March 25, 2020
Phase_3_Bipart_Summary_FINAL 3-25-2020.pdf
The Small Business Administration is offering low-interest federal disaster loans for working capital to Ohio small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 3/20/2020
Apply at: https://disasterloan.sba.gov/ela/
ENGLISH Press Release Explanation
SPANISH Press Release Explanation
Ohio Receives Disaster Declaration, 3/19/2020
Today, the State of Ohio qualified for the U.S. Small Business Administration's (SBA) Economic Injury Disaster Loan Program. This program provides low-interest loans up to $2 million in order to help businesses overcome the temporary loss of revenue during the Coronavirus/Covid-19 pandemic. Non-profit organizations in Ohio will also be eligible for low-interest loans through the SBA's Economic Injury Disaster Loan program.
To expedite the application process, applicants should have ready complete copies of their most recent federal income tax return and a completed and signed IRS Form 4506T, which authorizes the release of tax information. Additional information to have available would be a schedule of liabilities, personal financial statement, monthly sales figures, a current year-to-date profit-and-loss statement, and a year-end profit-and-loss statement and balance sheet for that tax year if the most recent federal income tax return has not been filed.
Apply at: https://disasterloan.sba.gov/ela/
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
HANDOUT_SBA Disaster Assistance_Resources for Busi (2).PDF
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