OHIO – Today, U.S. Senator Rob Portman (R-OH) hosted a conference call with Ohio members of the National Federation of Independent Business (NFIB) to discuss the federal response to the coronavirus health crisis and its economic impact. This is the seventh in a series of conference calls Portman is hosting with outside
q=https://bit.ly/2Wi9lrT&source=gmail&ust=1585420456085000&usg=AFQjCNEVLk5HnIXTgJjiRMWyYS0FP8sJbA”>stakeholders, such as employers,hospitals and health care providers, small business owners, workers and more.
“Due to the coronavirus pandemic, businesses of all sizes are having to either shutter their doors or slow down their production and lay off workers through no fault of their own. That’s why I was glad to have the opportunity to talk to small businesses across Ohio to discuss the historic CARES Act rescue package the Senate passed unanimously to help keep hard-working Ohioans employed, assist those who have lost their job because of this crisis, and help employers that are desperately trying to stay in business. Small business, like those I spoke with today, are eligible for the legislation’s $350 billion in expanded SBA loans equal to two and half times their normal payroll expenses for a month, up to $10 million. What’s more, if small businesses use the loan money on payroll or a mortgage payment, that loan doesn’t need to be repaid. This will help small businesses like those I spoke with today keep their employees on payroll and stay in business.
“I will share the concerns and insights Ohio’s small business leaders shared with me today with my colleagues as we continue to work to ensure that individuals, families, and small businesses can stay afloat during this public health emergency so we can get our economy back to full strength as soon as the crisis subsides,” said Portman.
“Small businesses across Ohio appreciate Senator Portman’s leadership in negotiating and supporting the CARES Act rescue package to address the economic impact of the coronavirus pandemic. The expanded SBA 7(a) loans and tax provisions in this legislation will help countless small businesses keep their employees on payroll and survive this difficult but temporary downturn. We sincerely appreciate all the senator is doing to listen and respond to small businesses during this critical time,” said Roger Geiger, Vice President and Ohio Executive Director of NFIB.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.
To find out more about small business loans that could be grants go to SBA.gov