The Economic and Community Development Institute (ECDI) is administering a statewide loan fund to help women- and minority-owned businesses recover from the coronavirus fallout. Loans are available up to $350,000 each at 2% interest.
More details about the program can be found here.
If you are interested in applying for the loan, please follow this link.
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Ohio’s Office of Small Business Relief recently announced a micro-enterprise grant program benefiting many of Ohio’s small, minority- and women-owned businesses, which have been hard hit by the COVID-19 pandemic. The Ohio Minority Micro-Enterprise Grant Program provides $10,000 in funding to help these companies through the current crisis and set them up for the future.
To be eligible, businesses must have been certified as a Minority Business Enterprise or woman-owned EDGE-certified business as of Feb. 29, 2020; have 10 or fewer employees and up to $500,000 in annual revenue; and have not received funding under the federal CARES Act.
To qualify, businesses […] Read more
Anyone who has taken out a PPP loan should review this Forbes article and the numerous favorable changes to the PPP program.
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The City of Columbus is devoting $5.25 million of the $157 million Columbus received from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the business relief effort, calling it the Columbus COVID-19 Small Business Response and Recovery Fund.
The fund helps businesses with fewer than 25 employees in three ways:
$3.25 million for “recovery grants” of up to $10,000 for businesses in low- to moderate-income areas to help with expenses and to retain employees during the pandemic;
$1 million in low-interest “pivot loans” of up to $20,000 for businesses in low- to moderate-income areas that can be used to retain or […] Read more
We are always here to address the accounting needs of our business clients, but we are also aware that now, more than ever, businesses are facing some new HR concerns. Business owners have new responsibilities, designed to keep employees and customers safe. Also some employers who are ready to open their doors are finding they have employees who do not want to return to work. Click these links to find insights from Sharon Delay at GO-HR for employers who are dealing with those issues.
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Please click the links to learn more about how your business can benefit from the Employee Retention Credit, the Paid Sick Leave Credit and the Paid Family Leave Credit. […] Read more
We encourage those who qualify to move quickly to secure loans from this second round of funding. Please contact us via email if you need any assistance in determining if you should apply. […] Read more
We encourage our clients who would benefit from a Paycheck Protection Program (PPP) loan to take advantage of it. […] Read more
There are a couple additional loan options for small business owners who are struggling right now: the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
The PPP offers applicants funds in the form of loans that can be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. (Expenses must be equal to loan amount for forgiveness.). Loan payments are also deferred for six months. All small businesses with 500 or fewer employees are eligible.
An EIDL loan can provide a small business an advance of up to $10,000 (which may not need to be repaid) and […] Read more
The IRS recently released the mileage rates for 2020. Beginning Jan. 1, the business mileage rate decreased one-half of a cent for business travel driven and three cents for medical and certain moving expenses as compared to the rates for 2019. The charitable rate is set by statute and remains unchanged.
2020 mileage rates:
57.5 cents per mile driven for business travel
17 cents per mile driven for medical travel
14 cents per mile driven in service of charitable organizations
More details can be found here.
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