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Small Business Owners in Columbus & Franklin County: There is Still Time to Apply for COVID-19 Recovery Grants!

More than half of the $10.5 million of the COVID-19 Small Business Response and Recovery Fund is still available to help small (fewer than 25 employees) minority- or woman-owned businesses, according to BizJournals.com. These funds can be used to maintain jobs and operations, purchase personal protective equipment and provide low-interest loans for expansion. The new deadline to apply is September 11, 2020.

Click here for more information or to apply.

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Updates on the PPP Forgiveness Process

Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process, please feel free to reach out to us.

Thanks to our friends at GBQ for providing a nice summary of the US Treasury Department’s release of FAQs from 8/4/20. We want to point out these top three clarifications for use of PPP funds:

Business interest for real estate loans or equipment (fixed asset) loans can be paid with PPP funds. […] Read more

New Low Interest Loans Available to Women- & Minority-Owned Businesses

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 Offers Micro-Enterprise Grant Program for Minority- & Women-Owned Businesses

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

Paycheck Protection Program Flexibility Act Signed; Changes to Benefit Business Owners

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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City Fund Offers Relief For Local Small Business Owners

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

Now That Your Business Is Opening Back Up, What Employee Concerns Will You Face?

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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