New Economic Relief Options for Ohio Businesses

Date June 8, 2020
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Ohio Governor Mike DeWine and Lieutenant Governor Jon Husted have announced three new economic relief programs to support Ohio businesses:

Appalachian Growth Capital Loan Program
The Ohio Development Services Agency and Governor’s Office of Appalachia are providing $10 million to help small businesses in the 32-county Appalachian region of Ohio, including Mahoning, Trumbull, Columbiana, Ashtabula, Holmes, Tuscarawas, and Carroll counties, and others in East, Southeast, and Southern Ohio.

Funding will be provided to Appalachian Growth Capital, which as a community development financial institution (CDFI), is dedicated to providing credit and financial services to underserved markets and populations. Appalachian Growth Capital will use the funds to create a loan program to support businesses affected by COVID-19. The program will provide loans of up to $500,000 at 2 percent interest with a repayments deferred for up to six months.

To be eligible, a business must have less than $40 million in annual sales in the most recently completed tax year and maintain 13-week cash flow projections.

To learn more or apply visit www.appcap.org.

Ohio Minority Micro-Enterprise Grant Program
The Ohio Minority Micro-Enterprise Grant Program is intended to support small minority- and women-owned businesses in Ohio that have been heavily impacted by the COVID-19 crisis. The program, offered by the Ohio Development Services Agency, provides $10,000 in grant funding to eligible businesses. Grants will be awarded on a first-come, first-served basis. According to Governor DeWine, the program can fund up to 500 businesses.

Eligible business must meet the following criteria:

  • Be certified as a Minority Business Enterprises or women-owned EDGE-certified business as of February 29, 2020
  • Have 10 or fewer employees
  • Have no more than $500,000 in annual revenue
  • Be current on all taxes
  • Be current on all private and public loans
  • Not be a recipient of funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act

For more information, or to apply, visit https://development.ohio.gov/bs/bs_mmegp.htm.

Ohio PPE Retooling and Reshoring Grant Program
The Ohio Development Services Agency is offering a total of $20 million dollars in grants, at up to $500,000 per facility, to eligible manufacturers or nonprofit organizations to retool their facilities to make PPE (personal protective equipment) or reshore PPE production to Ohio.

To be eligible, a business must be:

  • A small business under SBA guidelines or a registered nonprofit organization
  • In good standing with the Ohio Department of Taxation and Ohio Environmental Protection Agency and registered with the Ohio Secretary of State
  • Able to produce eligible PPE solely at an Ohio facility that is wholly owned and operated by the applicant
  • Agreeable to making its best efforts to sell PPE made through this grant program in Ohio before pursuing out-of-state buyers

For more information about this program or to apply visit https://development.ohio.gov/bs/bs_ppe-rrgpg.htm.

To discuss these or other economic relief programs available to your business, contact your HBK Advisor.

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New Jersey Economic Development Authority Grant and Loan Programs

Date March 30, 2020
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HBK CPAs & Consultants

The New Jersey Economic Development Authority (EDA) approved a package of grant and loan programs for small and mid-sized businesses and non-profits hit hard by the coronavirus crisis. There are seven initiatives will support between 3,000 and 5,000 enterprises. The seven initiatives are:

  • Small Business Emergency Assistance Grant Program
  • Small Business Emergency Assistance Loan Program
  • Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund
  • CDFI Emergency Assistance Grant Program
  • NJ Entrepreneur Support Program
  • Small Business Emergency Assistance Guarantee Program
  • Emergency Technical Assistance Program

It is suggested that all business owners who are interested in these programs to QUICKLY take inventory of all necessary evidence of cash flow and income over the past year, including receipts and invoices, and to connect with your accountants to put your most effective foot forward during the application process and get in early.

For additional information on the grant and loan programs please click on the following two links:

https://www.njbia.org/edagrants/?utm_source=Real%20Magnet&utm_medium=email&utm_campaign=152612344

https://faq.business.nj.gov/en/collections/2198378-information-for-nj-businesses-on-the-coronavirus-outbreak

HBK will continue to follow developments and provide guidance and clarity surrounding COVID-19 business issues. To discuss COVID-19’s effect on your business, contact your HBK advisor.

Speak to one of our professionals about your organizational needs

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