SBA Disaster-Assistance Loan (COVID-19)
As the COVID-19 pandemic spreads in our area, many of us are facing significant disruptions to our daily lives, including potential major impacts on our economy and business environment. Political leaders in Washington and Columbus are enacting legislation and rolling out new policies to help us navigate the uncertain economic landscape we are encountering under these difficult conditions.
Among those businesses likely to face the most immediate effects are our small businesses, and the U.S. Small Business Administration (SBA) is making available low-interest federal disaster loans or working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The SBA loans will have an interest rate of 3.75% (2.75% for non-profits), long-term repayment horizons (up to 30 years), and may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The SBA will administer the loans in Ohio in conjunction with Governor DeWine in communities with a verified negative economic impact due to the Coronavirus crisis. The Canton Regional Chamber, along with the state’s seven other major Metro Chambers, are working with the Ohio Development Services Agency (DSA) to identify a minimum number of affected businesses and facilitate access to the SBA loans.
Additional legislation and policy changes will be forthcoming, and we will work to keep you abreast of the latest developments and the impact on our community. Please feel free to contact the Canton Regional Chamber of Commerce at (330) 456-7253 or firstname.lastname@example.org with any questions.
Visit the COVID-19 Resource and Information page for more information.