New Program Authorized to Provide Relief for Ohio Small Businesses – Apply Today!

New Program Authorized to Provide Relief for Ohio Small Businesses – Apply Today!

By Brandon A. Wojtasik, Esq.

Governor Mike DeWine approved $125 million of Federal CARES Act funding to provide $10,000 grants to qualifying Ohio small businesses. The qualifications under this new Small Business Relief Grant (“SBRG”) program are provided below. Qualifying businesses can begin applying today, and the grants will be awarded on a first-come-first-serve basis. SBRG funds will be highly in demand as there are an estimated 950,000 Ohio businesses that qualify. It is important that you apply as soon as possible.

Qualifying businesses are those that:

  • Are for-profit entities (i.e., corporation, LLC, partnership, etc.);
  • have between one (1) and twenty-five (25) W-2 employees (as of 1/1/2020);
  • have a physical location in Ohio;
  • earn at least 90% of revenue from activities based in Ohio;
  • have been in continuous operation since 1/1/2020, except for interruptions related to COVID-19;
  • have experienced revenue loss or incurred unplanned costs related to COVID-19; and
  • have the ability to continue operating as a going concern.

The SBRG funds can be used for eligible expenses incurred between March 22, 2020, and the date the application is submitted. Eligible expenses are those related to personal protective equipment for employees or customers, other measures taken to protect employees or customers, mortgage or rent, utility payments, salaries or wages, and/or business supplies and equipment. The funds cannot be used for non-COVID related expenses, tax obligations, non-business purposes, political purposes, or costs that will be reimbursed from another source. Businesses are obligated to maintain records, invoices, and receipts of how it uses any SBRG funds.

Time is of the essence. Beginning today at 10:00 a.m., eligible businesses can apply at businesshelp.ohio.gov. Accessing the application requires a business to enter its OH|ID. If a business does not have an OH|ID, one can be created here. The grants are available on a first-come-first-serve basis. For more information on the SBRG program, visit Ohio’s Development Services Agency page.

Contact a member of the WHP corporate team today to help your business navigate the application process. It is critical to apply as early as possible as the grants are awarded on a first-come-first-serve basis. Once Ohio exhausts the SBRG funds, no further funds will be awarded under the program.

 

This article provides an overview and summary of the matters described therein. It is not intended to be and should not be construed as legal advice on the particular subject.