Wooster Businesses NOW ELIGIBLE for SBA Economic Injury Disaster Loans
All other Ohio businesses are now authorized for the Economic Injury Disaster Loan program from the Small Business Administration. The federally-funded business loans permit companies to finance their impacts through loans of up to $2,000,000 for up to 30 years at no more than 4%. The vast-majority of Wooster-based companies will qualify as a small business (fewer than 250 or 500 employees, depending on the type of business). information on this assistance and applications may be accessed here: https://disasterloan.sba.gov/ela/
SBA's Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations, including:
- Businesses directly affected by the disaster
- Businesses that offer services directly related to the businesses in the declaration
- Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product.
While our Office is not equipped to provide expert advice on SBA loan programs, we are available to speak with local firms who want assistance in submitting a declaration form, or to discuss local economic needs and concerns in general. We may be reached by phone at 330.263.5250, or via email at Jmillea@woosteroh.com, and we welcome all inquiries.
Companies forced to send employees home without pay due to Coronavirus COVID-19 are strongly encouraged to remind their workers to immediately apply for Unemployment Insurance Benefits online at unemployment.ohio.gov. The traditional one-week wait period has been waived. Charges during Ohio’s emergency declaration will be mutualized, and contributory employers will not be individually penalized. (More information on Coronavirus COVID-19 from ODJFS: http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm)
We recommend that local businesses also visit our local economic development partner, the Wooster Area Chamber of Commerce, for updates on COVID-19 resources at www.woosterchamber.com. The SBA will also continue to provide updates from a national perspective at its website, www.sba.gov/coronavirus. Our Office will continue to provide information as we obtain it. Thank you for your time and efforts as we navigate these difficult times.
Jonathan Millea, Development Coordinator