Economic Resources for Businesses in City of Cleveland/Northeast Ohio
Programs and resources to assist City of Cleveland area businesses in response to COVID-19.
We have created this page on our website to help businesses throughout the City of Cleveland respond to the challenges of COVID-19. We have compiled a list of federal, state, and local programs and will continue to populate this list with additional resources as they become available. For immediate business technical assistance and guidance during these economic times, please contact the Small Business Resource Center Monday - Friday, 8am-5pm at 216-452-9714. The Call Center is a partnership between Cuyahoga County with the Economic & Community Development Institute (ECDI).
The City of Cleveland is prepared to help businesses through the economic impact of the COVID-19 pandemic. The continued vibrancy of Cleveland’s commercial corridors is vital to our community. In order to help maintain our business community, the City has established an Emergency Working Capital Fund loan for small businesses.
Emergency Working Capital Fund Loan: Up to $10,000 Loan for operating costs incurred for the month of March onward. No application fees and no interest or payments due until January 1, 2021 and 1% interest thereafter. Payment of $150/month until balance fully repaid. In order to be eligible businesses need to be operating in the City of Cleveland as of March 1, 2020 and negatively impacted by COVID-19. Subject to Credit Review. Apply here.
Debt Relief for Existing City Loans: On March 23, 2020, the City Council passed Ord. No. 341-2020, authorizing the Director of Economic Development to defer payments on loans owed to the City. Loans funded from the City’s resources will have all payments deferred until October 1, 2020. The Department of Economic Development is also currently engaged with grantor agencies to secure payment relief for loans funded through these resources. The Department has already begun implementation of this accommodation with many borrowers having been relieved of their payment obligation due April 1.
U.S. Small Business Administration’s Disaster Loan Assistance (EIDL)
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital (up to $2M per business) to Ohio’s small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 3.75% interest rate to businesses and 2.75% for non-profits.
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and and will be forgiven.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application. At this time loan processing has been taking up to three weeks.
Coronavirus Aid, Relief, and Economic Security (CARES) Act Creates Opportunities
Paycheck Protection Program: The CARES Act establishes a new $349 billion Paycheck Protection Program that will provide much-needed access to capital to sustain businesses and keep their workers employed. The new loan program will be available retroactive from Feb. 15, 2020 ending June 30, 2020, so that employers can rehire their recently laid-off employees.Loan proceeds are to support payroll (including benefits), insurance premiums, mortgage, rent and utility payments. These loans at 1% interest (with no payments for the first 6 months) amortized over two years include a debt forgiveness provision and can be obtained through traditional banks and SBA approved lenders. Small businesses and sole proprietors may begin applying on April 3, 2020. Independent contractors and self-employed individuals can apply beginning April 10, 2020. Learn more
Employee Retention Tax Credits: On March 31, 2020, the Internal Revenue Service issued IR-2020-62, which describes the new Employee Retention Credit created under the CARES Act and the procedure for obtaining a refund of this credit. The procedure also applies to the credits for Emergency Sick Leave and Expanded Emergency Family and Medical Leave, created under the Family First Coronavirus Response Act. Learn more
Opportunity Zone Deadlines Extended: The COVID-19 pandemic has led the Governors of many states to request that their states be declared federal disaster areas including Ohio. These declarations will extend two important deadlines in the rules relating to investments in qualified opportunity zones. Learn more
SBA Existing Small Business Loan Subsidy & Debt Relief: The SBA will automatically pay the principal, interest, and fees of current 7(a) loans for a period of six months.The SBA will also automatically pay the principal, interest, and fees of new 7(a) loans issued prior to September 27, 2020. This debt relief may not be offered to those also receiving funds under the Paycheck Protection program. Learn more
Payroll Tax Deferral: Businesses can defer payment of the employer's share of FICA taxes through the end of 2020. Payments will need to be made in 2021 and 2020. However payroll deferral won't apply to businesses already benefiting from the Payroll Protection Program.
CARES Act Summary: This is a summary of the CARES Act from the Congressional Research Service. This is the third in a series of legislative packages addressing the COVID-19 pandemic. Learn more.
U.S. Chamber of Commerce Combating the Coronavirus
The U.S. Chamber is working closely with the White House, U.S. government agencies, and foreign government officials to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact.
Interim Guidance for Businesses and Employers from the CDC
The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available. The CDC is working across the Department of Health and Human Services and across the U.S. government in the public health response to COVID-19.
IRS Coronavirus Tax Relief
The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020.
This page will be updated as new information is available. https://www.irs.gov/coronavirus
ODJFS: Coronavirus and Unemployment Insurance Benefits
Wondering how do can you apply for unemployment insurance? The Ohio Department of Job & Family Services Office of Unemployment Insurance Operations created this page to answer questions about Coronavirus and Unemployment Insurance Benefits.
ODSA: Economic Damage Assessment Survey
Filling out the Ohio Development Services Agency’s Economic Damage Assessment Survey will determine damage related to economic impacts in Ohio. After filling out the survey, federal, state or local agencies may reach out to you through the contact information provided if you indicate your interest.
Ohio Bureau of Workers' Compensation (BWC)
The Ohio Bureau of Workers’ Compensation (BWC) is announcing that insurance premium installment payments due for March, April and May for the current policy year may be deferred until June 1, 2020 at which time the matter will be reconsidered. BWC will not lapse (cancel) coverage or assess penalties for amounts not paid because of the Covid-19 pandemic.. This is for public and private employers. Learn more
Opportunity Zone Deadlines Extended
The COVID-19 pandemic has led the Governors of many states to request that their states be declared federal disaster areas including Ohio. These declarations will extend two important deadlines in the rules relating to investments in qualified opportunity zones. Learn more
Local Covid-19 Lenders & Other Grant/Loan Resources
Cuyahoga County Stabilization Fund Loan and Grants
The Cuyahoga County Small Business Stabilization Fund is accepting applications for grants from $2,500 to $5,000. It is also providing Small Business Stabilization Loans beginning at $5,000 for small businesses and $10,000 for mid-size businesses. Applications for both the grants and loans close at 5pm, Thursday, April 23. You can apply here.
U.S. Chamber of Commerce Foundation
The U.S. Chamber of Commerce Foundation is offering $5,000 grants to small businesses in distressed zip codes. April 20, 2020 at noon businesses can start to apply for this grant. The grant is provided by the Save Small Business Fund, a grant making initiative offering short-term relief for small employers in the United States and its territories. To qualify the small business must employ between 3 and 20 people, be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. Learn more.
Economic Community Development Institute
In response to COVID-19, Cuyahoga County, in partnership with the Economic & Community Development Institute (ECDI) and other partners, has launched a Small Business Resource Center. The Small Business Resource Center and Call Center provide business technical assistance and information about financial resources to assist small businesses in our community navigate during these economic times. The Call Center is available Monday - Friday, 8am-5pm at 216-452-9714. Learn more
Hebrew Free Loan Association
COVID-19 Response Loans are for people affected by the coronavirus for purposes including but not limited to, lost wages, child care costs due to school closures, and medical costs. These emergency loans are also no-interest and go up to $5,000. The Covid Response Loans can also benefit small business owners who do not qualify for traditional financing and have been in business for at least one year. Learn more and apply here, or call 216-378-9042.
ODJFS SharedWork Ohio
SharedWork Ohio is a voluntary layoff aversion program. It allows workers to remain employed and employers to retain trained staff during times of reduced business activity.