Small Business Assistance | Congressman Tim Ryan
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Small Business Assistance

 

I have heard from many of the small business owners in Northeast Ohio that are worried and struggling as a result of the coronavirus pandemic. I have joined my congressional colleagues in ensuring that small business owners have access to critical resources during these trying times. The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. Please find the resources below for detailed information on how the CARES Act can help your business. If you have questions, please call my Washington Office at 202-225-5261 and someone on my staff will get back to you as soon as possible.

 

The CARES Act

• Congress secured $350 billion in forgivable loans and $10 billion in grants to small businesses, tribal business concerns, and certain nonprofits.
• Loans through a new SBA 7(a) Paycheck Protection Program can be forgiven when used for payroll costs (including paid leave, health care, and other costs) to retain workers, and other expenses such as rent, mortgage interest, and utilities. Independent contractors, sole-proprietors, and other self-employed persons are eligible for these loans.
• Small businesses can also apply for up to $10,000 in grants to retain workers and pay for debt obligations.
• Small businesses, 501(c)(3) nonprofits, and 501(c)(19) veterans organizations should contact their lender and the Small Business Administration office directly. For a list of SBA offices by state with contact information please click click here.

 

Additional Resources

• The Small Business Owner’s Guide to the CARES Act
Committee on Small Business fact sheet & FAQ on provisions in the CARES Act