PAYCHECK PROTECTION PROGRAM UPDATES
View FAQs about the Paycheck Protection Program
February 22: President Joe Biden announced updates to the Paycheck Protection Program, including:
SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021.
SBA is currently accepting First Draw PPP loan applications from participating community financial institutions (CFIs) and lenders with under $1 billion in assets, which includes approximately 5,000 institutions, including community banks, credit unions, and farm credit institutions. Lender Match can help you find a participating lender. View PDF What are CDFIs & MDIs?
On Monday, January 19th, the portal opens for ALL first time applicants AND second-draw applicants. View PPP FAQs
First Time Applicant Overview First Time Application Form
Second Draw Overview Second Draw Application Form
Paycheck Protection Program
Regular business expenses paid for with past & future PPP loan proceeds will be tax deductible. This includes:
It is still the case that not more than 40% of the forgiven amount can be for non-payroll costs, which may limit how much of your loan can be forgiven. The brand new “Second Draw” program is for small businesses who have exhausted their initial PPP loan if you have less than 300 employees & have experienced a 25%+ reduction in gross receipts during any quarter in 2020 relative to the same quarter in 2019. Learn more about PPP loan forgiveness
Employee Retention Tax Credit
The new Employee Retention Tax Credit is 70% on $10,000 in wages per quarter (or a maximum $14,000 per employee through June 30th) for employers with less than 500 employees who who experienced a decline in gross receipts of more than 20% in a quarter compared to the same quarter in 2019. Employers can now also receive both the Employee Retention Tax Credit and a PPP loan, just not to cover the same payroll expenses. Learn More about the ERTC
Economic Injury Disaster Loans
Priority for the full amount of the $10,000 EIDL grant will be given to small businesses with less than 300 employees, located in low-income neighborhoods, who have experienced a 30% reduction in gross receipts during any 8-week period between March 2, and December 31, 2020 compared to a comparable 8-week period before March 2. If you meet this description and received a grant that is less than $10,000 you can re-apply to receive the difference.
DEWINE ISSUES NEW MASK MANDATE
November 11: Governor Mike DeWine announced a new mask order with the following additions:
BWC APPROVES $5 BILLION DIVIDEND
November 2: The Ohio Bureau of Workers' Compensation (BWC) approved Governor Mike DeWine’s request to send $5 billion in dividends to Ohio employers to ease COVID-19’s continued impact on the state’s business community & workforce.
BWC will apply the dividend to an employer’s unpaid balances first, then send a check for the remainder in mid-December. The agency issued a $1.54 billion dividend in late April and $1.34 billion in October. View FAQs
OHIO CARES ACT CORONAVIRUS RELIEF FUNDS
October 23: Governor Mike DeWine announced the allocation of $429.5 million in CARES Act funds across the State of Ohio and was approved by the General Assembly and the Controlling Board on Monday, October 26th:
EMPLOYMENT & UNEMPLOYMENT
TechCred program helps Ohioans learn new skills & helps employers build a stronger workforce with the skills needed in a technology-infused economy. Many of these trainings can be completed online!
These technology-focused credentials take a year or less to complete and prepare current and future employees for the technology jobs Ohio employers need.
TechCred Program Guidelines
SharedWork Ohio is an alternative to layoffs for employers, allowing workers to remain employed and employers to retain their staff during times of reduced business activity. Under a SharedWork Ohio plan, employers reduce hours to avert a layoff. The participating employee works the reduced hours, and the Ohio Department of Job and Family Services provides an unemployment insurance benefit proportionate to their reduced hours. Interested employers should provide the Ohio Department of Job and Family Services with a list of participating employees and specify their normal weekly hours of work, not to exceed 40 hours and not including overtime. Part-time employees may be eligible, but all employees in an affected unit must have their hours reduced by the same reduction percentage.
SharedWork Ohio Frequently Asked Questions