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Current SBA Borrowers Forgiveness of Payments

The COTR will instruct the CSA (Guidehouse) to NOT apply an ACH debit to the borrower’s account to cover the loan payments due on April 1, 2020 for all 504 loans in regular servicing status.  Under the CARES Act, SBA will pay the principal, interest and any associated fees that are owed on a 504 loan in a regular servicing status to the CSA within 30 days of April 1.  SBA will continue to make these loan payments to the CSA for the 6-month period beginning April 1, 2020.

Current MEACO small business loan borrowers were notified by mail that they could ask for a 3-month deferment of Principal, Interest and Fees.  The deferred payments are to be added to the end of the loan term.

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The COVID-19 Pandemic has created a great strain on the nation’s healthcare system, but it’s not come without its economic difficulties as well. State leaders are working to ensure resources are readily available to Ohio businesses and workers to ensure we all weather this difficult time, remembering we are all in this together.

The links here will connect you with local, state and federal resources and funds for the following impacted categories:

• Small businesses and non-profits: economic disaster loan program, bar and restaurant relief, daycare ratio updates and more.
• Individuals and families: unemployment resources, health insurance relief, school meals and more.

Small Businesses & Non-Profits

Ohio small businesses and nonprofits are now eligible for several programs through the SBA.  This includes low-interest loans, loans that could be 100% forgiven if requirements are met and no payments for a year.  Apply online […]