Greater Cincinnati Northern Kentucky Apartment Association | Cincinnati, OH 45236
  • About
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      • Certified Apartment Manager (CAM)
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      • Certified Apartment Leasing Professional (CALP)
    • Education Seminars
    • Visto - NAAEI's Online Education
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    • NEXTGEN
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  • Legislative
    • Legislative Update
    • Breaking News
    • Topics of Interest >
      • Lead Paint
      • Satellite Dishes
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    • Contact Information >
      • Ohio Legislative Contacts
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      • H.O.M.E.
      • Section 8 CMHA
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  • Resources
    • CoronaVirus Guidelines >
      • NAA Survey
      • AA Help and Rental Assistance
      • CDC Information and Updates
      • Counties and Municipalities
      • Community Outreach Programs
      • Federal Information
      • KEY WEBSITES
      • Multifamily Housing Industry
      • Small Business Information
      • State of Kentucky
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    • Employee Compensation Survey
    • Housing Mediation Service
    • Industry Reports
    • Office Depot Benefits
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    • News Article Search Page
  • Diamond Sponsors
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    • Calloway Cleaning
    • Contractors Inc.
    • CORT
    • Pinnacle Paving & Sealing
    • PPG Paints
    • Royal Finish
    • Sherwin Williams
  • About
    • Associate Council
    • Board of Directors
    • Code Of Regulations
    • Code of Ethics
    • Committees
    • GCNKAA Staff
    • Contact
  • Education
    • National Designation Courses >
      • Certified Apartment Manager (CAM)
      • Certificate for Apartment Maintenance Technnicians (CAMT)
      • Certified Apartment Portfolio Supervisor (CAPS)
      • Certified Apartment Supplier (CAS)
      • Independent Rental Owner Professional (IROP)
      • Certified Apartment Leasing Professional (CALP)
    • Education Seminars
    • Visto - NAAEI's Online Education
    • Property Management Careers
    • NEXTGEN
  • Membership
    • Associate Member Benefits
    • Owner/Primary Benefits
    • Independent Rental Owners
    • Membership Directory
    • NAA Click and Lease
    • Publications >
      • Apartment Advantage Newsletter >
        • Newsletter Archive
      • Directory Search
    • Update Your Contact Info
    • Renew Your Membership
    • Log In
  • Events
    • Calendar of Events
    • General Membership Meetings
    • Holiday Cheers Party
    • Installation Dinner
    • Maintenance Mania
    • Trade Show >
      • Sponsorship Opportunities
      • Trade Show Exhibitors
      • Exhibitor Information
  • Legislative
    • Legislative Update
    • Breaking News
    • Topics of Interest >
      • Lead Paint
      • Satellite Dishes
      • Smoke Detectors (Photoelectric)
    • Contact Information >
      • Ohio Legislative Contacts
      • Kentucky Legislative Contacts
      • H.O.M.E.
      • Section 8 CMHA
      • Local State Associations
      • National Apartment Association
      • Credit Bureaus
  • Resources
    • CoronaVirus Guidelines >
      • NAA Survey
      • AA Help and Rental Assistance
      • CDC Information and Updates
      • Counties and Municipalities
      • Community Outreach Programs
      • Federal Information
      • KEY WEBSITES
      • Multifamily Housing Industry
      • Small Business Information
      • State of Kentucky
      • State of Ohio
    • Employee Compensation Survey
    • Housing Mediation Service
    • Industry Reports
    • Office Depot Benefits
    • Property Management
    • Workers Comp Program
    • News Article Search Page
  • Diamond Sponsors
    • Apartments.com
    • Calloway Cleaning
    • Contractors Inc.
    • CORT
    • Pinnacle Paving & Sealing
    • PPG Paints
    • Royal Finish
    • Sherwin Williams

Small Business Information

SUPPORT FOR SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS
The Ohio Development Services Agency is working this week to qualify Ohio for the U.S. Small Business Administration's (SBA) Economic Injury Disaster Loan Program. This program provides low-interest loans up to $2 million in order to help businesses overcome the temporary loss of revenue during the state of emergency.

Non-profit organizations in Ohio will also be eligible for low-interest loans through the SBA's Economic Injury Disaster Loan program.

Businesses impacted by the current public health crisis can contact BusinessHelp@Development.Ohio.gov for more information. Additional details about the SBA Economic Injury Disaster Loan Program is available at SBA.gov/Disaster.

SBA AND TREASURY RELEASE PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS APPLICATION
The form and instructions inform borrowers how to apply for PPP loan forgiveness, consistent with the CARES Act. SBA will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Click here to read more.

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PREPARE YOUR SMALL BUSINESS AND EMPLOYEES FOR THE EFFECTS OF COVID-19
During an infectious disease outbreak, such as the current outbreak of COVID-19, small business owners must prepare for disruption in their business as well as prepare to protect their employees’ health and safety in the workplace. For more information, click here.

​
NEW INFORMATION ON PAYCHECK PROTECTION PROGRAM (MAY 15, 2020)
The U.S. Department of the Treasury and U.S. Small Business Administration released new information regarding the Paycheck Protection Program:
  • Interim Final Rule on Eligibility of Certain Electric Cooperatives
  • SBA launched a new search functionality within the E-Tran Servicing section of the Capital Access Financial System (CAFS). This tool will help PPP lenders review loans in their portfolios. Lenders should review all fields in these files for accuracy and completeness. 
    • Please complete your review and make necessary changes no later than 5 PM EDT on Friday, May 15, 2020. Click here for instructions on how to access CAFS and update records in “Research” status.
 
Assistance for Small Businesses
The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. 
Program Overview
  • Top-line Overview of PPP 
  • SBA Paycheck Protection Program Loan Report 
  • SBA Paycheck Protection Program Loan Report Round 2 – Updated 5/3
  • Summary of Paycheck Protection Program Round 2 Data – Updated 5/14
For Borrowers
  • More information 
  • Search Tool: Find an Eligible Lender
  • Borrower Application Form 
  • Applicable Affiliation Rules
  • How to Calculate Loan Amounts
For Lenders
  • More information
  • Lender Application Form
  • Lender Application Form for Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit System Institutions
  • Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders
  • SBA Procedural Guidance on Participation Sales 
  • Lender Assistance Hotline: (833) 572-0502
Program Rules
  • Frequently Asked Questions – Updated 5/13
  • Interim Final Rule 1
  • Interim Final Rule on Applicable Affiliation Rules
  • Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
  • Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility
  • Interim Final Rule on Additional Criterion for Seasonal Employers 
  • Interim Final Rule on Disbursements
  • Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders  
  • Interim Final Rule on Nondiscrimination and Additional Eligibility Criteria – Updated 5/5
  • Interim Final Rule on Loan Increases – Updated 5/13
  • Interim Final Rule on Eligibility of Certain Electric Cooperatives – Updated 5/14
 
For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.
 
Assistance for American Workers and Families
  • Assistance for American Workers and Families
  • Preserving Jobs for American Industry


THE SMALL BUSINESS OWNER'S GUIDE TO CARES ACT
​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. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. Click here to see more details. Act now to file for SBA disaster relief grants and loans as there are limited funds, and a limited number of applications will be accepted by SBA. 


SMALL BUSINESS LOANS ("PAYCHECK PROTECTION LOANS") THROUGH CARES ACT
Application Businesses: businesses with fewer than 500 employees — including sole proprietors and nonprofits. 
 
Access: $350 billion in loans under Section 7 of the Small Business Act during the “covered period,” which runs from February 15, 2020 through June 30, 2020. 
 
Guarantee: fully guaranteed by the federal government through December 31, 2020 (returning to an 85% guarantee for loans greater than $150,000 after that date),
 
Loan Amount Eligible: 
 LESSERof the following:
  • (i) Sum of:
    • average monthly “Payroll Costs” for the 1-year period ending on the date the loan was made (an alternative calculation is available for seasonal employers) multiplied by 2.5, and 
    • any disaster loan (discussed below) taken out after January 31, 2020 that has been refinanced into a paycheck protection loan OR
  • (ii) $10 million.
 
“Payroll Costs”equal the sum of the following:
  • wages, commissions, salary, or similar compensation to an employee or independent contractor,
  • payment of a cash tip or equivalent,
  • payment for vacation, parental, family, medical or sick leave,
  • allowance for dismissal or separation,
  • payment for group health care benefits, including premiums,
  • payment of any retirement benefits, and
  • payment of state or local tax assessed on the compensation of employees,
 
“Payroll Costs”are NOT the following: 
  • the compensation of any individual employee in excess of an annual salary of $100,000,
  • payroll taxes,
  • any compensation of an employee whose principal place of residence is outside the U.S., or
  • any qualified sick leave or family medical leave for which a credit is allowed under the new Coronavirus Relief Act passed last week.
 
Loan Terms: 
  • Term: maximum maturity of 10 years
  • Interest Rate: not to exceed 4%. 
  • Standard fees imposed under Section 7 of the Small Business Act are waived
  • No personal guarantee is required by the business owner
  • Possible deferment of repayment of the loans for a period of at least six months, but not to exceed a year
 
Allowable Uses of Loan: proceeds may be used to cover payroll, mortgage payments, rent, utilities, and any other debt service requirements.
 
Loan Forgiveness of Paycheck Protection Loans
  • Portion of the aforementioned paycheck protection loans to be forgiven on a tax-free basis. 
  • Amount to be forgiven is the sumof the following payments made by the borrower during the 8-week periodbeginning on the date of the loan:
·      payroll costs (as defined above)
·      mortgage interest,
·      rent,
·      certain utility payments.
 
How to Get Forgiveness:
  • Borrower must submit to the lender an application that includes documentation verifying the number of employees and pay rates, and cancelled checks showing mortgage, rent, or utility payments.
 
Reducing Forgiveness Amount: However, the amount that may be forgiven if the employer either:
  • Reduces its average FTE workforce during the 8-week covered period when compared to either of the following periods: (i) 2/15/2019 to 6/30/2019 or (ii) 1/1/2020 to 2/29/2020; or
  • Reduces the salary or wages paid to an employee who had earned less than $100,000 in annualized salary by more than 25% during the covered period.
 
Provided, however, this reduction can be avoided, however, if the employer rehires or increases the employee’s pay within an allotted time period.


WHERE CAN I FIND INFORMATION ON GETTING A SMALL BUSINESS LOAN?
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury from COVID-19. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that a business cannot pay due to COVID-19. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. Apply for an EIDL at www.sba.gov/disaster. Due to website traffic, please exercise patience.  For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov
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7265 Kenwood Road, Suite 100  |  Cincinnati, OH 45236
Phone: (513) 407-8612 | info@gcnkaa.org 

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