COLUMBUS – State Representative Mark Fraizer (R-Newark) announced help available for small businesses in Licking County following Congress’s addition of over $320 billion into the Paycheck Protection Program (PPP). The PPP was recently halted after the current funding was exhausted. Small business owners in Ohio can now continue to apply for SBA loans from the PPP.
SBA loans can be used by Ohio small business owners and nonprofits to pay fixed debts, payroll, accounts payable and other bills that cannot currently be paid because of the impact of COVID-19.
SBA 7a Loans, Economic Injury Disaster Loans or Express Bridge Loans are applicable to small businesses and non-profits.
“Local, small businesses are the heart of Licking County. I applaud Congress and President Trump for their work to make these loans attainable for small business owners who are struggling, but not giving up during this time,” said Fraizer.
Small businesses owners should work with their existing financial institution if possible to expedite the process of receiving SBA loans. To review the application and view the specific loan conditions, visit www.sba.gov.
Fraizer recommends business owners to also review the the SBA loan forgiveness standards for Payroll, Utilities, Rent, Interest Payments, and other applicable expenses to ensure loan forgiveness is applicable.
Fraizer also recommends businesses to reference www.sbalenders.com as a resource to look up lenders in Ohio.
Recipients should expect a ten-12 day delay from approval to receiving funds based on the first phase of program, but ultimately dependent on the type of loan.
For more information, contact Rep. Fraizer’s office at (614) 466-1482 or firstname.lastname@example.org