Was your small business hurt by the coronavirus? You could get $10,000 from Hamilton County

It’s a bucket of money the county is setting aside for forgivable loans. The only criterion for having the loan forgiven is that the business is able to either keep or create one full-time job within three months of receiving the money.

“We’re trying to be generous but also ensure that we have requirements in place,” said Assistant County Administrator Holly Christmann. “We think that the one full-time (job) allows businesses to apply for this funding with limited restrictions.”

The money comes from a larger $142 million pot Hamilton County has from the federal CARES Act. Right now, the county has set aside $5 million for the small business loans, but officials are willing to increase that amount if necessary.

Business could use the money for rent, utilities, payroll or adapting to keep up with new safety requirements as a result of the coronavirus.

It’s for “businesses that are vulnerable right now and might not stay open were it not for some of this funding,” said Hamilton County Board of Commissioners President Denise Driehaus. “We are trying to help those small businesses that did not get federal assistance.”

See ore of the story here: https://www.cincinnati.com/story/news/2020/05/08/covid-19-hamilton-county-give-small-businesses-10-000-loans/3095647001/

 

From Commissioner Driehaus:

 

Greetings!

Small businesses are the backbone of our economy. As a small business owner myself, I know it’s vital our small businesses come back from this crisis strong.

I’m proud to announce Hamilton County has launched a small business relief program that will give access to up to $10,000 in forgivable loans. The only requirement for businesses that qualify is that the business is able to create or keep one full-time job.

The program leverages federal CARES Act dollars and allows for the money to be used for rent, utilities, payroll or ways to adapt to new safety requirements during this crisis.

In order to qualify for the loan, businesses must:

  • Have a gross revenue of less than $1 million.
  • Have 50 or fewer total employees.
  • Show at least a 50% revenue reduction related to the coronavirus pandemic.
  • Not have already received coronavirus funding from the federal government.

We realize this is just a small step towards addressing a huge issue, but we do hope it will help some with keeping their businesses in a position to succeed.

Hope you are staying well.

 

 

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