Coronavirus Information for Businesses

• Businesses and community organizations are urged to partner with state and local officials on contingency plans.
• Ultimately business and the markets want to avoid uncertainty.  Due to the unpredictability of COVID19, the federal government is working to manage the uncertainty through a number of steps:
• The goal is to slow the spread of the disease in the US, not to create an impenetrable barrier.  The longer the spread can be delayed, the more time can be bought to deliver a comprehensive response.
• Treasury is closely monitoring supply chain issues that are arising.  Because we are coming into this health crisis with a very strong economy, our economy will be able to weather this storm.
• G7 finance minister are meeting tomorrow to discuss economic impacts of the virus.
• A congressional emergency funding package is forthcoming.  A vote to approve this funding is expected on Wednesday.
• The goal for businesses is to reduce work-related exposure.  Businesses are urged to look at their leave policies and it is suggested that flexible work schedules/work from home is permitted to reduce crowding in the office.  Contingency plans should be put in place to ensure essential functions are being covered.
• Businesses should reassess large meetings or gatherings.  Rethink conferences and travel as it may be difficult to return to the United States/the office.
• Businesses should consider increasing the frequency of workplace cleaning services.

Relief Available for Businesses to Ease Burden Caused by COVID-19

1. Register with the State.  The Ohio Development Services Agency is preparing to submit an application in the coming 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.

In order to complete the state's application, businesses impacted by the current public health crisis should immediately send their contact information to BusinessHelp@Development.Ohio.gov. Additional information on the SBA Economic Injury Disaster Loan Program is available at SBA.gov/disaster 

2. Eligibility Determination.  The U.S. Small Business Administration determines if a business qualifies as a small business based on factors such as number of employees and annual revenue.  Given the fluidity of this situation, there is some likelihood that eligibility may change.  If a business is wondering if it qualifies or not, they can contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 or at disastercustomerservice@sba.gov

3. Helpful counsel.  Even though disaster assistance programs are administered directly through the Small Business Administration itself, staff at the Hamilton County Business Development Center may also be a helpful resource.  513-631-8292.  We don’t want to overwhelm HCDC, but small business owners should be aware that it’s a local resource available to them.

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