HAMILTON COUNTY, Ohio (FOX19) - Small businesses in Hamilton County that have been harmed during the COVID-19 crisis can apply to the small business relief program starting Wednesday afternoon.
County Commissioner Denise Driehaus said small businesses will be able to apply for forgivable loans for up to $10,000 per business. The goal is to help small businesses that didn’t get federal assistance.
The loans will be available using $5 million in federal CARES Act funding.
The program will be run via a lottery.
If the business is randomly selected in the lottery, owners will then have seven days to upload verification documents, such as tax returns and bank statements for validation.
The lottery will be split into two: one for small business with 0-10 employees and one for businesses with 11-50 employees.
“We do anticipate an overwhelming response,” Assistant County Administrator Holly Christmann said.
Uses for the loan include rent, payroll, paying for liquor license renewals, capital improvements to allow for reopening.
PRELIMINARY REQUIREMENTS FOR ELIGIBILITY:
- The applicant must be a small business with 50 or fewer total employees
- The small business must have less than $1 million in gross revenue
- The small business must show a loss of revenue of 50% or more due to the COVID-19 pandemic
- The small business must be located in Hamilton County, Ohio
- The small business has not already received federal assistance
- Business must be in compliance with State of Ohio requirements
- Business must be current with all local, state and federal taxes
The application will be available at 5:00 p.m. May 20 on the County’s website through the deadline of Wednesday, May 27, 2020, at 5:00 p.m.