Ohio Small Business Profile 2020 According to the SBA Attorney’s Office, in the most recent year for small business reporting, there were 965,576 small businesses in our state, which is 99.6% of all Ohio businesses. The 2.2 million employees of these companies accounted for 45.3% of all Ohio employees. Small businesses account for 44% of GDP, create two-thirds of the net, and employ about half of the U.S. workforce.
During the COVID-19 epidemic, Biden’s administration and Congress focused on providing fair relief to the most vulnerable businesses. The U.S. rescue plan, signed into law by President Biden on March 11, 2021, provides additional relief to the country’s small businesses and industries affected by COVID-19. The SBA Northern Ohio District Office continues to provide these programs to small businesses in our area. Efforts in entrepreneurship, women-owned businesses, and veteran small businesses in disadvantaged communities have increased our influence in all communities in the district. An update on the performance of these programs is here –
In response to COVID-19 and Delta Variety, small business owners and nonprofits can still apply for COVID-19 Economic Disability Loan (EIDL) for shortages in operating capital. This 30-year loan does not have any down payment (3.75% for businesses fixed and 2.75% for non-profit). There is also an 18-month suspension for principal and interest payments. During that time, interest increases. This program ends on December 31, 2021 at 11:59 pm.
As of July 29, 2021, 3.8 million EDL loans have been approved nationwide, amounting to more than $ 236 billion. More than 86,600 Ohio CV-19 IDL loans have been approved for more than $ 5 billion.
Targeted EDL Preliminary and Additional Target Advantages are for non-profit businesses and non-profits, and are non-refundable funds. As of July 29, 2021, 7,127 Ohio small businesses have received $ 60,095,000 in targeted EIDL Advance. More than 5,406 Ohio small businesses also received $ 27,030,000 in total targeted EIDL Advance. In addition to the planned EDL Advance and Extended Target EDL Adventure, by 2020, 129,501 Ohio EDL recipients received a total of $ 479,911,000 in EIDL promotions, which should not be reimbursed.
The PPP provides nearly $ 800 billion to 11,823,594 applicants. Small businesses have opened up and received the help they need to hire the country’s manpower. By 2021, 32% of PPP loans have gone to low and middle income (LMI) communities. 96% of PPP loans went to those with less than 20 employees, and on average $ 42,000, the program provides relief to small businesses. By 2021, 218,210 Ohio small businesses and nonprofits earned more than $ 9 billion in total.
The $ 28.6 billion Restaurant Revival Fund (RFF) provided relief to more than 100,000 American restaurants and other food and beverage businesses. Significant financial support went to the most difficult, untapped businesses. The average reward for applicants was $ 283,000. In Ohio, 2,829 restaurants, bars and other businesses were approved, with an average revenue of $ 206,961.
The live entertainment industry has been hit by the COVID-19 epidemic. As of August 2, 2021, the SBA has determined 97% of all closed space operators’ SVOG program applications. Nationally, $ 6.9 billion has been disbursed, with an average of $ 772,000 in aid, 4. $ 4.61 billion for full-time employees or less. In Ohio, 318 individuals received more than $ 228 million from the program.
SBA provides debt relief to existing SBA borrowers affected by their business COVID-19. As of September 27, 2020, thousands of businesses that received SBA loans have seen SBA make six or more months of payments on their behalf, helping them avoid the worst epidemic. In addition, the SBA debt relief will extend to the new SBA-supported loans approved from February 2021 to September 30, 2021. These new loans will receive or receive payments for up to three months as long as the funds are in the program.