COVID-19 Loans & Grant Programs
The federal government, Ohio and Northeast Ohio counties and cities have developed the programs listed below. The State of Ohio does not have new loan or grant programs, but their existing programs remain in effect.
With the exception of the SBA EIDL loans and grants, the federal programs are all administered through the banks. Accordingly, reach out to your lender with questions about how to apply.
These programs are changing frequently as funding becomes more or less available. Check back here for updates. Note that the Federal Reserve and U.S. Chamber of Commerce programs that have been announced are not yet operational.
Federal
Small Business Administration - Paycheck Protection Program
| Type | Loan (forgivable) |
| Eligibility | Companies under 500 employees |
| Maximum Amount | $10 million; 2.5 x monthly payroll |
| Interest Rate | 1% |
| Notes | Additional funding approved April 23, 2020 |
| Additional Information | Click here |
Small Business Administration - EIDL Advance
| Type | Grant |
| Eligibility | Must meet SBA definition of small business |
| Maximum Amount | $10,000 |
| Interest Rate | n/a |
| Notes | Additional funding approved April 23, 2020 |
| Additional Information | Click here |
Small Business Administration - EIDL Loan
| Type | Loan |
| Eligibility | Must meet SBA definition of small business |
| Maximum Amount | $2,000,000 |
| Interest Rate | 3.75% |
| Notes | Additional funding approved April 23, 2020 |
| Additional Information | Click here |
Federal Reserve Bank - Main Street New Loan Facility
| Type | Loan |
| Eligibility | Companies under 10,000 employees |
| Maximum Amount | Lesser of $25 million or total committed debt under 4x EBITDA |
| Interest Rate | SOFR + 250-400 bps |
| Notes | Not yet operational |
| Additional Information | Click here |
Federal Reserve Bank - Main Street Expanded Loan Facility
| Type | Loan |
| Eligibility | Companies under 10,000 employees |
| Maximum Amount | Lesser of $150 million, 30% of existing outstanding and committed but undrawn bank debt or total committed debt under 6x EBITDA |
| Interest Rate | SOFR + 250-400 bps |
| Notes | Not yet operational |
| Additional Information | Click here |
U.S. Chamber of Commerce - Save Small Business
| Type | Grant |
| Eligibility | 3-20 employees; located in economically vulnerable community |
| Maximum Amount | $10,000 |
| Notes | Not yet operational |
| Additional Information | Click here |
Ohio
Small Business Relief Grant
| Type | Grant |
| Eligibility | Must be a for profit entity; have less than 25 employees with W2 wages; have been in business continuously since January 1, 2020, with exception of COVID related shutdowns. |
| Maximum Amount | $10,000 |
| Notes | Funds will be awarded on a first-come, first-served basis. Of the funds available in this program, $44 million has been allocated so that each county will have at least 50 grants and then the balance of the funds will go to additional applicants. |
| Additional Information | Click here |
Bar and Restaurant Assistance Fund
| Type | Grant |
| Eligibility | Permit holders need to have had an active on-premise permit as of close-of-business October 23, 2020. The business does not have to be currently open but must have an active liquor license. |
| Maximum Amount | $2,500 |
| Notes |
Funds need to be used on COVID-related expenses due to business interruptions caused by the pandemic. |
| Additional Information | Click here |
County
Cuyahoga - Small Business Stabilization Loan
| Type | Loan |
| Eligibility | Under 100 employees |
| Maximum Amount | Start at $5,000 |
| Additional Information | Click here |
Cuyahoga - Mid-Size Business Stabilization Loan
| Type | Loan |
| Eligibility | 101-500 employees |
| Maximum Amount | Start at $10,000 |
| Notes | Preference given to service industries, hospitality, manufacturing, and neighborhood healthcare. |
| Additional Information | Click here |
Cuyahoga - Small Business Stabilization Grant
| Type | Grant |
| Eligibility | Fewer than 20 employees; revenue under $1 million; 25% of employees must be residents of county |
| Maximum Amount | $5,000 |
| Notes | Preference given to service industries, hospitality, manufacturing, and neighborhood healthcare, IT, automotive, logistics and distribution, and aerospace. |
| Additional Information | Click here |
Summit - Small Business Emergency Relief Grant
| Type | Grant |
| Eligibility | 3-25 employees; 50% of employees must be residents of county |
| Maximum Amount | $5,000 |
| Notes | Currently suspended pending additional funding |
City
City of Cleveland - Working Capital Loan Fund
| Type | Loan |
| Eligibility | Companies under 500 employees; located in City of Cleveland |
| Maximum Amount | $10,000 |
| Interest Rate | 0% until 1/1/21 then 1% |
| Additional Information | Click here |
