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Economic Injury Disaster Loan Program for Small Businesses & Non-Profits in Ohio and Florida

Client Alert

The Ohio Development Services Agency and the Florida Department of Economic Opportunity are preparing to qualify businesses in both states 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.

The Economic Injury Disaster Loans may be used by Ohio small business owners and non-profits to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

Once Ohio is qualified for the program, the Ohio Development Services Agency (Development) will work with the SBA to notify entities that they can now apply for loans. To keep payments affordable, these loans are long-term, with up to a maximum of 30 years for repayment. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Small businesses and non-profits impacted by the ongoing health crisis are encouraged to contact Development at BusinessHelp@Development.Ohio.Gov for assistance. Additional information about the SBA Economic Injury Disaster Loan program is available at SBA.gov/Disaster.

Florida has activated an Emergency Bridge Loan Program to support small businesses impacted by COVID-19. Managed by the Florida Department of Economic Opportunity (DEO), it will provide short-term, interest-free loans to small businesses. The application period runs through May 8, 2020. The Business Damage Assessment survey can be accessed at FloridaDisaster.BIZ. For more information visit www.floridadisasterloan.org or contact the Florida Small Business Development Center Network at 866-737-7232 or email Disaster@FloridaSBDC.org.

Additional information on the SBA Economic Injury Disaster Loan Program is available at SBA.gov/Disaster.

BMD government affairs attorney Victoria Ferrise is monitoring the changing situation closely and we will be providing updates accordingly.


Corporate Transparency Act: Business Owners Must Act Now

The Corporate Transparency Act requires all reporting companies to file their Beneficial Ownership Information (BOI) report by year-end to avoid penalties. Companies formed before January 1, 2024, have less than six months to comply. Learn more in a client alert by BMD Member Blake Gerney.

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On June 28, 2024, the Supreme Court invalidated the Chevron doctrine, nearly 40 years after it first took effect.

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LGBTQIA+ Patients and Discrimination in Healthcare

In early April, the Kaiser Family Foundation released a study outlining the challenges that LGBT adults face in the United States related to healthcare. According to the study, LGBT patients are “twice as likely as non-LGBT adults to report negative experiences while receiving health care in the last three years, including being treated unfairly or with disrespect (33% v. 15%) or having at least one of several other negative experiences with a provider (61% v. 31%), including a provider assuming something about them without asking, suggesting they were personally to blame for a health problem, ignoring a direct request or question, or refusing to prescribe needed pain medication.”