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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.


Community Banks: Collaboration, not isolation, is the key to protecting/ enhancing the cannabis business you pioneered

As we prepare for the plenary session of the informal institutional cannabis lenders community announced in my previous article, I am pleased to advise that participants now include 5 of the best-known dedicated loan funds; a select group of commercial banks ranging in size from single state community banks to mid-size regionals making cannabis loans into the mid-8 figures; and, a syndicator of credit union cannabis loans.

Inflation Reduction Act: Healthcare Provisions

On August 16, 2022, President Joe Biden signed into law the Inflation Reduction Act (the “Act”), a landmark climate, healthcare, and tax bill. Though the Act’s climate provisions have received most of the media attention, the healthcare aspects of the Act present some of the most significant changes to the American healthcare system since the passage of the Affordable Care Act.

The Current State of Assignment of Benefits Litigation in Florida

On May 25, 2022, Florida lawmakers approved property insurance reforms that remove attorney’s fees, with respect to assignment of benefits (“AOB”) property insurance litigation. One-way attorney’s fees are a longstanding problem in Florida and the reforms come at a time when AOB litigation increasingly affects homeowners in a negative way.

Proposed Community Revitalization Grants for Ohio Projects

Jason A. Butterworth client alert ohio tax credits historic preservation tax credits community revitalization grants

Ohio Senate Bill 225 Paves the Way for Greater Investment in Opportunity Zones and Historic Districts

Ohio Senate Bill 225 is poised to make dramatic enhancements to certain tax credit programs in Ohio, specifically those surrounding investments in “Opportunity Funds” and historic buildings. Signed into law by Governor Mike DeWine in June 2022, the Bill is positive news for real estate developers working to revitalize Ohio communities with investment and rehabilitation projects.