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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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The global COVID-19 public health emergency has mobilized federal, state and local governments to provide economic relief as businesses and workers face a period of uncertainty. In designated states and territories, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to provide working capital for small businesses suffering economic injury as a result of the COVID-19 crisis.

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After disasters, such as hurricanes, floods, tornadoes, earthquakes, wildfires and public health emergencies like COVID-19, the SBA is the primary source of federal funds to assist small businesses’ long-term recovery efforts. Under the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Trump, upon receiving a request from a state or territory’s governor, SBA will issue, under its own authority, an Economic Injury Disaster Loan declaration. Once a declaration is issued, SBA will make loans available statewide to small businesses and private nonprofit organizations to help alleviate economic injury caused by COVID-19.

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The SBA, which provides many loan resources to assist small businesses, is helping those suffering economic losses as a result of COVID-19 by offering low-interest federal disaster loans to help with operation costs. The SBA’s Economic Injury Disaster Loan program is offering up to $2 million to assist a small business in overcoming its temporary loss of revenue. The loan may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s adverse impact on the business. The interest rate for these loans is 3.75% for small businesses and 2.75% for nonprofits.

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Small businesses that qualify for an Economic Injury Disaster Loan can apply online or by mail. Additionally, they will need to provide a signed and dated IRS Form 4506-T, which gives permission for the IRS to provide tax return information to the SBA.

In addition to Economic Injury Disaster Loans, the SBA has developed Lender Match, a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours. SBA also provides several loan resources for small businesses to access capital, such as:

The SBA offers many resources for small businesses affected by the COVID-19 crisis, including Economic Injury Disaster Loans, lender match services, and a variety of loan programs whose eligibilities are based on what a business does to receive its income, the character of its ownership, and where it operates.

Thompson Hine will continue to monitor the latest developments and provide updates as they arise to help businesses manage COVID-19’s commercial and business impacts. For more information about recommended steps, please contact:

Tom Mason 202.263.4168 <a href="mailto:Thomas.Mason@ThompsonHine.com">Thomas.Mason@ThompsonHine.com</a>

Francis E. (Chip) Purcell, Jr. 202.263.4118 <a href="mailto:Chip.Purcell@ThompsonHine.com">Chip.Purcell@ThompsonHine.com</a>

Ray McCann 202.263.4152 <a href="mailto:Ray.McCann@ThompsonHine.com">Ray.McCann@ThompsonHine.com</a>

Joseph R. Berger 202.263.4193 <a href="mailto:Joseph.Berger@ThompsonHine.com">Joseph.Berger@ThompsonHine.com</a>

Mona Adabi 202.263.4147 <a href="mailto:Mona.Adabi@ThompsonHine.com">Mona.Adabi@ThompsonHine.com</a>

ADDITIONAL RESOURCES

We have assembled a firmwide multidisciplinary task force to address clients’ business and legal concerns and needs related to the COVID-19 pandemic. Please see our&nbsp;<a href="https://www.thompsonhine.com/services/covid-19-task-force" target="_blank" rel="noopener">COVID-19 Task Force</a>&nbsp;page for additional information and resources.

This advisory bulletin may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgment of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel. This document may be considered attorney advertising in some jurisdictions.

https://admin.thompsonhine.com/wp-content/uploads/2022/05/COVID-19_Update_-_Mitigating_COVID-19s_Commercial_and_Business_Impacts_-_SBAs_Loan_Programs.pdf

Mitigating COVID-19’s Commercial and Business Impacts: SBA’s Loan Programs

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