SBA loan program to be updated

Staff Report

From the Morrow County Development Office:

With today’s (March 27) passage of the $2 Trillion Stimulus Law further guidance will be provided in the coming days about changes to the SBA loan program. Early indications from Congress are that some expenditures through this grant, such as for current payroll, may be treated as a “forgiveness” grant.

Those details are not yet available. This document will be updated as more information is provided. Interested businesses are encouraged to start the process of applying for this loan. The average approval time currently is about three weeks.

Applying for the loan does not obligate applicants to accept offered loans. The SBA has indicated that the number one cause of rejected loan applications is due to incomplete submissions. This packet includes all of the currently required SBA and IRS forms required to apply for this loan program.

Please completely fill out these forms and scan them for uploading prior to starting your online application. Please call the Morrow County Development office at 419-947-7535 for questions or assistance in applying for a SBA Disaster Loan.

Staff Report