Ohio’s New Small Business Grant program has designated up to $10,000,000 in funding to provide $10,000 grants to assist new Ohio small businesses established on or after January 1, 2020, through December 31, 2020, that have been negatively impacted by Covid-19.
Basic eligibility requirements are as follows:
- The business must be a for-profit entity that started operations between Jan. 1, 2020, and December 31, 2020 AND
- has at least two and no more than 25 Ohio employees paid via W2 wages as of Jan. 1, 2021
- The business must have a physical location in Ohio AND
- experienced a revenue loss or unplanned costs because of the COVID-19 pandemic
- The business must be in good standing with the Ohio Secretary of State, the Ohio Department of Taxation, and any other governmental entity charged with regulating the business.
There are also a number of businesses that are ineligible for the grants, including nonprofit entities, publicly traded entities, businesses engaged in the sale, cultivation, or distribution of cannabis products, those that primarily sell tobacco products, private schools, and others. A full list of excluded businesses is located HERE.
Grant funds can be used to cover the following business expenses:
- Personal protective equipment to protect employees, customers, or clients from COVID-19
- Measures taken to protect employees, customers, or clients from COVID-19
- Mortgage or rent payments for business premises (personal residences specifically excluded)
- Utility payments
- Salaries, wages, or compensation paid to contractors or employees, including an employer’s share of health insurance costs
- Business supplies or equipment
Additional details about the program and a link to the application form are located HERE.
Please do not hesitate to contact your Critchfield attorney for assistance. or additional information about the grant program.