April 24, 2020 - 2:11pm -- evans.1243@osu.edu

Be Ready to Apply for an SBA Loan:  Although the SBA website still reads a "lapse in appropriations" the next round of relief for small business through the CARES Act has passed the Senate and the House and is expected be signed into law by the President. Money can then start being distributed again! The new round of funding includes another $310 billion for the PPP ($60 billion of which is being set aside for small lending institutions), $50 billion for disaster relief loans (Economic Injury Disaster Loans) and $10 billion for EIDL Advance Grants, $75 billion for hospitals and $25 billion for testing.

While the PPP and the EIDL loan programs have both been the frustration of many they have also been the lifeline to a new day. Despite its bumpy start, the program had approved more than 1.6 million applications from distressed small businesses in less than two weeks. The Paycheck Protection Program and Economic Injury Disaster Loans are saving millions of jobs, providing much-needed relief, and helping America's small businesses make it through this challenging time. 

Today, we are urging every business that has not utilized the financial tools and available resources to please consider applying now. Following is a Business Resource Guide from the Small Business Development Center (SBDC) located at the OSU South Center in Piketon. Brad Bapst, Director of the SBDC and the staff created the Step-by-Step Guide for businesses in Pike County and the Southern Ohio Region. Though we have already assisted many in the area, we are encouraging you to apply through this new round of CARES Act funding meant to support your business.

You must submit your loan application to a lender, but you can find a sample application at the SBA website. The SBA estimates the application process should take about two hours and 10 minutes. However, this is assuming all required documents are available. It may take a few days to gather the necessary paperwork. It is important to start the application process today! Although additional funding was allocated for these loan programs, we still expect funding to be exhausted quickly.

For questions or additional information please contact a local lender or the chamber at pikechamber@yahoo.com.


Click HERE >To View the Business Resources Guide

Get Local Assistance - SBA Approved Lenders

Atomic Credit Union
711 Beaver Creek Rd.
Piketon, OH 45661740-289-5060

First National Bank
107 N. Market St.
P.O. Box 147
Waverly, OH 45690

Ohio Valley Bank
507 W. Emmitt Ave.
Waverly, OH 45690

Peoples Bank
951 W. Emmitt Ave.
P.O. Box 1127
Waverly, OH 45690

US Bank
197 East Emmitt Ave.
Waverly, OH 45690