Ohio Businesses Should Prepare Now To Claim Additional Grant Program Relief Before It’s Gone
On May 17, 2021, Ohio Governor Mike DeWine signed Senate Bills 108 and 109 into law. The legislation primarily appropriates relief for Ohio businesses impacted by the COVID-19 pandemic. Read on to learn more about the additional grant program being offered to Ohio’s small business owners.
Some of the key provisions, which will be administered by the Development Services Agency (DSA) include:
- $100 million in appropriations to provide grants to impacted restaurants and bars. The grants will be awarded in the amount of $10,000, $20,000, or $30,000 based on factors including loss of revenue from the COVID-19 pandemic as well as the number of employees that restaurants and bars employ.
- $25 million in appropriations to provide grants to those impacted in the lodging industry. The grants will be awarded in the amount of $10,000, $20,000, or $30,000 based on factors including loss of revenue from the COVID-19 pandemic as well as occupancy rates.
- $20 million in appropriations to provide grants for entertainment venues impacted by the COVID-19 pandemic. The grants will be awarded in the amount of $10,000, $20,000, or $30,000 based on loss of revenue from the COVID-19 pandemic due to canceled events or performances.
- $10 million in appropriations to provide grants for new businesses that opened during the 2020 calendar year. The grants for new businesses will be limited to $10,000 each.
- $150 million in appropriations for the Small Business Relief Grant Program, which was originally established in October 2020. The appropriations are to provide the $10,000 grant to applicants who applied before December 12, 2020, but whose requests were not funded as a result of the initial round of funds being depleted.
Further details about the grant programs, such as the application process, are expected to be announced soon at businesshelp.ohio.gov. Like the initial round of the Small Business Relief Grant funding, each program will require applicants to have an OH|ID account. Any business that may not have an OH|ID account can register at https://ohid.ohio.gov/wps/portal/gov/ohid/ in the meantime.
Listen to episode 275, “Ohio’s State & Local Tax Update,” on Rea’s award-winning weekly podcast, unsuitable on Rea Radio, for additional state and local tax insight for Ohio-based businesses.
Don’t Miss Out On The Ohio Small Business Relief Grant Program
Prospective applicants should prepare to move quickly in completing the application process once it becomes available to increase the chances of receiving funding, especially those looking to receive the Small Business Relief Grant, as funds dried up within days during the initial round of funding.
By Lamarcus Crowders (Dublin CPA Firm)