• On Wednesday, July 1^st, Congress passed the PPP Extension Act, with my support. Last week, on the 4^th of July, the President signed the PPP Extension Act into law, extending the deadline to request Paycheck Protection loans to August 8^th. At the end of June, $130 billion of the original $670 billion set aside for the program remained unclaimed. In order to ensure businesses could access the remaining funds, the application period for this program, which was originally set to expire on June 30^th, was extended.

This is great news for businesses in Ohio’s Fifth Congressional District. As of Monday, July 6^th, the SBA has confirmed 4,880,943 loans have been approved for a total of about $521 billion from 5,460 lenders. In OH5, 5,970 businesses have received PPP funding to date, and this funding has supported 122,561 jobs in the district. I am proud that with the extended deadline, more businesses in our community will be able to apply to receive this critical funding.

The SBA has also worked to ensure smaller community lenders and their customers are not left out by making special accommodations, including setting aside billions of dollars to be serviced exclusively by community financial institutions and reserving processing time for smaller lenders. I encourage any business owners who have been negatively impacted by COVID-19 who haven't looked into PPP to contact their lender as soon as possible.

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CLICK HERE to share with me how PPP loans have directly impacted you, your work, or your company.

WHAT IS THE PPP?
The Paycheck Protection Program (PPP) ensures that small businesses can continue to pay employees and cover costs during this unprecedented health crisis. For up to 24 weeks, this program can be used to cover the entire cost of payroll and other eligible expenses.

                    QUICK LINKS:

• Coronavirus.gov Small Business Resources Page

• Treasury Department Overview On The Paycheck Protection Program

• SBA.gov/Coronavirus Small Business Guidance & Loan Resources Page

• Republicans On The Small Business Committee: Small Business Guide To The Coronavirus Aid, Relief, and Economic Security (CARES) Act

ELIGIBILITY: Small Businesses, Non-profits, Veterans Groups, and Tribal    Groups with fewer than 500 employees. Businesses in certain industries can     have more than 500 employees if they meet the SBA's size standards for those industries. The SBA's affiliation standards are waived for small businesses in the hotel and food industries and franchises in the SBA's Franchise Directory.

WHAT CAN FUNDS BE USED FOR?
Funds can also be used for payroll and to pay interest on mortgages, rent, and utilities. The funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, utilities, and debt obligations occurred before February 15, 2020.

APPLICATION: Small businesses looking to receive funds can apply through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. A sample application can be found on Treasury's CARES Act page.

TERMS OF THE LOAN: Per Treasury's preliminary guidance, the interest rate is a 1% fixed rate. All payments are deferred for 6 months; however, interest will continue to accrue over this period. The loan is due in 2 years but can be paid earlier without prepayment penalties or fees.

WHAT ARE ECONOMIC INJURY DISASTER LOANS?
If you are not eligible for the PPP, I encourage you to look in to applying for Economic Injury Disaster Loans (EIDL). The advance from these loans could provide up to $10,000 of immediate economic relief to businesses that are currently experiencing a temporary loss of revenue and will not have to be repaid. Following the disbursement of the advance, the SBA will consider businesses’ application for the low-interest loan. For more information, you can visit the SBA EIDL Information Page. 

ELIGIBILITY: Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19. Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries defined by the Small Business Act. 

It is my great honor to serve as your Member of Congress and it is my number one priority to represent you and the best interests of the Fifth Congressional District. Please know that our office stands ready to help answer any questions and provide assistance to the people of Ohio's Fifth Congressional District. To reach a member of my team, please call 419-354-8700. Additionally, you can call 419-318-8925 to leave a message and a member of my team will get back to you as soon as possible. Also, feel free to follow updates online at www.facebook.com/boblatta/ or Twitter at @boblatta. Thank you for taking the time to read this update and God Bless.  

Sincerely,