Financial Relief Resources

Financial Relief Resources

  • SBA Financial Relief At-a-Glance >

    The SBA offers several financial relief options for small business owners. Below is your at-a-glance reference with links to read further any any program.

    EIDL (Emergency Injury Disaster Loan) Program-->Learn more

    • Through SBA, up to $2M, 3.75%, 30 yrs, <$200k, no guarantee, $25k bridge loan, P&I deferment up to 4 years

    EIDL Emergency Grant-->Learn more

    • Through SBA, up to $10,000 paid within 3 days, no required to repay

    PPP (Paycheck Protection Program)-->Learn more

    • Through approved SBA lender, up to $10M, 0.50%, 2 yrs, no personal guarantee, no collateral, no prepayment fee, caps on lender fees, potentially forgiven

    SBA Debt Relief-->Learn more

    • 6 months P&I and expenses paid by SBA (may be taxable, unclear), current 7(a), 504 and microloans not made under this Act

    SBA Bridge Loans-->Learn more

    • Small businesses with current relationship with SBA lender, up to $25k, fast turnaround, repaid in full or part with EIDL proceeds

    adapted in part from Blazio LLC and ROI Business Services, LLC

    Additional SBA Resources

    CARES Act Information

    Coronavirus Emergency Loans - Small Business Guide and Checklist -->View PDF

    CARES Act, What Small Businesses Need to Know -->WEBSITE

    Fact Sheets

  • Paycheck Protection Program >

    The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are underwritten and funded by local banks and guaranteed by the SBA. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020. 

    Fully Forgiven
    Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
    Must Keep Employees on the Payroll—or Rehire Quickly
    Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 
    All Small Businesses Eligible
    Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorship, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. 
    Loan Terms
    All loans under this program will have the following identical features:
    • Interest rate of 0.50%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA 
    When to Apply
    Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. 
    How to Apply
    You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
    A list of participating lenders as well as additional information and full terms can be found at The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit or for more information.
    Paycheck Protection Program Additional Resources: 
  • New EIDL Information - March 30 Update >

    The U.S. Small Business Administration (SBA) has provided additional guidance regarding the $10,000 forgivable loan advance in accordance with the CARES Act.
    To be eligible for the $10,000 Economic Injury Disaster Loan (EIDL) forgivable loan advance, businesses will need to complete the new application that launched March 30th even if they have already competed one of the prior versions of the application or if the business has already been declined for a loan. This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
    If you wish to apply for the Advance on your EIDL, please visit as soon as possible to fill out a new, streamlined application. Applying for the Advance will not impact the status or slow your existing application.
    SBA Loan Resources:
  • Resources from Main Street USA >

  • Other Small Business Resources >

    Hello Alice

    Hello Alice helps small business owners and entrepreneurs launch and grow. They have quickly pivoted to build the Resource Center during this crisis. -->COVID-19 Business Resource Center 

    CoStarters Business Recovery Program - Refocus. Stabilize. Recover.

    Recurring Webinar - Refocus: Go Back to the Basics to Save your Business - April 3, 2020, 3-5pm -->See all dates

    From CoStarters - Join a 2–hour free virtual workshop that will help you find the focus and clarity you need to shift your mindset and find a new way forward. If you feel stuck, join us to identify your best next steps together. In this workshop you will:

    • Determine immediate next steps needed to stabilize
    • Re-examine your venture using the CO.STARTERS Canvas
    • Strategize how to better solve your customers’ changing needs
    • Learn how to adapt or refine your business model

    $1 Million advertising fund for local businesses

    Ogden Newspapers, Salem News, has established a $1,000,000 grant fund to assist #SalemOhio locally owned businesses during this challenging time. Learn more...
    Article: How COVID-19 is Impacting Small Business, and What You Can Do About It -->Read More

Intro Image

Start Growing In Salem.

We support your business growth through site selection, retention, expansion, entrepreneurship, infrastructure, workforce development and quality of life. No wonder, businesses are Growing In Salem.

How SOD Center Does Work for You.

"We support all businesses, small and large, to attract, retain, expand and develop. We help build entrepreneurship, provide training facilities and connect you with the right resources – while collaborating with regional, state and national resources. We are all Growing in Salem." - Julie Needs, Executive Director, SOD Center