City of Stow and Stow-Munroe Falls Chamber of Commerce Work to Support Local Businesses
The City of Stow and Stow-Munroe Falls Chamber of Commerce Work to Support Local Businesses During Coronavirus Pandemic
Stow, OH – (April 1, 2020) The City of Stow and the Stow-Munroe Falls Chamber of Commerce are committed to supporting businesses during this unprecedented time. To that end, we’re reaching out to businesses and lenders to share information about a component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act called the Paycheck Protection Program.
“The chamber, along with the City of Stow are working hard to connect our businesses with the resources that they need to sustain them in this crisis,” said Stow-Munroe Falls Chamber of Commerce Executive Director Jennifer Cork. “Our hope is that coming together and helping one another, we will emerge from this crisis as a stronger business community.”
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. It can also be used 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 the expenses listed above when at least 75% are used for payroll.
“We know these are extremely difficult times for everyone, including companies, and we want our business community to know that we are here to help in any way that we can,” said City of Stow Mayor John Pribonic. “The businesses we have in Stow, from our small locally owned establishments to our largest employers, are vital to our community, and we want them to remain strong through these unprecedented times, so it is important that all Stow business owners are aware of all of the resources available to them.”
Businesses can apply for this program through their business lender beginning April 3, 2020. Independent contractors and self-employed individuals can apply beginning April 10, 2020. Application materials and checklists can be found at https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
The same application form and materials can also be used to apply for the Summit County COVID-19 Small Business Emergency Relief Grant Program. Administered by the Greater Akron Chamber, the program will provide $5,000 grants to eligible small businesses. Grant administrators are finalizing details for the application and review process and are targeting the application date of April 6, 2020. Businesses approved for an SBA loan and that also meet the county’s program guidelines will be automatically approved; businesses denied an SBA loan may still be approved for a grant. For more information, please contact COVIDgrant@greaterakronchamber.org
For a list of SBA approved lenders to assist you with your Paycheck Protection Program application, please visit www.sba.gov or contact the Stow-Munroe Falls Chamber of Commerce at firstname.lastname@example.org