COVID-19 Local Updates: April 9
Updated: Jun 9, 2020
In case you missed it, Mayor Jackson and the City of Cleveland have established an emergency working capital fund in order to help maintain the business community. It includes a loan of up to $10,000, no fees, no interest or payments due until January 1, 2021, 1% interest thereafter and payments of $150/month until repaid. Funds are limited, so applicants are encouraged to submit their applications as soon as possible. View the summary and application here.
The City previously introduced legislation which was passed by Cleveland City Council allowing for a six-month deferral of payments on economic development loans issued by the City. The program authorizes the Director of Economic Development to defer payment on most loans and to seek the consent of lenders on other loans. A six-month deferral will relieve some of the debt burden on our borrowers, reducing costs to businesses, during the enforced closures to protect public health.
Cuyahoga County has a call center during this time of crisis that is available Monday through Friday, 8AM – 5PM at 216-452-9714.
Cuyahoga County will furlough some employees in anticipation of a drop in tax revenue.
The Greater Cleveland Better Business Bureau (BBB) is warning Northeast Ohio residents about scams targeting the disbursement of payments from COVID-19-related federal stimulus programs.