Ohio Program Aimed at Providing Grants for Businesses That Opened in 2020

The following is a repost from the Paychex Worx site. 

Ohio established four grant programs and allocated $155 million to help businesses that opened in 2020 that were impacted by the COVID-19 pandemic. The bulk of the funds — $100 million — has been set aside for food and beverage businesses, while specific grants also exist for entertainment venues, lodging and new small businesses.

The Ohio General Assembly allocated funds as part of two Senate Bills that Gov. Mike DeWine signed in May. The programs, which began accepting applications June 29, 2021, is administered by the Ohio Development Services Agency and will award all grants on a first-come, first-served basis.

The state has indicated that funds are aimed at helping Ohio-owned small businesses, and three of four grants will determine amounts to recipients based on revenue losses in 2020. The fourth grant — the New Small Business Grant — requires that a business must have opened between Jan. 1, 2020 and Dec. 31, 2020 to be eligible.

Similar to the Paycheck Protection Program and state grant programs such as the one in New York, the funds are meant to help businesses cover the costs of hiring new people, retaining their employees. improving facilities and purchasing equipment. Although the funds are considered a grant, businesses are required to keep records of all related expenses for which the funds were used for five years.  Failure to do so may result in the business having to repay the grant funds.

The following is a summary of available grants:

Food and Beverage Establishment Grant

Food and drink operations such as bars, restaurants and even food trucks have an opportunity to get grants in three increments — $10,000, $20,000 and $30,000 — based on loss of revenue in 2020. More than $100 million has been allocated to the program, with $500,000 earmarked for each of the 88 counties in Ohio.

Entertainment Venue Grant

Venues for sports and music, as well as museums, theaters and any facility that provides entertainment will be eligible to apply for grants of $10,000, $20,000 or $30,000, with amounts based on revenue losses from 2020. Each of the 88 counties will have a $150,000 allocated from a total of $20 million.