By Sabrina D'Onofrio, CGBP, CBA
Don't let yourself or your business suffer because of the myths that precede the concept of exporting abroad. If you believe exporting is too complicated or unnecessary then I highly recommend that you register for Export Success 2021. Export Success 2021 is now 100% reimbursable for eligible companies who apply for the IMAGE Grant from the State of Ohio.
On Oct. 15, 2020, Toledo Mayor Wade Kapszukiewicz announced that the second round of the Emergency Microenterprise Recovery Grant (EMRG) would begin to accept new applications at 9 a.m. on Oct. 19. The first round of the grant opened May 11 and closed May 24, and the second round will be the final round of the EMRG. A deadline for the application period has not been announced.
Though 2020 has been a difficult year for businesses not just here in the Toledo Region but around the country and world, it’s never a bad time to put in the effort to expand your business through exporting. It’s as important as ever to maintain confidence in your business’ future, and that means forging ahead. And you don’t have to do it alone.
It's news to no one that right now, running a business is unstable and we're working through unprecedented times. That means, in order to succeed, you must take risks as a business owner in order to continue your business and move forward. Part of that risk-taking process means actively exploring every opportunity available so you can perform effectively, efficiently and safely. Embracing new tools and technology is just one way to continue to evolve, adapt and even grow your business during today's challenging business environment. But if you don't know where your business stands, it's impossible to know where it can go.
The Small Business Development Center (SBDC) at the Toledo Regional Chamber of Commerce has worked with hundreds of small businesses since the crisis began. In our role as consultants working in alignment with the SBA, many businesses have received EIDL advance grants and the more traditional EIDL loan, and many more have received PPP loans. The EIDL grant did provide a lifeline for many very small businesses, but with a maximum of $10,000.00 per business. For larger businesses with higher expenses those funds were spent quickly. Many businesses received EIDL loans, and most owners seemed to have been saving those funds for cash flow shortfalls in the future, which is a very sound strategy. But not all businesses received the EIDL loan. PPP funds had to be spent predominantly on employee wages, so they had little impact on the overhead or inventory.
By Sabrina D'Onofrio, CGBP, CBA, Export Assistance Director
More than 95 percent of the world’s population and two-thirds of the global purchasing power lies outside of America’s borders, yet less than 1 percent of the 30 million businesses in the United States export. Ohio is the ninth-largest exporting state in the United States, consistently ranking as one of the top 10 exporting states in the nation. This is something that, as the Director of the Export Assistance Network, I am very proud of and hope to continue to see Ohio stay within that top 10.
On May 3, the U.S. Small Business Administration (SBA) created the Paycheck Protection Program Frequently Asked Questions document. This document contains more than 40 questions that business leaders may have regarding the PPP, Coronavirus Aid, Relief, and Economic Security (CARES) Act, and more. The Toledo Small Business Development Center has laid out five questions you shouldn't miss from this document, and has created a spreadsheet, titled PPP Forgiveness Determination, to help you calculate the amount of money that can be forgiven by the PPP.
Yesterday, the Small Business Administration began to offer an advance of up to $10,000 on its Economic Injury Disaster Loan for businesses being disrupted by COVID-19. For businesses that are experiencing a temporary loss of revenue, funds should be made available within three working days of a successful application. The loan will not have to be repaid. You can apply for the Economic Injury Disaster Loan Advance by clicking here.
Governor DeWine signed House Bill 197 into law this afternoon. Among the provisions included is moving the state tax filing deadline to July 15.
Also today, the United States Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It is expected to be signed by President Trump soon.
While larger businesses have teams in place to plan and implement disruption plans, many smaller businesses typically do not have the same resources. The Toledo Regional Chamber of Commerce’s Small Business Development Center (SBDC) is available to assist small businesses in being prepared for an interruption in business operations, especially due to the recent spread of the Coronavirus. As events get canceled or supply chains interrupted, businesses need to be prepared for the effect these disruptions will have on their processes and workflows.