Ohio to Offer $429.5 Million in CARES Act Funds to Businesses, Individuals & Nonprofits

In an announcement on Friday October 23rd, Governor DeWine stated nearly half of Ohio’s $900 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be dispersed to people, businesses and organizations with “needs that are great”.

DeWine and Lt. Gov. Jon Husted also announced the creation of the Small Business Relief Grant program, with applications opening Nov. 2. This program will offer a total of $125 million, in $10,000 grants, to Ohio businesses with no more than 25 employees.

Business can use the grants to pay for various expenses including mortgages, rent, utilities, salaries, health care premiums, business supplies and other related costs that help keep that business open. The grants will be available on a first-come, first-served basis.

$44 million set aside for each of the state’s 88 counties, which is designed so that at least 50 businesses within each county will receive funding. Funds not used by a county within 21 days will revert back to the state and be used to fund businesses across Ohio.

Other CARES Act funding will be distributed as follows:

• $50 million for rent, mortgages, water and/or sewer assistance: Ohioans with an annual income at or below 200% of the federal poverty level can receive assistance dating back to April.
• $62 million for rural and critical access hospitals
• $100 million to higher education: This funding will support critical services on campuses for COVID-19 testing and mental health services.
• $25 million to nonprofits
• $20 million to arts organizations

If you have questions or want to know if you might qualify, for this funding, reach out to one of us, or your HW&Co. advisor.