CBC Blog

COVID – 19 Update, Providing Economic Assistance to Small Businesses

Written by Pat Frew, CBC Executive Director

Now that Ohio has joined Kentucky in seeking an economic disaster declaration for its state tri-state, companies should be eligible to apply in the next week for the Small Business Administration’s Economic Injury Disaster Loan program.  The SBA offers up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.  These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

Congress and the Trump Administration are also looking at multi-billion dollar stimulus packages designed to provide paid sick leave to idled workers. That should be coming up for a vote next week in the Senate.

As I begin to reach out to CBC members, this information seems the most critical to small business like restaurants in our membership and small businesses in the service business-to-consumer sector.

Two good tips from members will help protect the image and financial structure of your business.  Michelle Selnick, CEO and Founder of WebFeat Complete, says at a time like this it’s never been more important to have an informative, navigable website to communicate your value to current and prospective customers.  With social distancing fully in force, it’s about the only way to demonstrate your relevance.  And Kevin Garrett of Civistas Bank says if you haven’t been in communication with your banker you should be. Many banks are eliminating late fees and allowing you more grace time in making your monthly payments. But, he adds, it’s always good to be proactive and let your banker know you may have trouble being timely on payments if he or she hasn’t contacted you first.

In addition, don’t forget to utilize local Covington restaurants for carry out and delivery while they are closed for dine in service.

The following restaurants are currently offering a carry out menu: Bean Haus, Butler’s Pantry*, City Goat, Chako Bakery Cafe, Commonwealth Bistro, Cock and Bull, Crafts and Vines*, Goodfella’s Pizzeria, Gutierrez Deli, Gyros on Main, Herb and Thelma’s, Jimmy John’s, Keystone Bar & Grill*, LaRosa’s*, Lil’s Bagels, Libby’s Southern Comfort*,  Lula’s Catering*, Mac’s Pizza Pub, McK’s Chicks, Moonrise Donuts*, Old Town Cafe, Parlor on Seventh*, Peppe Cucina, Piper’s Café*, Rich’s Proper Food and Drink,  Ripple Wine Bar*,  Riverside Korean,  Smoke Justis*, The Delish Dish, The Gruff, The Metropolitan Club, Wabi Sabi,  Wunderbar,  Zola Pub & Grill

Also, please don’t forget about the restaurants and bars that made the difficult decision to close during this time.
Molly Malones*, The Kitchen by Butler’s Pantry*, Lisse Steakhuis*, House of Orange*, Agave & Rye*, Otto’s, Frida 602, Strauss Haus, Bouquet, Dee Felice Cafe.

*Denotes CBC members

If you need any help or advice, please reach out to me at  pfrew@cbcky.com or phone at 513-703-3027.

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